Laura Piccinini
About Laura Piccinini
Laura Piccinini is Senior Vice President and General Manager, Cardiovascular and International at AngioDynamics, appointed to lead Cardiovascular in January 2024 after joining the company in June 2021 to run International; she is 55 years old and holds a nursing degree from Parma University of Medicine with specializations in ICU, Anesthesia, and First Aid as a Helicopter Flight Coordinator . Under her executive tenure, AngioDynamics reported FY2025 pro forma revenue growth of 8.1% (despite a GAAP decline tied to divestitures), Med Tech revenue growth of 19.0%, +300 bps gross margin expansion to 53.9%, and improved TSR versus peers (Company TSR 44.12 vs peer group 42.92) while narrowing net loss by $150.4M . Her remit includes global cardiovascular portfolio execution and international expansion, aligned to corporate objectives used in pay plans (AlphaVac PE release, NanoKnife prostate launch plan, international commercialization for Auryon/AlphaVac) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AngioDynamics | SVP & GM, Cardiovascular and International | Appointed Jan 2024 | Leads global cardiovascular portfolio and international commercialization . |
| AngioDynamics | SVP & GM, International | Joined Jun 2021 | Built global go‑to‑market for International; later expanded scope to Cardiovascular . |
| Respiratory Motion, Inc. | CEO and Board Member | 2020–2021 | Led respiratory monitoring device company . |
| Nobel Biocare (Danaher/Envista) | Global Head of Commercial Operations, Implants | 2017–2020 | Ran global commercial operations for implants unit . |
| Covidien (now Medtronic) | President, EMEA | 2015–2017 | P&L and commercial leadership across EMEA . |
| Stryker | Senior leadership roles (prior to 2015) | Pre‑2015 | Commercial and regional leadership in surgical/med-tech . |
External Roles
- No current public company directorships are noted in ANGO’s 2024 and 2025 10‑K executive biographies for Ms. Piccinini .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Salary ($) | 334,378 | 401,282 | 410,056 |
| Target Bonus % of Base Salary | — | — | 60% |
| Bonus Paid – Non-Equity Incentive ($) | 50,401 | 240,769 | 371,758 |
| All Other Compensation ($) | 59,536 | 64,876 | 60,487 |
| All Other Comp – Detail | — | 401(k) match 21,784; Car allowance 10,625; Housing allowance 32,466 | 401(k) match 21,846; Car allowance 6,194; Housing allowance 32,446 |
| Notes | Ms. Piccinini is paid in Euros; base salary set and converted; base salary for FY2025 set at $413,064 effective 9/1/2024 . |
Performance Compensation
Annual Cash Incentive – Plan Design and FY2025 Outcomes
| Component | Weight | FY2025 Target/Goal | FY2025 Actual | Attainment | Payout Contribution |
|---|---|---|---|---|---|
| Net Sales | 50% | $288.2M (pro forma) | $292.5M | 102% | 60% |
| Adjusted EBITDA | 30% | $1.2M | $4.2M | 633% | 60% |
| Corporate Objectives (AlphaVac PE full market release; NanoKnife Prostate launch plan; Auryon/AlphaVac international commercialization; Project Re‑Wire manufacturing move) | 20% | Qualitative | Achieved; assessed at 150% | 150% | 30% |
| Executive Target and Payout (Ms. Piccinini) | — | Target 60% of base salary | Actual = 150% of target | 150% | 90% of base salary; $371,758 |
Notes:
- “Adjusted EBITDA” excludes amortization of intangibles, change in contingent consideration fair value, acquisition/restructuring/other items .
Long-Term Incentives (LTI) – Structure and Grants
- LTI target as % of base salary: 120% for Ms. Piccinini; mix: 50% PSUs (3-year performance, relative TSR to peers), 25% RSUs (4-year ratable vesting), 25% stock options (4-year ratable vesting; 10‑year term; strike ≥ fair market value at grant) .
- FY2025 grants (July 17, 2024 unless noted): 30,428 target PSUs; 21,971 RSUs; 29,863 options at $7.40 expiring 7/17/2034 .
- FY2024 grants (July 19, 2023): 28,336 target PSUs; 14,168 RSUs; 29,322 options at $8.92 expiring 7/19/2033 .
- FY2022 grants (July 21, 2021): 5,903 target PSUs; 12,952 RSUs; 58,019 options (4‑yr vest) .
| Year | LTI Target % | PSUs (target #) | RSUs (#) | Options (#) | Option Exercise Price | Option Expiration |
|---|---|---|---|---|---|---|
| FY2025 | 120% | 30,428 | 21,971 | 29,863 | $7.40 | 7/17/2034 |
| FY2024 | 120% | 28,336 | 14,168 | 29,322 | $8.92 | 7/19/2033 |
| FY2022 | — | 5,903 | 12,952 | 58,019 | — | — |
PSU program context: FY2021 PSU cohort paid at 64% of target after 3‑year performance against revenue growth and Adjusted EPS goals, modified by relative TSR (33rd percentile → 0.838x), illustrating rigorous performance gating; Ms. Piccinini did not have a FY2021 grant in that cohort .
Equity Ownership & Alignment
- Beneficial ownership as of Sept 18, 2025: 102,524 shares (<1% of outstanding); 87,881 shares acquirable within 60 days (options/RSUs) .
- Executive stock ownership guidelines: SVPs must hold shares equal to 1× base salary; NEOs are in compliance; must retain 100% of Net Shares until guideline met .
