Joseph Griffith
About Joseph Griffith
Joseph H. Griffith IV is Chief Financial Officer and Treasurer of 908 Devices, serving since March 2014; he is 50 years old as of April 28, 2025 and is a licensed CPA with a B.S. in Accounting from Villanova University . His background includes senior finance leadership at PerkinElmer’s Life Sciences & Technology unit and Caliper Life Sciences, with earlier controllership roles and public accounting experience at Arthur Andersen . 2024 annual bonus design tied his pay to revenue and operating expense goals (80% corporate metrics; 20% individual), with a payout at 103.3% of target, indicating near-target execution on financial objectives . In Q1 2025, Griffith emphasized a path to positive adjusted EBITDA by Q4 2025 and cash flow breakeven in 2026, supported by handheld growth, government programs, and facility consolidation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PerkinElmer, Inc. (NYSE: PKI) | CFO, Life Sciences & Technology business unit | Nov 2011–Mar 2014 | Led finance for business unit spanning analytical instruments and diagnostics; Caliper Life Sciences was acquired by PerkinElmer . |
| Caliper Life Sciences, Inc. (NASDAQ: CALP) | Chief Accounting Officer & VP Finance | Apr 2008–Nov 2011 | Senior finance leadership at public life sciences company later acquired by PerkinElmer . |
| Caliper Life Sciences, Inc. | Corporate Controller | Jul 2003–Apr 2008 | Scaled finance operations post-acquisition of Zymark by Caliper . |
| Zymark Corporation | Corporate Controller | Apr 2002–Jul 2003 | Supported lab automation/robotics; Zymark was acquired by Caliper . |
| Arthur Andersen | Audit Senior | Aug 1997–Feb 2002 | Public accounting foundation; audit experience . |
External Roles
- None disclosed in the proxy biography (no external public company boards listed) .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | $361,786 | $377,065 |
| Stock Awards ($) | $364,008 | $331,059 |
| Option Awards ($) | $364,008 | $331,058 |
| Non-Equity Incentive Plan Compensation ($) | $126,602 | $195,457 |
| All Other Compensation ($) | $3,500 | $3,500 |
| Total ($) | $1,219,904 | $1,238,139 |
| Employment Agreement – Base Salary (as of Feb 1) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Base Salary ($) | $363,800 | $378,352 | $378,352 |
| Target Bonus (% of Base) | 50% | 50% | 50% |
Performance Compensation
| Metric Category | Weighting | Target | Actual | Payout | Vesting Notes |
|---|---|---|---|---|---|
| Corporate metrics (Revenue + Operating Expense) – FY2024 | 80% | Not disclosed | Achieved near target | 103.3% of target overall bonus | Annual cash bonus; RSUs/options granted separately . |
| Individual performance – FY2024 | 20% | Not disclosed | Achieved | Included in 103.3% payout | — |
- 2024 equity awards reflected RSUs and options (grant date fair values under ASC 718; PSUs were used in 2023 with Monte Carlo valuation) .
Equity Ownership & Alignment
| Ownership Item | Amount | Notes |
|---|---|---|
| Shares Beneficially Owned | 267,718 | Less than 1% of outstanding (based on 35,739,753 shares) . |
| Direct Common Shares | 109,870 | Held directly . |
| Options Exercisable within 60 Days | 157,848 | Included in beneficial ownership . |
| Stock Ownership Policy Requirement | ≥1x base salary for Section 16 officers | Executive stock ownership policy adopted Aug 2023; compliance status not disclosed . |
Key Outstanding Equity Awards (as of Dec 31, 2024)
| Grant Date | Instrument | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested RSUs (#) | RSU Market Value ($) |
|---|---|---|---|---|---|---|---|
| 1/21/2019 | Stock Option | 5,000 | — | 1.58 | 1/20/2029 | — | — |
| 9/14/2020 | Stock Option | 67,604 | — | 3.24 | 9/14/2030 | — | — |
| 3/1/2022 | Stock Option | 24,012 | 9,887 | 16.66 | 3/1/2032 | — | — |
| 3/1/2022 | RSU | — | — | — | — | 10,204 | $22,449 |
| 3/1/2023 | Stock Option | 28,666 | 33,877 | 8.83 | 2/28/2033 | — | — |
| 3/1/2023 | RSU | — | — | — | — | 30,918 | $68,020 |
| 3/1/2024 | Stock Option | — | 61,535 | 7.35 | 2/28/2034 | — | — |
| 3/1/2024 | RSU | — | — | — | — | 45,042 | $99,092 |
Employment Terms
| Provision | 2024 Terms | 2025 Terms |
|---|---|---|
| Employment basis | At-will CFO | At-will CFO |
