Andrew Emerson
Executive Vice President, Chief Financial Officer and Treasurer at 
IDEXX LABORATORIES INC /DE
IDEXX LABORATORIES INC /DEExecutive
About Andrew Emerson
Andrew Emerson, age 42, is Executive Vice President, Chief Financial Officer and Treasurer of IDEXX Laboratories, appointed March 1, 2025 after nine years leading IDEXX’s CAG and corporate finance functions; he joined IDEXX in 2015 and previously held finance leadership roles at Medtronic and Covidien, and holds a bachelor’s in Accounting and Business Management from Northeastern University . IDEXX delivered FY2024 revenue of $3.9B (+6% YoY), diluted EPS $10.67 (+6% YoY; +12% comparable), operating cash flow $929M, free cash flow $808M, and ROIC 45.8%, providing the performance context into which Emerson stepped as CFO . Board-disclosed long-term financial model targets 10%+ revenue growth, 50–100 bps annual margin expansion, and 15–20% long-term EPS growth, aligning executive incentives with sustained value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDEXX Laboratories | Senior Vice President (Corp & CAG Finance); Vice President (CAG Finance) | 2015–2025 | Led CAG finance; expanded to FP&A, accounting, tax, treasury, IR; supported innovation commercialization and global execution |
| Medtronic plc | VP, Finance & Business Unit Controller (Advanced Surgical Technologies) | Pre-2015 | Business unit finance leadership post-Covidien acquisition |
| Covidien plc | Controller, Advanced Surgical Technologies; various finance roles | Pre-2015 | Progressive finance roles in global healthcare tech and medical supplies |
External Roles
No public company directorships or committee roles disclosed for Emerson .
Fixed Compensation
| Element | Company Program (2024 disclosure) | Notes |
|---|---|---|
| Base Salary | Positioned competitively; reviewed annually by Comp & Talent Committee | Emerson’s individual base for 2025 not yet disclosed in proxy |
| Target Bonus % | CEO 130% of base; other NEOs 75% of base | CFOs generally fall under “senior executives”; role-specific targets disclosed in proxy when applicable |
| Actual Bonus Payout | 97% of target for senior executives for 2024 plan | Based on combined financial and non-financial performance factors (see next section) |
Performance Compensation
| Metric | Weight | FY 2024 Target | FY 2024 Actual | Payout Rating | Vesting/Plan Notes |
|---|---|---|---|---|---|
| Organic Revenue Growth | 40% | 8.5% | 6.4% | 68.2% | Adjusted per plan for FX and discrete items |
| Operating Profit ($mm) | 20% | $1,215.3 | $1,196.0 | 76.9% | |
| Diluted EPS ($) | 20% | $11.19 | $11.16 | 95.9% | |
| ROIC (%) | 20% | 49.1% | 48.9% | 97.8% | |
| Overall Bonus Factor | — | — | — | 97% of target | Financial 60% + Non-financial 40%; non-financial earned 120% based on innovation, commercial execution, productivity and sustainability progress |
PSU framework for senior executives (introduced 2024):
- Metrics: average annual organic revenue growth (50%) and average annual comparable operating profit growth (50%); payout 20–200% with three-year cliff vesting .
- Equity mix (non-CEO senior execs): 50% options (4-year ratable vest), 25% PSUs (3-year cliff), 25% RSUs (4-year ratable) .
Equity Ownership & Alignment
| Policy/Guideline | IDEXX Disclosure | Emerson Applicability |
|---|---|---|
| Ownership guideline | Executive Vice Presidents must hold IDEXX stock equal to 4× base salary; compliance checked annually | CFO is an EVP; guideline applies |
| Retention rule | Until guideline met, must retain at least 75% of net shares from option exercises/RSU/PSU vesting; all other shares retained | Applies to CFO |
| Anti-pledging/hedging | Directors and executive officers prohibited from pledging IDEXX stock; no short sales, derivatives or hedging | Applies to CFO |
| Clawback | Amended 2023 policy mandates recoupment of erroneously awarded incentive comp on accounting restatement; Board can recoup time-based equity and non-financial bonus amounts in “Big R” restatements | Applies to CFO |
| Insider transactions (2025) | Form 4 filed Aug 7, 2025: transactions include employee stock purchase plan acquisitions (27.342 shares total across Mar 31 and Jun 30, 2025) and equity movements; CFO listed as reporting person | Demonstrates active compliance reporting; company’s anti-pledging/hedging policies mitigate alignment risk |
Additional Section 16 context: IDEXX disclosed no widespread delinquent Section 16 filings for 2024, noting one correction unrelated to Emerson .