- Hedging/pledging: Prohibited for executives; no margin or pledging of company securities (limited exception language in broader governance section); policy in effect and reiterated in proxy .
| Ownership Item | Value |
|---|---|
| Shares beneficially owned (9/18/2025) | 102,524 (<1%) |
| Shares acquirable within 60 days | 87,881 |
| Shares outstanding (for reference) | 41,076,119 (9/18/2025) |
| Ownership guideline | 1× base salary (SVPs); in compliance |
| Hedging/pledging | Prohibited |
Outstanding Equity at FY2025 Year-End (May 31, 2025)
-
Options (unexercised), vest ratably over 4 years; 10‑year term: | Grant Date | Exercisable | Unexercisable | Exercise Price | Expiration | |---|---:|---:|---:|---:| | 6/1/2021 | 37,500 | 12,500 | $23.49 | 6/1/2031 | | 7/21/2021 | 6,015 | 2,004 | $26.49 | 7/21/2031 | | 7/20/2022 | 5,156 | 5,156 | $21.53 | 7/20/2032 | | 7/19/2023 | 7,331 | 21,991 | $8.92 | 7/19/2033 | | 7/17/2024 | — | 29,863 | $7.40 | 7/17/2034 |
-
RSUs unvested: | Grant Date | Unvested RSUs (#) | |---|---:| | 6/1/2021 | 2,500 | | 7/21/2021 | 738 | | 7/20/2022 | 2,202 | | 7/19/2023 | 10,626 | | 7/17/2024 | 6,757 |
-
PSUs unearned (target counts outstanding): | Grant Date | Unearned PSUs (target #) | |---|---:| | 7/20/2022 | 8,803 | | 7/19/2023 | 28,336 | | 7/17/2024 | 30,428 |
Vesting and Realizations (Selling Pressure Indicators)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Shares vested (stock awards) | 4,338; $40,098 value | 12,319; $87,385 value |
| Option exercises | — | — |
Interpretation:
- Multi-year RSU/option vesting creates a steady cadence of potential liquidity; however, mandatory Net Share holding until reaching ownership guidelines plus hedging/pledging bans reduce near-term selling pressure from awards .
Employment Terms
- Base salary for FY2025 set at $413,064 effective Sept 1, 2024 (Euro-denominated, USD conversion for reporting) .
- Change-in-control arrangements: Double trigger (requires CI event and qualifying termination) under the 2020 Equity Incentive Plan and executive agreements; no option repricing without shareholder approval; clawback policy in place .
- Executive Severance Guidelines specify eligibility if role eliminated, relocation >60 miles, or divestment without comparable offer; CEO has a separate contract, while other NEOs (including Ms. Piccinini) fall under guidelines .
Estimated potential payments (assuming event at 5/31/2025 and $10.20 share price):
| Scenario | Severance | Prorated Bonus | Accelerated Options | RSU/PSU Vesting | Other | Total |
|---|---|---|---|---|---|---|
| Termination without Cause | $413,064 | — | — | — | $2,002 | $415,066 |
| Death | — | — | $111,765 | $492,100 | — | $603,865 |
| Disability | — | — | $111,765 | $492,100 | — | $603,865 |
| Retirement | — | — | — | $347,643 | — | $347,643 |
| CI (No Termination) | — | — | $111,765 | — | — | $111,765 |
| CI + Qualified Termination | $991,354 | $239,566 | $111,765 | $1,077,161 | $3,003 | $2,422,849 |
Governance, Policies, and Peer Benchmarks
- Stock ownership guidelines, hedging/pledging prohibition, and clawback policy are active and disclosed; directors/executives restricted from hedging, margin, pledging; executives must meet stock ownership levels (SVPs 1× salary) and are in compliance .
- Compensation benchmarking peer group (FY2025 decisions) – 14 med‑tech companies (e.g., Accuray, Atrion, Inari, STAAR, Alphatec, AxoGen, LeMaitre, Surmodics, AtriCure, Glaukos, Orthofix, Cutera, Nevro, etc.) .
- Shareholder feedback: Say‑on‑pay approval ~91.5% at 2023 annual meeting, indicating investor support for program design .
Performance & Track Record Highlights
- FY2025 company results: pro forma revenue +8.1%, Med Tech +19.0%, gross margin 53.9% (+300 bps), net loss improved by $150.4M; Company TSR 44.12 vs peer TSR 42.92 .
- Strategic milestones aligned to her business: CE Mark for Auryon enabling EU entry; Ms. Piccinini publicly emphasized cardiovascular strategy focus and customer-driven innovation .
Investment Implications
- Alignment: High at-risk pay with clear line of sight—annual bonus tied to Net Sales (50%), Adjusted EBITDA (30%), and strategic objectives (20%); LTI 50% PSUs measured over 3 years with relative TSR modifier reinforces multi‑year value creation focus .
- Retention risk: Balanced—meaningful unvested PSUs/RSUs and multi‑cohort options vesting over four years create retention hooks; severance protections are moderate outside change-in-control and double-triggered under CI .
- Selling pressure: FY2025 saw 12,319 shares vest and no option exercises; stock ownership holding requirements and hedging/pledging prohibitions temper near-term selling despite ongoing vesting cadence .
- Pay-for-performance: FY2025 bonus paid at 150% of target for Ms. Piccinini, consistent with above-target performance on adjusted EBITDA and corporate objectives and marginally above-target sales, suggesting strong execution in Cardiovascular/International initiatives .
- Governance quality: Robust ownership guidelines, clawback, and ban on repricing/pledging support shareholder alignment and reduce governance red flags .