John E. Davis
Senior Vice President, Chief Commercial Officer at ARTIVION
Executive
About John E. Davis
John E. Davis is Senior Vice President, Chief Commercial Officer at Artivion (AORT). He has over 25 years in medical devices across Medtronic, St. Jude Medical (Abbott), and CorMatrix, and holds a Bachelor’s degree from Western Carolina University . Davis has served as an Artivion executive since 2015 and is 60 years old . The company’s 2024 performance that drove NEO pay featured constant currency revenue growth of 9.4% and adjusted EBITDA of $71.3 million, with the Compensation Committee certifying payouts at 130% of target; AORT’s pay-versus-performance table shows the value of an initial $100 investment at $106 as of year-end 2024 and adjusted EBITDA up 32% year over year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CorMatrix Cardiovascular | EVP, Global Sales & Marketing | Mar 2012–Sep 2015 | Led commercial strategy for biomaterial device portfolio |
| St. Jude Medical (Abbott) | VP Sales, Cardiac Rhythm Management | ~4 years | Drove CRM sales execution across regions |
| Medtronic | Cardiac Rhythm Disease Management; VP Southeast | 14 years total; 7 years as VP | Led regional P&L and sales in CRM; foundational commercial leadership |
| Roche Diagnostics; Ciba-Geigy | Sales and leadership roles | Early career | Built foundational sales capabilities |
External Roles
- No current public company board roles for John E. Davis are disclosed in AORT’s filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 379,812 | 391,207 | 406,855 |
| All Other Compensation ($) | 18,545 | 19,603 | 20,155 |
| Total ($) | 1,628,590 | 953,405 | 1,491,482 |
| RSU/PSU Stock Awards ($) | 613,677 | 151,388 | 800,016 |
| Option Awards ($) | 405,000 | — | — |
| Non-Equity Incentive (Cash Bonus Plan) ($) | 211,556 | 391,207 | 264,456 |
| 2024 Target Pay Mix | Amount ($) | Notes |
|---|---|---|
| Salary | 406,855 | Set Feb 2024 |
| Short-Term Incentive (target) | 203,428 | Cash bonus at target |
| Long-Term Incentive (grant date fair value) | 800,016 | Split RSUs/PSUs |
| % Fixed / % Variable | 28.8% / 71.2% | Salary vs incentives |
Performance Compensation
| 2024 Metric | Weight (%) | Threshold | Target | Maximum | Actual | Payout (% of target) |
|---|---|---|---|---|---|---|
| Constant currency revenue growth (2024 vs 2023) | 50 | 5.0% growth | 10.0% growth | 16.0% growth | 9.4% growth | 130% (adjusted) |
| Adjusted EBITDA | 30 | $57.4M | $70.0M | $75.0M | $71.3M | 130% (adjusted) |
| R&D Milestone (AMDS PMA modules; Arcevo LSA IDE) | 20 | Achieve 1 milestone (≥50%) | 100% | 200% | Achieved | 130% (adjusted) |
| Cash Bonus Actual vs Target (Davis) | — | — | $203,428 | Cap 200% | $264,456 | 130% (no personal modifier) |
| 2024 Equity Grants (Feb 23, 2024) | Units | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|
| RSUs | 19,734 | 400,008 | 1/3 each year on 2/23/2025, 2/23/2026, 2/23/2027 |
| PSUs (target) | 19,734 | 400,008 | Earn-out certified; 1/3 vested Mar 6, 2025; 1/3 on 2/23/2026; 1/3 on 2/23/2027 |
Equity Ownership & Alignment
| Item (as of Mar 17, 2025 unless noted) | Value |
|---|---|
| Beneficially owned shares | 287,652; <1% of outstanding (42,689,303) |
| Options exercisable or exercisable within 60 days | 99,160 shares |
| Unvested restricted shares (subject to forfeiture) | 59,760 shares |
| PSUs earned not yet vested | 20,286 shares |
| Stock ownership guideline (SVP) | 2x base salary; required value $813,710 |
| Owned shares used for compliance | 208,778; value $5,027,374; in compliance |
| Pledging of company stock | None disclosed for NEOs |
| Outstanding Equity Awards (12/31/2024) | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|---|
| Stock option grant | 15,910 | — | 21.55 | 3/12/2025 |
| Stock option grant | 12,787 | — | 29.62 | 3/5/2026 |
| Stock option grant | 10,802 | — | 26.24 | 2/19/2027 |
| Stock option grant | 17,008 | — | 24.90 | 2/17/2028 |
| Stock option grant | 15,274 | 7,637 (33⅓%/yr vest) | 18.44 | 2/23/2029 |
| Stock option grant | 35,652 | 17,826 (33⅓%/yr vest) | 11.03 | 11/8/2029 |
| Unvested RSUs (examples) | 8,623 | — | — | — |
| Unvested RSUs (examples) | 1,908 | — | — | — |
| Unvested RSUs (examples) | 22,303 | — | — | — |
| Unvested RSUs (examples) | 6,368 | — | — | — |
| RSUs (2024 grant) | 19,734 | — | — | — |
