Aaron Bloomer
EXACT SCIENCESAbout Aaron Bloomer
Aaron Bloomer, age 39, has served as Executive Vice President and Chief Financial Officer of Exact Sciences since May 15, 2024. He previously led Baxter International’s global financial planning and reporting and held senior finance roles across 3M’s divisions and Greater China; he holds a BBA from the University of Wisconsin–Eau Claire and an MBA from the University of Minnesota . During 2024, Exact Sciences delivered $2.76B revenue (+11% core growth), adjusted EBITDA of $323M (+48% YoY) and strong free cash flow improvement, with annual incentive payouts at 47% of target, underscoring program rigor and alignment with performance .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Baxter International (NYSE: BAX) | Vice President, Corporate Financial Planning, Reporting & Analytics | 2021–2024 | Led global FP&A and reporting function; senior leadership experience in large-cap medtech |
| 3M Company (NYSE: MMM) | SVP, Corporate FP&A; VP & CFO, Greater China; Division CFO roles; Senior Finance Manager | 2008–2021 | Finance leadership across geographies and divisions (Display Materials, Consumer Health Care), including China CFO remit |
External Roles
No public-company directorships or external board roles disclosed for Bloomer .
Fixed Compensation
| Component | Detail | Amount | Notes |
|---|---|---|---|
| Base salary (2024) | Annualized | $600,000 | Per employment agreement; prorated in 2024 due to May start |
| Target bonus (2024) | % of eligible earnings | 70% | Programmatic target |
| Actual bonus (2024) | Cash payout | $136,662 | Based on 47% corporate achievement and proration |
| Sign-on bonus | Cash | $350,000 | Repayable if voluntary termination within 18 months |
| Relocation bonus | Cash + expenses | $250,000 + reasonable moving expenses | Repayable if voluntary termination within 18 months |
| Other compensation (2024) | 401(k) match; insurance | $11,769; $3,652 | Matching contrib.; supplemental disability premiums |
Performance Compensation
Annual Incentive Plan – 2024 Scorecard
| Metric | Weighting | Minimum (50%) | Target (100%) | Maximum (150%) | Actual result | Payout contribution |
|---|---|---|---|---|---|---|
| Total revenue | 45% | ≥$2.810B | ≥$2.910B | ≥$3.010B | $2.76B | 0% of target |
| Adjusted EBITDA | 10% | ≥$300M | ≥$350M | ≥$400M | $323M | 7% of target |
| Access to underserved populations | 5% | ≥18% | ≥20% | ≥22% | 21% | 5% of target |
| Pipeline: Oncomove milestone | 10% | None | 1 of 1 | None | Met | 10% of target |
| Pipeline: FDA approval & coverage for Cologuard Plus | 10% | None | 1 of 1 | None | Met | 10% of target |
| Pipeline: Cologuard 2.5 feasibility/device/presub | 10% | 1 of 4 | 2 of 4 | 4 of 4 | 2 of 4 | 10% of target |
| Engagement (Gallup) | 5% | ≥61% | ≥62% | ≥64% | 59% | 0% of target |
| Customer satisfaction (CSAT) | 5% | ≥8.6 | ≥8.7 | ≥8.8 | 8.7 | 5% of target |
| Total corporate achievement | — | — | — | — | — | 47% of target |
No individual performance modifiers were applied to Bloomer’s payout; bonus was prorated to start date .
