In brief: Quipt ‘evaluates’ opposition, Henry Schein gets funding, Estrella steps up

CINCINNATI — Quipt Home Medical has acknowledged receiving notice from Philotimo Fund, an entity affiliated with Kanen Wealth Management and David L. Kanen, of its intent to solicit proxies in support of four director candidates in opposition to the company’s candidates. 

The company says its board and the Nominating and Corporate Governance Committee of the board will thoroughly review and evaluate KWM’s notice and any additional requests for compliance with its established procedures under the company’s articles and all applicable laws. 

At this time, the company says it has not received a timely, valid and compliant notice for nominating any directors to the board pursuant to both U.S. securities laws and the company’s articles and that shareholders are not required to take any action at this time.  

“Our priority has always been to execute on our strategic growth plan ensuring we position the company for long term success and adhere to the highest standards of corporate governance,” said Mark Greenberg, lead independent director of board of the company. “The company has delivered consistent financial and operational performance in the midst of a challenged industry environment, and we believe our disciplined approach has positioned us to generate sustainable value for all stakeholders. We continue to evaluate and pursue avenues in which we can increase shareholder value, and we will not be distracted from achieving our long-term goals.” 

In its Jan. 25 notice, Philotimo stated its intention to solicit proxies for the election of Selim Bassoul, Jack Feidor, Garrett Larson and Edward Smith as nominees to be elected to the board at the Annual Meeting on March 17. Quipt’s four director candidates are Gregory Crawford, CEO of the company; Mark Greenberg; Kevin Carter; and Brian Wessel. 

• Related: In a recent earnings report, Quipt missed its target for fiscal year 2024. 

Henry Schein receives funding 

MELVILLE, N.Y. – Henry Schein has received a strategic investment of $250 million from KKR, giving the global investment firm a 12% stake in the company, with the option to purchase additional shares for a total equity stake of up to 14.9%.  

Also as part of the agreement, KRR’s Max Lin and William K. “Dan” Daniel will join Henry Schein’s board of directors as independent directors and, separately, Robert J. “Bob” Hombach will also join as an independent director. 

“Our board and management have great respect for KKR, including its partnership-oriented approach and experience in supporting value creation across its investments,” said Stanley M. Bergman, chairman of the board and CEO of Henry Schein. “This is a testament to the hard work of Team Schein to advance our leadership as a solutions-driven innovator for health care professionals. We regularly engage with our shareholders and welcome their constructive dialogue, advice and recommendations. We look forward to collaborating with Max, Dan, and Bob in pursuing the opportunities ahead of us and building on Henry Schein’s incredible foundation.”  

• Lin is a partner at KKR where he leads the health care industry team within its Americas Private Equity platform. He will join the board’s nominating and governance committee as vice chair and will also join the strategic advisory committee. 

• Daniel, an executive advisor to KKR and former executive vice president at Danaher Corporation, will join the board’s compensation and strategic advisory committees.  

• Hombach, former executive vice president, CFO and CEO of Baxalta Inc., is expected to join the board’s strategic advisory committee.  

Together, Henry Schein and KKR will collaborate to pursue additional opportunities to create shareholder value and drive the business in its next phase of growth, with a specific focus on strategic growth, operational excellence, capital allocation, and employee engagement, including exploring broad-based equity ownership.  

• Related: Henry Schein expanded its supplies platform with acquisition of Acentus. 

Lauryn Estrella takes reins at HOMES 

WOBURN, Mass. – Lauryn Estrella, who began her career as an administrative assistant working alongside her mother, Karyn Estrella, has been named executive director of HOMES. 

Estrella has been serving as director of membership outreach for HOMES since January 2024. In that role, she focused on member communication, reorganizing the association’s advocacy efforts through committees and state workgroups, and building stronger connections with Medicaid programs and managed care organizations across New England.  

"Working with my mother showed me what true leadership looks like,” she said. “Though no one could ever truly fill her shoes, what I do hope to bring back to HOMES is her heart and compassion - qualities that defined her leadership and made HOMES feel like home for so many. HOMES has always held a special place in my heart, and I look forward to taking on this role and seeing what we can accomplish in the years to come.” 

Karyn Estrella served as the association’s executive director for 21 years before her passing in 2019 after a brief battle with pancreatic cancer 

Following her passing in 2019, Lauryn stepped away from HOMES to support various HME state associations nationwide, including the Texas Medical Equipment Providers Association (TexMEP), eventually becoming executive director of that association. 

"I am thrilled to name Lauryn as executive director of HOMES,” said Bill Fredericks, president of Allcare Medical Supply and current board chair of HOMES. "To have personally seen her introduction to HOMES as a kid helping her mom, Karyn, and to witness her transformation into the passionate advocate for our industry in New England that she has become has been amazing. Karyn Estrella was a DMEPOS legend, a good friend to many, and sorely missed. Lauryn is determined to make her own name in the industry by working tirelessly for HOMES. I can only imagine how proud her mom would be." 

Study: Women aren’t getting ‘quality’ sleep 

ASHEVILLE, N.C. –  The results of a new survey of more than 1,000 adult women from Aeroflow Sleep suggests the majority of women are not receiving quality sleep, nor are their doctors providing the care and resources to assist them. 

Research shows that women need more sleep than men due to hormonal fluctuations at different stages of life. They’re also more prone to conditions such as anxiety and depression – all of which are only exacerbated by sleep issues. 

“These survey results indicate a major lack of sleep health care for women in the United States and an inherent need for more emphasis around sleep education and access to sleep resources in our health care system,” said Dr. Carleara Weiss, sleep science advisor at Aeroflow Sleep. “The findings highlight a public health concern regarding women's health care access and health outcomes. We hope to increase sleep health awareness for women, health care professionals, and the wellness industry.” 

