David D. Halbert
David D. Halbert
Chairman and Chief Executive Officer David D. Halbert is a proven leader with a strong track record of growth and value creation in the energy, financial and healthcare industries. With more than 40 years of experience, Mr. Halbert continues to be one of the most successful entrepreneurs in this country. Today, Mr. Halbert is a passionate advocate of personalized medicine and leads Caris Life Sciences® with a philosophy that more precise and individualized information will lead to dramatic improvements in the quality of care patients receive. Mr. Halbert has been tremendously influenced by his mother’s passing over a decade ago due to cancer, as evidenced by his investment, commitment, and unwavering dedication to making precision medicine a reality for cancer patients today.
Prior to founding Caris Life Sciences, Mr. Halbert founded AdvancePCS® in 1987, a leading pharmacy benefits management company, where he served as Chairman and CEO until it was sold to CareMark® in 2004 for $7.5 billion. Under Mr. Halbert’s leadership, the small, privately-owned company grew into a publicly traded, Fortune® 250 corporation with over $15 billion in annual revenue – taking a leadership position with its health improvement offerings. AdvancePCS served more than 75 million people – one in every four Americans – and managed 600 million prescription transactions annually, representing approximately $28 billion in drug expenditures. Focused on advancing quality of care while lowering healthcare costs, Mr. Halbert supplemented internal development with eleven strategic acquisitions, all successful, and posted 38 consecutive quarters of record-breaking earnings per share, including an unparalleled 147% compounded annual revenue growth over 14 consecutive years. When AdvancePCS was sold, it returned 31 times its initial public offering (IPO) value, 150 times the venture capital investment made by J.H. Whitney, and Caanan Partners in 1993, and 227 times the original investors’ money.
Thereafter, Mr. Halbert formed Caris Capital® in 2005. Since its formation, Mr. Halbert has sold over $1.2 billion in assets acquired with a weighted average return of seven times the initial investment. In 2005, Mr. Halbert acquired Pathology Partners, Inc., based in Irving, Texas, which was later renamed Caris Diagnostics®, a leading pathology company specializing in gastrointestinal pathology, dermatopathology, hematopathology and urologic pathology. As chairman and CEO of Caris Diagnostics, Mr. Halbert grew the small gastrointestinal pathology practice into a multi-disciplinary pathology practice with more than 70 pathologists.
In 2008, Mr. Halbert acquired Molecular Profiling Institute (MPI), a molecular life sciences company. Under the parent name Caris Life Sciences, MPI was integrated into Caris Diagnostic’s practice enabling the Company to offer a fully integrated, state-of-the-art diagnostic service. Caris Diagnostics provided diagnosis and prognosis services for more than 3,500 patients daily, an increase of 452% from 2005 to 2010 and grew revenue by 40% CAGR. Later in 2011, Caris Diagnostics was sold to Miraca Life Sciences® for $725 million.
The new iteration of Caris Life Sciences is now exclusively focused on fulfilling the promise of personalized medicine. Using sophisticated disease profiling technologies along with advanced bioinformatics capabilities, Mr. Halbert and Caris Life Sciences are pioneering a new era in precision medicine.
In addition to serving as the Chairman and CEO of both AdvancePCS and Caris Life Sciences, Mr. Halbert was the largest shareholder and board member of Medical Edge, a comprehensive medical practice support system sold to Texas health Resources in 2011 and Phytel, a leading provider of integrated, population health management solutions, which was sold to IBM to form IBM Watson Health in 2015. Phytel managed a comprehensive registry with over 30 million patients – one in every ten Americans –combining big data, robust analytics, and software to identify care gaps, engage patients and measure outcomes.
In addition to his successful business career, Mr. Halbert and his family also solely support the Caris Foundation (www.carisfoundation.org), a non-profit, private foundation that aids impoverished people by helping to provide for their basic needs. Established in 2002, and headquartered in Colleyville, Texas, the award-winning Caris Foundation™ seeks to establish a local presence within communities in order to understand the people’s basic needs and implement solutions that are culturally relevant and sustainable across Africa and Haiti.
Most recently, Caris Foundation International received an award from the USNS Comfort for outstanding community outreach at the third annual Fete des Enfants, or Caris Kids Day. Caris hosted this recreational event where volunteers served over 400 children in Port-au-Prince, Haiti. Other partners for the event included Union School Haiti and over twenty businesses and service organizations. Today, the Caris Foundation primarily operates in Kenya and Haiti and employs more than 435 compassionate people. The Foundation also manages 3,500 health workers through Project Sante, a cooperative agreement with the United States Agency for International Development (USAID), providing integrated maternal and child care to Haitian families, with a particular focus on immunization, reproductive health, nutrition services and HIV prevention, care and treatment.