Andrea Tommasoli
InspireMDAbout Andrea Tommasoli
Andrea Tommasoli, age 53, is Chief Operating Officer (COO) of InspireMD (NSPR) since March 19, 2023, after serving as SVP Global Sales & Marketing (Nov 2020–Mar 2023) . He holds a B.A. in nuclear engineering from Bologna University and an MBA from HEC Paris . During his tenure, company TSR moved from 55 at year-end 2023 to 52 at year-end 2024 , while quarterly revenues rose to $2.52m in Q3’25 and EBITDA losses widened, highlighting execution plus financing needs; values marked with * are from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| InspireMD | SVP Global Sales & Marketing | Nov 2020–Mar 2023 | Led commercial strategy ahead of U.S. CGuard launch; built global sales infrastructure |
| Integra LifeSciences | Director of Sales, Neurosurgery EMEA | 2011–2014 | Expanded specialty neurosurgery portfolio across EMEA |
| Integra LifeSciences | Director of Sales, Specialty Surgical Solutions Europe | 2014–2016 | Drove growth in reconstructive and general surgery categories |
| Integra LifeSciences | Senior Director, Indirect Markets | 2017–2020 | Scaled channel/partner strategy in Europe/EMEA |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Alticare | Managing Partner | 2009–2011 | Advised medtech start-ups on commercialization and growth |
| St. Jude Medical (Neuromodulation, France) | Director | 2007–2009 | Led market development for neuromodulation therapies in France |
Fixed Compensation
| Metric | 2021 | 2022 |
|---|---|---|
| Base salary (USD) | $242,515 | $226,837 |
| Actual cash bonus (USD) | $21,599 | $14,546 |
| Sales commissions (USD) | $24,973 | $56,647 |
| All other compensation (USD) | $62,337 | $61,239 |
| Total compensation (USD) | $668,488 | $359,269 |
| Current contract terms (as COO, Europe-based) | Detail |
|---|---|
| Base salary | €240,000 (approx. $258k at promotion) |
| Target bonus | 35% of base salary |
| Term/notice | Indefinite; 6 months’ notice by either party (no notice if gross misconduct) |
| Benefits | Reimbursement of business/professional vehicle expenses and benefit plans per local policy |
Performance Compensation
| Incentive type | Metric linkage | Target | Actual payout | Vesting |
|---|---|---|---|---|
| Annual cash bonus | Board assessment of individual performance and overall company performance | 35% of base salary | $21,599 (2021); $14,546 (2022) | Cash (annual) |
| Sales commissions | Sales performance (as SVP) | Not disclosed | $24,973 (2021); $56,647 (2022) | Cash (periodic) |
| RS/RSU awards | Long-term company performance; retention | Not disclosed | Grants outstanding (see vesting below) | Annual tranches; change-of-control accelerates |
Vesting schedules (selected legacy grants):
- Options: 6,035 granted 11/2/2020; vest annually, final vest on Nov 2, 2023; exercise price $5.25; expires 11/2/2030 (11).
- Restricted stock: 6,034 granted 11/2/2020; vest annually, final vest Nov 2, 2023 (12).
- Restricted stock: 39,513 granted 10/3/2021; half vests Oct 3, 2023 and Oct 3, 2024 (13).
Policy overlays:
- Change-of-control: unvested equity vests immediately per plan .
- Clawback: executive officer clawback for accounting restatements (Nasdaq/Rule 10D-1) .
- Anti-hedging/short sales: prohibited for directors/officers/employees .
Equity Ownership & Alignment
| Beneficial ownership | Shares | % of outstanding |
|---|---|---|
| As of Jul 18, 2023 | 267,062 | 1.26% |
| As of Apr 18, 2024 | 534,180 | 2.28% |
| As of Apr 15, 2025 | 823,684 | 2.68% |
Breakdown (most current):
- As of Apr 15, 2025: 276,301 common; 451,393 restricted stock (2021 Plan); 95,990 options exercisable within 60 days (16).
- As of Apr 18, 2024: 57,616 common; 437,462 restricted stock; 39,102 options exercisable within 60 days (15).
Alignment indicators:
- Ownership guidelines: not disclosed.
- Pledging/hedging: hedging/short sales prohibited; pledging not disclosed .
- Insider selling pressure: legacy RS tranches vested in Oct/Nov 2023/2024; current future vestings for Tommasoli not separately disclosed in 2025 proxy .
Employment Terms
- Employment agreement effective Nov 2, 2020; promoted to COO Mar 19, 2023 . Base €240k; 35% target bonus; indefinite term; 6-month mutual notice; standard confidentiality; benefits reimbursement .
- Severance/change-of-control: Company states no separate CoC/severance agreements beyond executive contracts; equity awards accelerate on change-of-control per plan . Specific severance multiples for Tommasoli are not disclosed (beyond notice) .
- Non-compete/non-solicit: not disclosed for Tommasoli; confidentiality applies .
- Legal proceedings: none disclosed for officers in last ten years .
Performance & Track Record
Company TSR and financial trajectory during tenure:
- TSR (value of $100 initial investment at year-end): 2022=$17; 2023=$55; 2024=$52 .
| Metric | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenues (USD) | $1.761m* | $1.511m* | $1.739m* | $1.810m* | $1.949m* | $1.529m* | $1.778m* | $2.523m* |
| EBITDA (USD) | $(5.747)m* | $(7.345)m* | $(8.194)m* | $(8.392)m* | $(9.292)m* | $(11.362)m* | $(12.912)m* | $(12.923)m* |
Values retrieved from S&P Global.*
Execution highlights and risks:
- Revenue growth into 2025 against deeper EBITDA losses suggests commercialization investments ahead of U.S. approvals (consistent with capital raises/warrants structure in 2023) .
- Executive compensation program emphasizes variable, long-term equity and pay-for-performance philosophy (no consultants retained in recent years) .
Compensation Committee & Governance (context for incentives)
- Compensation Committee independent (Stuka—Chair, Kester, Arnold); 12 meetings in 2024; 4 meetings in 2023 .
- No compensation consultant retained for 2023–2024 reviews .
- Anti-hedging policy and clawback policy in force .
Investment Implications
- Alignment: Tommasoli’s growing beneficial stake (2.68% in 2025) with material restricted stock and options indicates meaningful skin-in-the-game; anti-hedging improves alignment .
- Retention: Indefinite contract with 6-month notice implies moderate retention friction; change-of-control equity acceleration may reduce post-deal retention incentives, though continued vest for new grants could mitigate .
- Performance linkage: Bonus tied to individual/company performance without disclosed quantitative hurdles limits transparency; legacy RS vestings largely completed (2023/2024), reducing near-term forced selling pressure .
- Execution risk: Despite rising revenues, persistent negative EBITDA and reliance on warrant-linked financing signal commercialization and reimbursement risks; investor concentration and potential dilution from warrant exercises are additional overhangs .
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