Vaseem Mahboob
About Vaseem Mahboob
Kestra Medical Technologies’ Chief Financial Officer, age 56, has served since 2021 and brings 23+ years of finance leadership across medtech and GE Healthcare, including CFO roles in major imaging businesses and emerging markets, plus public company CFO/COO experience at DIH Technology and Endologix . Kestra delivered 115% revenue growth in FY2025 to $59.8M with gross profit of $24.2M, and reported Q1 FY2026 revenue +52% to $19.4M, gross margin expansion to 45.7% (from 32.9%), and raised FY26 revenue guidance to $88M (+47% YoY) . The company remains loss-making (FY2025 net loss $113.8M; Q1 FY2026 GAAP net loss $25.8M) and disclosed material weaknesses in internal controls, key execution risks under CFO oversight . Education: MBA in Financial Markets & Institutions and Information Systems from SUNY Buffalo’s Jacobs School of Management .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DIH Technology Ltd. | EVP, CFO & COO | 2020–2021 | Operational and financial leadership at medtech platform |
| Endologix Inc. | Chief Financial Officer | 2015–2020 | Led finance through restructuring; company filed Chapter 11 in July 2020 (risk signal) |
| GE Healthcare – Global Magnetic Resonance | CFO | 2006–2010 | P&L stewardship for MR imaging segment |
| GE Healthcare – Global Ultrasound | CFO | 2010–2012 | Finance leadership for Ultrasound |
| GE Healthcare – Eastern & African Growth Markets | CFO | 2013–2015 | Emerging-market expansion finance leadership |
| GE Healthcare IT | CFO | Jun–Sep 2015 | Short-term CFO role in health IT |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| INSYS Therapeutics | Board member; Audit Committee Chair | 2018–2019 | Governance and audit oversight at public company |
Fixed Compensation
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Base Salary ($) | 397,515 | 427,828 (reflects mid-year increase effective 3/6/2025 to $470,000) |
| Target Bonus (%) | 40% of base | 40% of base |
| Actual Bonus Paid ($) | 119,255 | 187,000 (paid at 100% of target) |
| Option Awards ($) | — | 1,648,830 |
| All Other Compensation ($) | 13,406 | 59,424 (auto allowance $43,000; 401k match $14,551; disability premiums $1,873) |
| Total Compensation ($) | 530,176 | 2,323,082 |
Perquisites include monthly auto allowance, 401(k) match, and disability insurance premiums; no director fees for Mahboob .
Performance Compensation
- Annual bonus design: Target 40% of base; goals defined each quarter across company, division, and individual KPIs; FY2025 payout at 100% of target .
- Equity awards:
- IPO stock options granted 3/6/2025: 159,000 options, strike $17.00, expiration 3/6/2035 .
- Vesting: 50% cliff on 3/6/2026; remaining 50% vests monthly thereafter through 3/6/2027; accelerated vesting upon death, disability, or change in control (single-trigger) .
- Future annual LTI: RSUs and PSUs first granted 6/4/2025; detailed disclosure will appear in FY2026 filings (metrics not yet disclosed) .