Equity Awards (2024 Grants)
| Award type | Grant date | Shares/units | Grant-date fair value | Vesting | Performance criteria |
|---|---|---|---|---|---|
| Annual RSUs | 4/15/2024 | 51,619 | $3,373,302 | 4 equal annual installments starting 4/15/2025 | Time-based |
| New-hire RSUs | 4/15/2024 | 11,556 | $755,185 | Vest in full on 4/15/2025 | Time-based |
| PSUs (target) | 4/15/2024 | 26,127 | $1,874,351 | 3-year performance period | 2026 Revenue growth (75%) and 2026 Adjusted EBITDA (25%) with rTSR modifier ±50%; targets undisclosed until performance period end |
Relative TSR modifier: 0.5x at/below 25th percentile, 1.0x at 50th, 1.5x at/above 75th vs Russell 1000 Healthcare Index constituents, linear in-between .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 13,835 issued shares; 0 shares issuable within 60 days (includes 212 shares in 401(k)) |
| Ownership as % of outstanding | Less than 1% (“*” per table based on 188,594,669 shares outstanding) |
| Vested vs unvested | Unvested RSUs: 11,556 (new-hire, vests 4/15/2025) and 51,619 (annual, vests over 4 years); PSUs outstanding at maximum count disclosed per SEC (58,784) |
| Ownership guidelines | Exec officers: 3x base salary; EVPs required to hold 2x base salary until Oct 24, 2027; compliance status: all directors and executive officers in compliance as of Dec 31, 2024 |
| Hedging/pledging | Prohibited; no margin accounts or pledging; no short sales or derivatives; anti-hedging policy filed with 10-K |
Employment Terms
| Provision | Key terms |
|---|---|
| Start date & role | CFO effective May 15, 2024 |
| Base/bonus & initial equity | Base $600k; target bonus 70% of eligible earnings; RSUs ≈$3.35M (4-year), PSUs target ≈$1.65M (3-year), new-hire RSUs ≈$750k (vest 4/15/2025); sign-on $350k; relocation $250k + expenses; sign-on/relocation repayable if voluntary termination within 18 months |
| Severance (without cause / good reason) | 12 months salary continuation; COBRA premiums (Bloomer receives lump-sum equal to 12 months premiums); $10,000 outplacement; time-based equity accelerates 12 months; performance awards canceled for Bloomer |
| Change of control (double-trigger) | If terminated without cause/for good reason within 12 months post-CoC or within 4 months pre-CoC: 100% acceleration of all equity; cash severance increased to 18 months salary + pro-rata target bonus + 150% of target bonus, subject to waiver/release; payments reduced to avoid 280G excise where applicable |
| Change of control (single-trigger) | On CoC alone: time-vesting accelerates by 12 months; certain PSUs deemed vested at greater of target or actual if performance period ends within 12 months |
| Cause / good reason highlights | Includes failure to relocate to Madison within 12 months, certain policy violations, exclusion/debarment; good reason includes significant salary reduction or material diminution of duties |
| Conditions | Severance contingent on waiver/release and compliance with confidentiality and non-compete/non-solicit agreements |
Estimated values (as of 12/31/2024 scenario analysis):
- Severance eligible termination total: $2,003,138 (salary continuation, COBRA lump-sum, outplacement, and 12-month equity acceleration) .
- In connection with change in control: $6,996,568 (cash severance plus full equity acceleration) .
- Change in control alone (no termination): equity acceleration value $1,374,450 .
Compensation Governance and Peer Benchmarking
- Say-on-Pay: 92% approval at 2024 annual meeting (for FY2023 compensation) .
- Clawback: Recoupment beyond Dodd-Frank allows recovery for detrimental conduct even without a restatement .
- Peer group: 22 life sciences/medtech/biotech peers used for 2024 benchmarking (e.g., Hologic, DexCom, Illumina, Natera, Edwards Lifesciences, Align Technology) .
Company Performance Context (Pay-for-Performance link)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($000s) | 2,499,766 | 2,758,867 |
| Adjusted EBITDA ($MM) | — | 323 |
| Annual incentive payout | — | 47% of target |
Notes: Adjusted EBITDA reported in proxy CD&A; 2023 adjusted EBITDA not disclosed in proxy tables; performance targets for 2026 PSUs are undisclosed until period end .
Investment Implications
- Retention and alignment: Bloomer’s package includes meaningful equity (RSUs/PSUs), ownership guidelines (2x salary until Oct 2027), and strict anti-hedging/pledging—supporting long-term alignment with shareholders .
- Near-term vesting pressure: A one-year new-hire RSU of 11,556 shares vests on 4/15/2025, a notable event for potential insider selling pressure monitoring; ongoing annual RSUs vest over four years .
- Pay-for-performance rigor: 2024 annual bonus paid well below target (47%) given revenue shortfall vs targets, while pipeline milestones were achieved—suggesting disciplined cash incentive governance .
- Change-of-control economics: Double-trigger protections with 18 months salary + 1.5x target bonus and full equity acceleration could create sale-event incentives; however, 280G cutbacks apply for non-CEO NEOs .
- Retention features: Sign-on and relocation payments have 18-month clawback on voluntary departure, lowering near-term attrition risk .