Survey highlights include: 

• Despite more than 75% of women saying they get seven hours of sleep a day, only 3% of women stated they never feel tired during the day, meaning 98% of those surveyed are either sometimes or always tired during the day. 

• 56% of women surveyed need a nap to function better during the day. 

• Almost half of women surveyed (44%) have never discussed their sleep health with their health care provider and 52% stated their doctor has never asked about their sleep quality. 

• More than 65% of women wish their doctors provided more sleep supplies and resources for them. 

• Less than half of doctors (42%) have provided women with sleep health resources and supplies. 

• More than 70% believe their sleep is impacting their mental health either sometimes or every day. 

The industry needs to continue to fight for better sleep resources and access to care, says Joey Sasvari, director of Aeroflow Sleep. 

“At Aeroflow Sleep, our mission has always been to advocate and help individuals sleep well and live better,” he said. “These results show that, as an industry, we must continue fighting for better sleep health resources and access for individuals all over the country. Sleep health deserves the same amount of attention as any other care, and we are committed to increasing awareness and education to improve the lives of women everywhere.” 

Beta Bionics announces IPO pricing 

IRVINE, Calif. – Beta Bionics has announced the pricing of its upsized initial public offering of 12 million shares of common stock at a price to the public of $17 per share. The gross proceeds to Beta Bionics from the offering, before deducting underwriting discounts and commissions and offering expenses are expected to be $204 million. In addition, the underwriters have a 30-day option to purchase up to an additional 1.8 million shares of common stock at the public offering price, less underwriting discounts and commissions, consisting of 475,000 shares from Beta Bionics and 1,325,000 shares from the selling stockholders named in the prospectus. Beta Bionics will not receive any proceeds from any sale of shares by the selling stockholders. The shares are expected to begin trading on the Nasdaq Global Market on Jan. 30, 2025, under the ticker symbol “BBNX.” The offering is expected to close on Jan. 31, 2025, subject to the satisfaction of customary closing conditions. BofA Securities, Piper Sandler and Leerink Partners are acting as lead bookrunners for the proposed offering. Stifel is acting as a bookrunner and Lake Street Capital Markets is acting as co-manager for the offering.  

• Related: Beta Bionics in October launched the integration of its flagship iLet Bionic Pancreas with Abbott’s FreeStyle Libre 3 Plus sensor.  

ATLAS taps CRT vet for role 

LAS VEGAS – ATLAS Technologies has named Mike McCarthy, who has a proven track record in sales and leadership roles, most recently as territory sales manager for Merits Health Products, as director of growth. He has previously held leadership positions with MK Battery, Numotion, Quantum Rehab and National Seating & Mobility. “We are excited to have Mike join the ATLAS team,” said Bill Paul, president/CEO and owner of ATLAS Technologies. “His experience in the HME/CRT industry will be a welcome addition to our team. We look forward to Mike expanding our customer base and providing ATLAS, the only enterprise resource planning software technology for the HME/DME and rehab/mobility industry, a fresh voice for providers to grow their businesses. The addition of Mike will allow for more direct provider contact, allowing feedback time for development of new enhancement features and tools in our ATLAS technology for our customers.” 

• Related: ATLAS recently named Brett Tracy executive vice president of operations. 

iNRRTS seeks input from service techs 

LUBBOCK, Texas – iNRRTS will launch a survey aimed at gathering insights into the challenges and opportunities facing the delivery of CRT services. The survey seeks to explore various aspects of a CRT service technician's role, including current obstacles to daily operations, skill sets required to excel in today's tech landscape, training and development landscape, and workforce trends and demographics. "We believe that the valuable input about CRT service technicians and their role will help us gain a deeper understanding of the industry, identify gaps and create meaningful solutions,” said Bill Noelting, director of marketing at iNRRTS. "We encourage all CRT suppliers, occupational therapists, physical therapists and other stakeholders in the seating and mobility industry to participate and share their beliefs and experiences." Responses will remain confidential. Participants are encouraged to share the survey with colleagues to ensure a comprehensive collection of data. At the completion of the survey, a report will be created and shared on the iNRRTS website. To participate in the survey, please go here. 

Study: PAP adherence saves money 

BALTIMORE, Md. – Medicare beneficiaries with common chronic health conditions who complied with PAP therapy saw reduced costs, according to a new study. The study, led by Emerson M. Wickwire, Division of Pulmonary, Critical Care and Sleep Medicine, Department of Medicine, University of Maryland School of Medicine, Baltimore, along with researchers from EnsoData and Santa Barbara Actuaries, found 45% of beneficiaries in the sample were adherent to PAP, 10% were non-adherent, and 44% did not initiate PAP, based on Medicare policy. Relative to non-initiators, beneficiaries who initiated PAP displayed $195 reduced per-member per-month costs over 24 months. This finding remained consistent across all seven medical and psychiatric subgroups, as well as among individuals with multimorbidity, the found. Researchers looked at a random sample of 28,220 newly diagnosed OSA patients over the age of 65. Common chronic conditions included chronic obstructive pulmonary disease, congestive heart failure, depression, hypertension, Type 2 diabetes mellitus, obesity and stroke. Exclusion criteria included evidence of prior OSA treatment during the 12 months prior to the index date, active cancer or end-stage renal disease. Risk adjustment was based on the CMS-HCC approach developed by CMS specifically to estimate anticipated costs. To examine the impact of PAP adherence on costs, researchers employed a weighted DID regression framework to account for baseline variations in health status and other confounding factors.