| Incentive Type | Metric(s) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (FY2025) | Company, division, individual goals | Not disclosed | 40% of base | 100% achieved | $187,000 | Paid following FY end |
| Stock Options (IPO grant) | Stock price performance (time-vest) | n/a | 159,000 @ $17 | n/a | n/a | 50% on 3/6/2026; monthly thereafter; single-trigger CoC acceleration |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (common shares) | 14,838 shares directly; less than 1% of outstanding (51,348,656 shares) |
| Options (exercisable / unexercisable) | 0 exercisable; 159,000 unexercisable as of 4/30/2025 |
| Upcoming vesting events | 50% of options vest on 3/6/2026; remaining vests monthly thereafter to 3/6/2027 |
| In-the-money value | Not disclosed; depends on market price vs $17 strike |
| Shares pledged as collateral | Prohibited under Insider Trading Policy (no pledging/margin accounts) |
| Hedging | Prohibited (no derivatives, hedging/monetization permitted) |
| Clawback policy | Adopted; applies to current/former Section 16 officers; recoup incentive-based comp for restatements (3 fiscal years) |
| Additional indirect interests | Potential distribution of shares held via West Affum Holdings, L.P. per Post-IPO Distribution; no current voting/dispositive power until distribution |
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | Effective 9/10/2021; initial term to 4/30/2025; auto-renews annually unless either party gives 90 days’ notice |
| Current base salary | Increased to $470,000 effective 3/6/2025 |
| Target annual bonus | 40% of base salary |
| Severance (without cause, good reason, or non-renewal) | Cash equal to 1x (base + target bonus), paid over 12 months; continued health benefits for 6 months; subject to release and restrictive covenants |
| Change-in-control (equity) | All unvested IPO options automatically vest upon CoC (single-trigger) |
| Restrictive covenants | Non-compete (1 year post-termination), non-solicit/non-hire, perpetual non-disparagement and confidentiality; IP assignment |
Risk Indicators & Red Flags
- Prior bankruptcy involvement: Endologix filed Chapter 11 in July 2020 while Mahboob was CFO (experience relevant; potential investor concern) .
- Material weaknesses: Company has identified material weaknesses in internal controls—execution risk for finance function .
- Ongoing losses: Kestra remains loss-making (FY2025 net loss $113.8M; Q1 FY2026 GAAP net loss $25.8M), increasing dependency on capital and operating leverage realization .
- Single-trigger CoC acceleration for options: Automatic vesting on change-in-control reduces retention alignment during transactions .
- EGC scaled disclosures: No say-on-pay votes; reduced compensation detail limits transparency into pay-performance linkage .
Compensation Structure Analysis
- Shift to equity in FY2025: Introduction of $1.65M option grant vs no equity in FY2024 increases long-term alignment but is time-based (not performance-based) for IPO grant .
- Cash comp growth: Base salary moved from $421,443 prior to increase to $470,000; annual bonus paid at 100% target in FY2025, indicating full attainment of plan KPIs .
- Transition to PSUs/RSUs: First annual LTI grants in June 2025 include PSUs, which should strengthen pay-for-performance once metrics are disclosed in FY2026 proxy .
- Clawback and no-hedging/pledging: Governance frameworks support alignment and mitigate adverse incentives .
Say-on-Pay & Shareholder Feedback
- As an emerging growth company, Kestra does not hold non-binding advisory votes on executive compensation (say-on-pay), reducing external feedback mechanisms during early public life .
Performance & Track Record
- Company growth under current leadership: FY2025 revenue +115% to $59.8M; Q1 FY2026 revenue +52% to $19.4M with gross margin expansion to 45.7%; FY2026 revenue guidance raised to $88M (+47% YoY) .
- Profitability still distant: Adjusted EBITDA loss of $19.4M in Q1 FY2026, highlighting need for scale and operating leverage .
- Finance governance: Material weaknesses disclosed; remediation quality is a critical watch item for CFO .
Investment Implications
- Alignment: Upcoming 50% option vest on 3/6/2026 concentrates potential insider selling windows; however, hedging and pledging are prohibited, and clawback governance is in place .
- Retention/transaction dynamics: Single-trigger CoC option acceleration weakens retention in an M&A scenario; severance (1x salary+bonus) is moderate relative to peers, limiting golden parachute risk .
- Execution risk: Material weaknesses and continued losses elevate scrutiny on financial controls and path to profitability; the move to PSUs from FY2026 may improve pay-for-performance optics once metrics are disclosed .
- Trading signals: Watch for vesting-driven Form 4 activity around March 2026 and subsequent monthly vesting; current direct share ownership is small (<1%), with potential incremental shares via West Affum distribution mechanics .