| PSUs (2024 grant; unearned at 12/31/24) | 25,654 | — | — | — |
| Vesting Schedule Reference | Award Type | Grant Date | Vesting |
|---|---|---|---|
| (1) Options | 2/23/2022 | 33⅓% per year; 2/23/2023, 2/23/2024, 2/23/2025 | |
| (2) Options | 11/8/2022 | 33⅓% per year; 11/8/2023, 11/8/2024, 11/8/2025 | |
| (3) RSU | 2/23/2022 | 100% cliff vest 2/23/2025 | |
| (4) PSUs (FY22) | 2/23/2022 | 50% year 1; 25% year 2; 25% year 3 after certification (88.5% of target earned) | |
| (5) RSU | 11/8/2022 | 100% cliff vest 11/8/2025 | |
| (6) PSUs (FY23) | 2/22/2023 | 50%/25%/25%; 148.6% of target earned; first tranche vested 2/23/2024 | |
| (7) Options (new hire CFO) | 12/6/2023 | 33⅓% per year; 12/6/2024–2026 | |
| (8) Restricted Stock (new hire CFO) | 12/6/2023 | 100% cliff vest 12/6/2026 | |
| (9) RSU | 2/23/2024 | 1/3 per year; 2025–2027 | |
| (10) PSUs (FY24) | 2/23/2024 | Earn-out; 1/3 vested Mar 6, 2025; then 2026, 2027 |
| 2024 Exercises and Vests | Shares | Value Realized ($) |
|---|---|---|
| Option exercises | 13,562 | 23,055 |
| Stock awards vested (RSUs/PSUs) | 27,065 | 530,241 |
Employment Terms
| Term | Details |
|---|---|
| Employment Agreement | At-will; no guaranteed employment for Davis; no fixed-term employment agreement |
| Change-of-Control (COC) Agreement | Double trigger; severance if terminated without cause or for good reason from 6 months pre- to 2 years post-COC |
| Severance Multiple | 1.5x base salary + bonus (if current-year bonus not yet awarded, prior year bonus used) |
| Health Benefits | Up to 18 months of company-paid coverage upon qualifying termination around COC |
| Non-Compete/Non-Solicit | 1-year non-compete and non-solicit of customers/employees; repayment required upon breach |
| Auto-Renewal | COC agreement auto-renews annually unless company gives notice ≥30 days before term end |
| Clawback | Standalone policy mandating recovery of excess incentive comp for restatements; no fault required |
| COC Equity Treatment | Accelerated vesting of unvested RSUs/PSUs; accelerated option exercisability; value tied to $28.59 YE 2024 price |
| Potential Payouts (12/31/2024 scenario) | Cash compensation $1,197,093; accelerated options $1,371,771; RSU/PSU acceleration $2,249,176; medical $25,167; total $4,843,207 upon certain termination events around COC |
Compensation Committee, Peer Group, and Say-on-Pay
- Compensation Committee: Daniel J. Bevevino (Chair), James W. Bullock, Anthony B. Semedo . Independent consultant Willis Towers Watson; independence assessed in Feb 2024 and Feb 2025 with no conflicts .
- 2023 Peer Group used to benchmark 2024 pay included 16 medtech companies with median revenue $359.2M; Artivion 2024 revenue $388.5M. Peer group updated in Q3 2024 for 2025 benchmarking (added Tandem Diabetes, STAAR Surgical, TransMedics, Paragon 28; removed Glaukos, Cutera, Zynex, Silk Road) .
- Say-on-Pay approval: 97% votes in favor at May 14, 2024 meeting; 4-year average 94% .
Investment Implications
- Compensation alignment: Davis’ incentives are tightly linked to company-level constant currency revenue growth (50%), adjusted EBITDA (30%), and mission-critical R&D milestones (20), with 2024 payouts certified at 130% based on 9.4% revenue growth and $71.3M adjusted EBITDA; this supports focus on profitable growth and regulatory execution .
- Retention risk: Robust equity mix (RSUs/PSUs), multi-year vesting, and double-trigger COC protections with 1.5x cash severance and equity acceleration reduce near-term voluntary attrition risk; however, accelerated equity at COC can create event-driven selling overhang given significant unvested awards .
- Ownership alignment: Davis exceeds the 2x salary stock ownership guideline with $5.0M of qualifying equity and no pledging, signaling alignment and reduced hedging risk; 2024 exercises/vests suggest manageable selling pressure amid continuing unvested tranches .
- Performance execution: Committee’s use of adjusted metrics and R&D milestones (AMDS PMA modules; Arcevo LSA IDE) points to commercialization readiness in aortic stent graft portfolio, a lever likely to drive future cash bonuses/PSU outcomes and trading catalysts; pay design and say-on-pay support indicate investor confidence in management’s value creation path .
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