| Severance (without cause / good reason) | 9 months base salary continuation; Company contribution to COBRA for up to 9 months; pro-rated current year bonus; prior-year earned bonus if unpaid | 12 months base salary continuation; Company contribution to COBRA for up to 12 months; pro-rated current year bonus; prior-year earned bonus if unpaid |
| Change-in-control (double-trigger within 12 months) | Cash lump sum = 1x base salary + average annual cash bonuses/commissions over prior 3 full calendar years; COBRA up to 12 months; pro-rated current year bonus; prior-year earned bonus; accelerated vesting of 100% of time-based equity | Cash lump sum = 1x base salary + then-current target cash bonus; COBRA up to 12 months; pro-rated current year bonus; prior-year earned bonus; accelerated vesting of 100% of time-based equity |
| Clawback / ownership policies | Comp committee oversees stock ownership guidelines and any clawback policy; executive ownership requirement ≥1x base salary for non-CEO Section 16 officers |
Compensation Benchmarking
- 2024 peer group included Akoya Biosciences, Alpha Technova, Apyx Medical, Berkeley Lights, Bionano Genomics, Butterfly Network, Castle Biosciences, Cutera, Evolv Technologies, Harvard Bioscience, MaxCyte, NanoString Technologies, Personalis, Quanterix, Rapid Micro Biosystems, Standard BioTools, Stereotaxis, Surmodics, ViewRay, Zynex .
- 2025 peer group changes: Added Blackline Safety Corp., Byrna Technologies Inc., Genasys Inc.; removed Bruker Cellular Analysis, Cutera, NS Wind Down Co. (formerly NanoString), ViewRay; 2025 peer set of 19 companies used for pay decisions .
Performance & Track Record
| Item | Detail |
|---|---|
| 2024 Bonus Payout | Earned at 103.3% of target based on corporate (revenue, OpEx) and individual goals . |
| Q1 2025 Financials | Adj. EBITDA loss improved to $4.6M vs. $5.3M prior-year; cash $124.3M, no debt . |
| 2025 Outlook | Revenue guidance (continuing ops) $53–55M (+11–15% YoY); adj. gross margin mid–high 50%; adj. EBITDA positive by Q4 2025; cash flow positive FY2026 . |
| Strategic actions | Desktop portfolio sold; bioprocessing portfolio transaction with Repligen noted in 8-K filings . |
Compensation Structure Analysis
- Mix shift 2023→2024: Salary rose ($361,786→$377,065) while grant-date fair values for stock and options decreased ($364,008→$331,059 for RSUs; $364,008→$331,058 for options), and cash bonus increased ($126,602→$195,457), indicating slightly higher cash emphasis with still substantial equity .
- Target bonus remained 50% of base; 2024 payout at 103.3% suggests targets were set near realized performance with modest overachievement .
- Employment terms tightened toward retention: severance base salary continuation increased from 9 to 12 months in 2025; CoC economics standardized to 1x salary + target bonus (vs. 3-year average cash bonus in 2024), plus full acceleration of time-based equity .
Risk Indicators & Red Flags
- No pledging/hedging disclosures specific to Griffith found in proxy sections reviewed; ownership policy outlines qualifying ownership but does not enumerate pledging restrictions; compliance status not disclosed .
- Compensation committee oversight and independence maintained; 2025 change: Tony J. Hunt appointed Compensation Committee Chair on Aug 1, 2025 .
Investment Implications
- Alignment: Bonus metrics tied to revenue and OpEx with near-target payout (103.3%) indicate incentives linked to controllable operational levers; equity grants continue to be meaningful, with multi-year option tranches and unvested RSUs outstanding .
- Retention: Enhanced severance (12 months) and double-trigger CoC with full time-based equity acceleration reduce near-term flight risk; standardized CoC economics (salary + target bonus) limit windfall exposure vs. prior 3-year average method .
- Ownership: Beneficial ownership of 267,718 shares (<1%) suggests limited direct economic exposure relative to base/bonus scale; policy requires ≥1x base salary ownership but compliance status not disclosed, modest alignment signal .
- Execution: CFO guidance to adj. EBITDA positivity by Q4 2025 and cash breakeven in 2026, coupled with portfolio streamlining and manufacturing consolidation, frames near-term performance catalysts; bonus framework rewards delivery on these targets .