Patrick Bilbo - Chief Operating Officer | Organogenesis Holdings (ORGO) Executive Profile & Compensation

About Patrick Bilbo

Patrick Bilbo (age 63) is Chief Operating Officer at Organogenesis (ORGO), a role he has held since 2017. He previously served in executive roles at Organogenesis from 1999–2017 and in R&D at Organogenesis from 1987–1992; between those stints he held clinical research and regulatory positions at Cytyc (Hologic) and Stryker (1993–1998). He holds an MBA from Boston University’s Questrom School of Business, MAs in Biology and Technology Strategy & Policy from Boston University, and a BS in Biology from Syracuse University . Company pay-versus-performance disclosure shows FY2024 net revenue of $482.0 million and net income of $0.9 million; ORGO’s TSR “value of initial fixed $100 investment” stood at 66.53 for 2024, contextualizing company performance during his tenure .

Past Roles

Organization	Role	Years	Strategic Impact
Organogenesis	Research & Development	1987–1992	Early technical foundation in tissue engineering supporting future operating leadership .
Cytyc (Hologic)	Clinical Research/Regulatory	1993–1998	Built regulatory and clinical execution experience relevant to commercializing biologics .
Stryker	Clinical Research/Regulatory	1993–1998	Expanded medical device regulatory expertise in orthopedics/surgical markets .
Organogenesis	Senior Executive (Regulatory, Government Affairs & Administration)	1999–2017	Led regulatory/government affairs; contributed to scaling operations ahead of COO role .
Organogenesis	Chief Operating Officer	2017–Present	Oversees operations across Advanced Wound Care and Surgical & Sports Medicine .

External Roles

Organization	Role	Years	Notes
Cytyc (Hologic)	Clinical/Regulatory	1993–1998	External experience prior to rejoining Organogenesis .
Stryker	Clinical/Regulatory	1993–1998	External experience prior to rejoining Organogenesis .

Fixed Compensation

Metric	FY 2022	FY 2023	FY 2024	FY 2025 (current as of Apr 1, 2025)
Base Salary ($)	$456,339	$472,944	$485,030 (raised Apr 1, 2024)	$504,431 (raised Apr 1, 2025)
Target Bonus (%)	70%	70%	70%	70%
Actual Bonus Paid ($)	$31,850 (discretionary)	$277,944 (discretionary)	$461,749 (performance-based)	—

Notes:

FY2024 bonus was formulaic based on company metrics; prior years were discretionary .

Performance Compensation

Metric	Weighting	Target	Actual	Attainment	Payout Mechanics
Net Revenue	45%	$470,000,000	$482,000,000	130%	Cash bonus component; overall plan paid 136% of target to NEOs including Bilbo .
Gross Margin %	10%	77.0%	76.1%	77%	Cash bonus component; overall plan paid 136% of target .
Adjusted EBITDA (excl. clinical)	45%	$53,000,000	$64,100,000	155%	Cash bonus component; overall plan paid 136% of target .

2025 plan continues with Net Revenue (45%), Gross Margin (10%), and Adjusted EBITDA (45%) targets; board retains negative/discretionary adjustments .

Equity Ownership & Alignment

Metric	Value
Total Beneficial Ownership (shares)	1,370,990 (447,512 owned + 923,478 right to acquire within 60 days) .
Ownership as % of Shares Outstanding	1.1% .
2024 Options Exercised (shares; value)	152,250; $252,735 realized .
2024 RSUs Vested (shares; value)	106,281; $383,088 realized .
Unvested RSUs at 12/31/2024 (shares; value)	462,017; $1,478,454 (priced at $3.20) .
Hedging/Margin Policy	Prohibits short sales, hedging and publicly traded options; prohibits purchasing on margin or borrowing against company securities .
Option Repricing Policy	Prohibited under 2018 Plan without stockholder approval .
Clawback Policy	Adopted Oct 2, 2023; requires recovery of erroneously awarded incentive compensation after restatements .

