Daniel Carriere (right), seen here with Ontario Premier Dalton McGuinty, stepped down as CEO of Centric Health in April. It’s been a short time on the job for new Centric Health (TSX:CHH) CEO David Cutler, but he’s clearly feeling positive about the new gig.
On September 3rd, Cutler bought a million shares of his new company’s stock in the open market, at $.72 cents.
Cutler took the job late in July, after Daniel Carriere stepped down to pursue other interests. His previous job was with Leisureworld Senior Care, which he joined in 1990 and grew to the position of Canada’s fifth largest operator of senior housing and the third largest licensed long-term-care provider in Ontario. Cutler also serves on the board of the Ontario Nursing Home Association.
Founded in 2001, Toronto-based Centric Health provides a range of healthcare services including rehabilitation management, medical assessments, and physiotherapy. The company has quietly become a player in the Canadian healthcare services field, having grown its revenue from $15.7-million in fiscal 2008 to more than $200-million in 2011. The physiotherapy market has become a focus for Centric. In Q1 alone, the The company expanded its national footprint in the vertical with the acquisition of five physiotherapy businesses.
In Centric Health’s Q2, which was reported August 14th, the company earned $42.2-million on revenue of $114.1-million. Buoyed by more than a half dozen recent acquisitions, the topline number was a 240% increase over the same period a year prior.