Employment Terms
| Term | IDEXX Disclosure | Implication |
|---|---|---|
| Appointment & role | CFO effective March 1, 2025; signatures as Principal Financial Officer on Q1/Q3 2025 filings and 8-Ks | Confirms executive authority and responsibility |
| Change-in-control (CIC) | 2018 Stock Plan: 25% of unvested awards vest at CIC (or full vest if awards not assumed), double-trigger full vesting if terminated without cause (or for good reason where defined) within two years post-CIC; PSUs vest at target on certain CIC scenarios if not assumed | Reduces executive flight risk while avoiding single-trigger windfalls |
| CIC agreements | Senior executives have CIC agreements; annually renewing; no 280G excise tax gross-ups | Shareholder-friendly design reduces tax-gross-up risk |
| Restrictive covenants | Executives party to Confidential Information, Work Product & Restrictive Covenant Agreements (non-compete, non-solicit, confidentiality, invention assignment) | Supports retention and safeguards IP/customer relationships |
| Equity vesting terms | Options: 4-year ratable vest, 10-year term; RSUs: 4-year ratable; PSUs: 3-year cliff; death/disability vesting protections as disclosed | Standardized vesting promotes long-term alignment |
Performance & Track Record
| Area | Evidence | Detail |
|---|---|---|
| Innovation commercialization | CFO emphasized disciplined reinvestment (Q3 2025), balancing operating margin gains with growth investments in R&D, commercial and software | Company highlighted launch of IDEXX inVue Dx and Cancer Dx, premium instrument placements, and strong retention |
| Growth execution | CFO reiterated inVue (MU) placement targets: aiming for 6,000 placements by end of 2025; longer-term 20,000 over five years remains in place | Supports recurring consumables growth and installed base expansion |
| Financial stewardship | Signed SOX 302/906 certifications on Q3 2025 10-Q; signed earnings 8-Ks | Confirms oversight of disclosure controls and fair presentation |
| Long-term model | Board highlights 10%+ revenue growth and 15–20% EPS growth potential, aligning with PSU metrics | Incentive design ties to strategic growth and profitability |
Compensation Peer Group (Benchmarking)
| Peer Company | Ticker |
|---|---|
| Agilent Technologies | A |
| Align Technology | ALGN |
| Bio-Rad | BIO |
| Cooper Companies | COO |
| DexCom | DXCM |
| Edwards Lifesciences | EW |
| Elanco Animal Health | ELAN |
| Hologic | HOLX |
| Illumina | ILMN |
| Intuitive Surgical | ISRG |
| Mettler-Toledo | MTD |
| Revvity | RVTY |
| ResMed | RMD |
| STERIS | STE |
| Waters | WAT |
| Zoetis | ZTS |
Peer group used for 2024 compensation decisions; unchanged from prior year; total direct compensation targeted within competitive ranges, not a fixed percentile .
Say‑on‑Pay & Shareholder Feedback
- 2024 say‑on‑pay approval ~94% of votes cast; Compensation & Talent Committee considered results in program design (e.g., adding PSUs) .
- Ongoing investor engagement on strategy, comp, governance, and ESG disclosed .
Investment Implications
- Alignment: Strong ownership guidelines (4× salary for EVPs/CFO), 75% net share retention until compliant, and anti‑pledging/hedging policies materially reduce misalignment risk .
- Incentive quality: Addition of PSUs with multi‑year organic revenue and operating profit growth metrics improves pay‑for‑performance sensitivity versus time‑based awards alone .
- Retention risk: Double‑trigger CIC protections without 280G gross‑ups, plus restrictive covenants, balance retention and shareholder protections; internal CFO succession (announced Nov 2024; effective Mar 1, 2025) signals continuity and reduces transition risk .
- Trading signals: Emerson’s Aug 2025 Form 4 filings and ESPP purchases indicate active participation and compliance; policy prohibitions on pledging/hedging mitigate red‑flag risks typical in insider alignment assessments .
- Execution: CFO commentary underscores disciplined resource allocation (Q3 2025) while supporting near‑term commercialization (MU placements), aligning with IDEXX’s long‑term model and PSU metrics .
Notes: Emerson’s individual 2025 compensation details (base salary, target bonus, grants) are not yet disclosed in the 2025 proxy (covers FY2024), but CFO role falls under the senior executive program terms summarized above .