Andrei Stoica
About Andrei Stoica
Andrei G. Stoica, Ph.D., is Chief Technology Officer at Butterfly Network (since July 2021). He previously served as CTO at BioTelemetry (Apr 2020–Jul 2021) and held senior roles at IQVIA (Oct 2006–Apr 2020), culminating as SVP, IT Systems Development leading IQVIA’s data cloud platform; he holds a B.S. (Polytechnic University of Bucharest), M.S. and Ph.D. in Computer Science (University of South Carolina) and is 52 years old as of April 1, 2025 . Company performance context for executive pay includes 2024 revenue plan actuals of $82 million and adjusted EBITDA of $(38) million used for bonuses, and a cumulative TSR value of $46.64 on a $100 base (2024), with 2024 net loss of $(72.5) million .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BioTelemetry, Inc. | Chief Technology Officer | Apr 2020–Jul 2021 | Oversaw hardware/software product development, product management, enterprise/product IT, manufacturing and distribution . |
| IQVIA Holdings, Inc. | Senior roles culminating as SVP, IT Systems Development | Oct 2006–Apr 2020 | Led development of IQVIA’s data cloud platform . |
Fixed Compensation
| Metric | 2022 | 2023 |
|---|---|---|
| Base salary rate ($) | 475,000 | 494,000 |
| Salary paid ($) | 475,000 | 484,500 |
| Target bonus (% of base) | 50% | 50% |
| Actual annual bonus ($) | 199,500 | 197,600 |
| Stock awards grant-date fair value ($) | 1,714,139 | 1,545,600 |
| All other compensation ($) | 319,131 (incl. 401(k) match, relocation) | 23,116 (incl. $15,606 tax gross-ups/reimbursements) |
| Total compensation ($) | 2,707,770 | 2,250,816 |
Notes:
- Bonus design: in 2023, the compensation committee applied negative discretion, paying 80% of target across remaining NEOs, including Stoica .
- Company-wide 2024 salary table does not list Stoica as an NEO; salary increases disclosed for CEO/CFO/CBO only .
Performance Compensation
- Annual Bonus Plan (Company design): In 2024, NEO bonuses were tied 80% to financial metrics (Revenue 60%, EBITDA 20%) and 20% to operational milestones (Regulatory, Butterfly Garden, Services/Home, Product). Actuals: Revenue $82M (75% weighted payout), EBITDA $(38)M (30%), milestones achieved in Services/Home and Product, for a total payout of 125% for listed NEOs .
- 2023 Bonus Outcome (Stoica): Target 50% of base; payout at 80% of target resulted in $197,600 .
| Metric | Weight | Target | Actual/Outcome | Payout |
|---|---|---|---|---|
| 2024 Revenue (Company plan) | 60% | Not disclosed | $82M | 75% weighted |
| 2024 Adjusted EBITDA (Company plan) | 20% | Not disclosed | $(38)M | 30% weighted |
| 2024 Operational Milestones (Regulatory) | 5% | Specialty 510k submissions | Not achieved | 0% |
| 2024 Operational Milestones (Butterfly Garden) | 5% | Specialty 510k submissions | Not achieved | 0% |
| 2024 Operational Milestones (Services/Home) | 5% | Two IRB/Payor or at-risk hospital partner steps | Achieved | 10% |
| 2024 Operational Milestones (Product) | 5% | iQ3 launch and iQ+ Bladder launch | Achieved | 10% |
| 2023 Bonus (Stoica) | — | 50% of base | Committee-set 80% payout | $197,600 |
Long-term incentives:
- Company shifted to exclusively RSUs and PSUs since mid-2022; options are no longer routinely granted under the program .
Equity Ownership & Alignment
- Beneficial ownership (as of April 1, 2025, proxy calculation method): 716,466 Class A shares; plus 111,623 options exercisable within 60 days .
- Prohibition on hedging and pledging: BFLY prohibits hedging transactions and prohibits pledging by directors and NEOs .
- Section 16 compliance note: a Form 4 filing for annual equity awards on March 1, 2024 for Stoica (and two others) was not timely filed .
