Steven Cashman
About Steven Cashman
Steven Cashman (age 48) is Chief Business Officer (CBO) at Butterfly Network (BFLY) since September 2024, overseeing global sales, marketing, product, and corporate strategy; he brings 25 years of healthcare sales/operations experience and previously served as President & CEO of Caption Health and Chief Commercial Officer at InTouch Health . Company performance around his arrival showed improving momentum: Q2 2024 revenue grew 16% YoY to $21.5M; Q3 2024 grew 33% YoY to $20.6M, with 2024 guidance raised to $79–$81M revenue and improved adjusted EBITDA outlook; for 2024, the company’s TSR “$100 initial value” stood at $46.64 and net income was ($72.5M) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Caption Health | President & CEO | Apr 2021 – Aug 2023 | Led development and commercialization of first AI-powered ultrasound platform; company was acquired by GE Healthcare . |
| InTouch Health | Chief Commercial Officer | Jan 2018 – Aug 2020 | Led domestic/global growth, product development, marketing, customer service, clinical services . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Vista.ai | Board Member | Current | Startup board activity; angel investor involvement noted . |
| Sovato | Board Member | Current | Startup board activity . |
| PatientGenie | Board Member | Current | Startup board activity . |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base Salary | $159,519 | Prorated from 9/3/24 start against initial $525,000 annual base . |
| Base Salary (effective 1/1/2025) | $530,250 | Approved salary increase for 2025 . |
| Target Bonus % of Base | 70% | As EVP/CBO under annual bonus plan . |
| Actual 2024 Cash Incentive | $161,000 | 130% of prorated target (performance and personal goals) . |
| Sign-on Bonus | $150,000 | Recoverable in full if voluntary resignation before 9/3/2025 . |
| Perquisites | $280 | Cell phone reimbursements . |
Performance Compensation
2024 Annual Cash Incentive Plan (Company-wide structure and results)
| Metric | Weight | Targeting/Notes | Actual Performance | Weighted Payout |
|---|---|---|---|---|
| Revenue | 60% | 2024 plan set in early 2024; 50% min threshold for payout; up to 150% payout . | $82M | 75% . |
| EBITDA | 20% | As above . | $(38)M | 30% . |
| Regulatory Milestone | 5% | Specialty 510k submissions | Not achieved | 0% . |
| Butterfly Garden Milestone | 5% | Specialty 510k submissions | Not achieved | 0% . |
| Services/Home Milestone | 5% | Initiate two of IRB with home/payor partners or Contract/At Risk Hospital Partner | Achieved | 10% . |
| Product Milestone | 5% | iQ3 and iQ+ Bladder U.S. launch | Achieved | 10% . |
| Total Company Payout | — | — | — | 125% . |
| Steven Cashman Personal Modifier | — | Applies to Ms. Getz and Mr. Cashman | — | 130% of target (prorated for start date) . |
2024 Equity Awards to Steven Cashman
| Award Type | Grant Date | Shares Granted | Grant-Date Fair Value ($) | Vesting / Performance |
|---|---|---|---|---|
| RSUs | 9/3/2024 | 1,000,000 | Included in $2,216,667 total stock awards | 33% vests on 9/3/2025; remaining in equal annual installments over the next 2 years, service-based . |
| PSUs (market-conditioned) | 9/3/2024 | 1,000,000 | $1,026,667 (Monte Carlo) | Price hurdles: 33% upon $2.00; 33% upon $3.00; 33% upon $4.00 (20 consecutive trading days), within 5 years; service requirement applies . |
Additional equity context: As of 12/31/2024, 333,334 PSUs remained “unearned” (market value $1,040,002 at $3.12 close), indicating one tranche outstanding tied to the $4.00 price target .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 502,587 Class A shares; <1% ownership of Class A outstanding . |
| Vested vs. Unvested (year-end 2024) | Unvested RSUs: 1,000,000 (33% vests 9/3/2025; remaining annually over next 2 years); Unearned PSUs outstanding: 333,334 (price $4.00 tranche), with prior tranches subject to market conditions and service . |
| Options (exercisable/unexercisable) | None reported outstanding for Cashman as of 12/31/2024 . |
| Pledging/Hedging | Prohibited for directors and NEOs under insider trading policy . |
| Ownership Guidelines | Not disclosed in the proxy for executives. |
Employment Terms
- Offer letter (Aug 20, 2024): EVP, Chief Business Officer; eligible for 70% target annual bonus; 1,000,000 RSUs (3-year vesting); 1,000,000 PSUs with price hurdles ($2/$3/$4 over 20 consecutive trading days within 5 years); eligible for long-term incentive program and Executive Severance Plan .
- Executive Severance Plan (EVP level):
- Non-CIC termination (without cause/for good reason): 1.0x base salary as salary continuation; company-paid COBRA contribution during severance period .
- CIC period termination (within 12 months of change in control): lump sum 1.0x base salary + 1.0x target annual bonus; company COBRA contribution; full acceleration of unvested equity (double trigger) .
- Modified 280G cutback; no excise tax gross-ups disclosed .
- Clawback policy: Effective Oct 2, 2023; recovery of erroneously awarded incentive compensation for current/former executive officers upon financial restatement, covering 3-year lookback .
- Insider trading policy: Preclearance requirements for certain personnel; trading windows; hedging and pledging prohibitions .
- Sign-on bonus: $150,000 recoverable if voluntary termination before Sept 3, 2025 .
Company Performance Snapshot (context for pay-for-performance)
| Metric | Q2 2024 | Q3 2024 |
|---|---|---|
| Revenue ($M) | 21.487 | 20.561 |
| YoY Revenue Growth | 16% | 33% |
| Adjusted EBITDA ($M) | (8.134) | (8.445) |
| FY 2024 Guidance (as of date) | Rev $75–$80M; Adj. EBITDA loss $50–$45M | Rev $79–$81M; Adj. EBITDA loss $42–$40M |
| Pay vs Performance (2024) | TSR value of $100 investment: $46.64; Net income: ($72.5M) | — |
Investment Implications
- Alignment and upside: Cashman’s equity mix is substantial (2.0M RSUs/PSUs granted at hire), with remaining PSU tranche tied to a $4.00 share-price hurdle and multi-year RSU vesting commencing 9/3/2025—directly aligning compensation with absolute share-price appreciation and retention .
- Near-term selling pressure: No options outstanding and pledging is prohibited; the first RSU tranche vests in Sept 2025, which could introduce supply, but the sign-on clawback through 9/3/2025 and ongoing service conditions mitigate immediate sell pressure/retention risk prior to that date .
- Severance/CIC economics: EVP-level severance (1.0x salary outside CIC; 1.0x salary + 1.0x target bonus with full equity acceleration in CIC terminations) is market-aligned; double-trigger structure balances retention with shareholder protections .
- Execution track record: Prior leadership roles focused on commercialization and AI ultrasound (Caption Health to GE Healthcare) complement Butterfly’s strategy in AI, home care, and enterprise; 2024 showed accelerating topline and improved guidance, though losses persist—execution on software/services mix and AI initiatives remains key to value creation .