Outstanding equity awards detail (options):

Grant Date	Exercisable (#)	Unexercisable (#)	Exercise Price ($)	Expiration
05/04/2017	142,100	101,500	3.46	05/04/2027
04/22/2020	224,185	—	4.04	04/22/2030
02/16/2021	61,917	20,639	13.68	02/16/2031
02/15/2022	62,761	62,761	8.03	02/15/2032
02/22/2023	97,163	291,491	2.51	02/22/2033
02/21/2024	—	338,674	3.43	02/21/2034

2024 equity grants (annual awards):

Options: 338,674 shares; 10-year term; vest in equal annual installments over four years beginning Feb 15, 2024; exercise price $3.43 .
RSUs: 187,318 shares; vest in equal annual installments over four years beginning Feb 15, 2024 .
2025 mix introduces PSUs: 20% of grant date fair value in performance shares vesting over three years based on net revenue thresholds; RSUs 50%; options 30% .

Employment Terms

Term	Detail
Employment Agreement	Employment letter dated Feb 14, 2017; at-will; sets base, target bonus eligibility .
Current Base/Target (as of Apr 1, 2025)	Base $504,431; Target bonus 70% of base .
Severance – Non-CIC	No cash severance; only accrued amounts/benefits shown; example table total $65,206 (accrued vacation/other) as of Dec 31, 2024 .
Change-in-Control (Double Trigger, within 24 months)	Lump sum = 1× base salary ($485,030 in table) + 1× target bonus ($339,521); up to 12 months COBRA differential ($15,932); accrued vacation ($65,206); full acceleration of time-based equity awards (intrinsic value $1,679,583); total $2,585,272 (as of 12/31/2024 scenario) .
Non-Compete	CIC benefits contingent on entering a new noncompetition agreement (terms not specified) .
Clawback	Applies to incentive-based comp per SEC/Nasdaq rule 10D-1 .
Perquisites	Leased automobile + tax gross-up; group term life and long-term disability premiums + tax gross-up; employer 401(k) match .

Compensation Structure Analysis

Component	2022	2023	2024
Salary ($)	$456,339	$472,944	$489,303 (reported SCT salary amount)
Option Awards ($)	$509,871	$528,622	$641,725
Stock Awards ($)	$424,996	$821,739	$642,501
Bonus ($)	$31,850 (discretionary)	$277,944 (discretionary)	— (no discretionary)
Non-Equity Incentive ($)	—	—	$461,749 (formulaic)
All Other Comp ($)	$48,876	$55,606	$41,356
Total ($)	$1,471,932	$2,156,855	$2,276,634

Observations:

Shift from discretionary to performance-based bonuses in 2024, with clear revenue/EBITDA/gross margin targets driving a 136% payout .
Equity mix includes both options and RSUs; 2025 adds PSUs tied to net revenue thresholds, increasing at-risk pay alignment .

Compensation Peer Group and Say-on-Pay

2024/2025 benchmarking peer group (selected): Alphatec, AngioDynamics, Anika, Artivion, AtriCure, Avanos, Bioventus, CONMED, Cutera, Integra, LeMaitre, MiMedx, NuVasive, OraSure, Orthofix, Pacira, Vanda, Verical, ZimVie .
Say-on-Pay approvals: ~92% “For” at 2024 meeting; continued consideration in 2025 committee decisions . 2025 vote results: 67,071,290 For; 6,289,601 Against; 98,174 Abstain; 34,035,738 broker non-votes .

Risk Indicators & Red Flags

Hedging/margin prohibited; option repricing prohibited; presence of perquisite tax gross-ups (automobile, insurance) is shareholder-unfriendly but limited in scope .
Clawback policy in place (restatement-triggered), mitigating incentive risk .
No disclosure of any stock pledging; margin borrowing prohibited by policy .

Investment Implications

Pay-for-performance alignment improved in 2024 via formulaic metrics (Net Revenue, Adjusted EBITDA, Gross Margin), with Bilbo’s incentive payout at 136% of target—consistent with company overachievement on revenue and EBITDA; 2025 adds PSUs to further align equity with revenue outcomes .
Retention risk appears moderate: meaningful unvested RSUs (462,017 shares, $1.48M value at $3.20) and multi-year option vesting schedules create continued service-based equity incentives; CIC protection includes 1× salary+bonus and time-based equity acceleration, standard for COO level .
Insider selling pressure: 2024 vesting/exercises (106,281 RSUs vested; 152,250 options exercised) could contribute to periodic liquidity needs/tax settlements, but policy constraints (hedging/margin) reduce misalignment risks .
Governance and shareholder feedback: strong say-on-pay support and clear benchmarking process with Pearl Meyer reduce pay inflation risk; metrics and mix evolution (PSUs) indicate responsiveness to investor alignment .