Dr. Ron Geraty, CEO at Alere LLC — the health management unit of Inverness Medical Innovations Inc. (NYSE:IMA) — will soon be leaving the company, two years after Alere was acquired by Inverness.
Geraty is expected to step down April 21, although the exact date could be changed by mutual agreement, the company said in a Feb. 19 regulatory filing. No successor was immediately named and Inverness did not disclose why Geraty, 62, was leaving the company.
Geraty joined Inverness through its 2007 acquisition of Marietta, Ga.-based Alere, the company’s initial move into the health management business. Coupled with subsequent acquisitions, including the 2008 purchase of Matria Healthcare and GeneCare Medical Genetics in September 2009, health management has been among Inverness’ fastest-growing units, contributing $376 million in revenues during the first nine months of 2009 — a 44 percent increase over the year-ago period.
The rate of growth, however, has moderated in recent quarters as Waltham, Mass.-based Inverness focused its acquisition strategy on other sectors. The unit posted $131.3 million in revenues during the three months ended Sept. 30, 2009, or roughly one-quarter of the company’s $528 million in total revenues during the period.
Inverness released fourth-quarter and full-year financial resultsfor 2009 earlier this week, but did break down revenues and income by unit.
Geraty received $550,000 in annual salary as CEO of the health management unit at Inverness. Prior to his nine-plus years at Alere, he was CEO at American Imaging Management, a radiology benefits management company, as well as founding and later selling two other health-related companies dating back to the mid-1980s.
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