Outstanding awards and vesting schedules (as of 12/31/2023):
| Instrument | Grant date | Quantity/Status | Exercise price | Expiration | Vesting terms |
|---|---|---|---|---|---|
| Stock option | 7/19/2021 | 68,496 exercisable; 53,275 unexercisable | $10.68 | 7/18/2031 | 25% on 9/30/2022; balance in 36 monthly installments . |
| RSU | 7/19/2021 | 27,037 unvested at 12/31/2023 | — | — | 25% on 9/30/2022; then 12 equal quarterly installments . |
| RSU | 3/4/2022 | 129,310 unvested at 12/31/2023 | — | — | 33% on 3/4/2023; then 8 equal quarterly installments . |
| RSU | 3/22/2022 | 37,357 unvested at 12/31/2023 | — | — | 33% on 3/22/2023; then 8 equal quarterly installments . |
| RSU | 3/1/2023 | 95,000 unvested at 12/31/2023 | — | — | 50% on 7/1/2023; remainder on 1/1/2024 . |
| RSU | 3/1/2023 | 500,000 unvested at 12/31/2023 | — | — | 33% on 3/1/2024; remainder in two equal annual installments . |
Recent Form 4 activity and selling pressure (illustrative):
| Date | Shares sold | Price (weighted avg) | Reason | Shares owned after |
|---|---|---|---|---|
| 3/26/2025 | 3,354 | $2.688 | Company “sell-to-cover” policy for RSU tax withholding; automatic sale | 1,601,987 |
| 12/5/2024 | 11,277 | $3.367 | “Sell-to-cover” policy; automatic sale (SEC Form 4) | 1,454,257 (post-transaction per article) |
| 12/24/2024 | 1,680 | $3.295 | Reported sale; insider transactions page | Not stated |
Additional references aggregating Stoica’s filings indicate multiple small “sell-to-cover” transactions over 2024–2025 and summarize holdings; see GuruFocus (tracker cites 24 sells in five years; holdings count is aggregator methodology and may include unvested RSUs) . Company filings govern beneficial ownership calculations in the proxy .
Employment Terms
- Offer letter and ongoing terms: Initial annual base salary $440,000 (July 2021 start); increased to $475,000 (Mar 1, 2022) and to $494,000 (Mar 2, 2023). Target annual bonus: 50% of base salary. Eligible for long-term incentives; confidentiality obligations .
- Executive Severance Plan (applies to Stoica as senior vice president):
- Termination without cause/for good reason outside change-in-control (CIC): salary continuation equal to 0.75x base salary plus Company COBRA contribution during severance period .
- Termination without cause/for good reason during CIC period: lump sum equal to 1.0x (base salary + target bonus), Company COBRA contribution during severance period, and full acceleration of unvested equity awards; modified 280G cutback applies .
- Clawback policy: effective Oct 2, 2023, covering current and former executive officers; requires recovery of excess incentive compensation following a required financial restatement for the prior three years, subject to NYSE/SEC rules .
- Hedging/pledging: prohibited for directors and NEOs .
- ESPP: eligible to participate; two-year offering periods with four six‑month purchase periods; discounted purchases per plan .
- Perquisites: 2023 “All Other Compensation” for Stoica included $15,606 of tax gross-ups/reimbursements and $6,600 401(k) match .
Investment Implications
- Alignment and retention: Stoica holds meaningful equity (716,466 shares counted under proxy rules plus 111,623 options exercisable within 60 days as of 4/1/2025), with ongoing RSU vesting cadence that creates periodic tax‑driven sell‑to‑cover transactions rather than discretionary selling; pledging is prohibited, reducing alignment risk .
- Pay-for-performance: For 2023, Stoica’s cash incentive was 80% of target amid holistic performance assessment; company 2024 plan uses quantifiable revenue/EBITDA (80% weight) plus operational milestones (20%), indicating tightening linkage to execution, though Stoica was not an NEO in 2024 proxy disclosures .
- Change-of-control economics: Outside CIC, severance is modest (0.75x salary); during CIC, 1.0x salary+target bonus and full vesting apply, which can increase near-term retention risk amid M&A speculation but is standard and includes 280G cutback .
- Red flags and monitoring: One late Section 16 filing for Mar 1, 2024 awards, and use of tax gross-ups in 2023 “All Other Compensation” warrant monitoring, though amounts are limited; repeated small Form 4 sales largely reflect sell‑to‑cover mechanics rather than discretionary de‑risking .
- Execution risk: Company-wide 2024 metrics show revenue below targets implied by payout schedule and negative adjusted EBITDA, placing elevated emphasis on product launches (iQ3) and services milestones to drive operating leverage—areas under the CTO’s remit .