Robert Cavorsi
Organogenesis HoldingsAbout Robert Cavorsi
Robert Cavorsi, 46, is Vice President, Strategy at Organogenesis, serving in this role since 2021. He has 20+ years at Organogenesis across sales, marketing, and strategy, and holds a B.S. in Health Policy and Administration from The Pennsylvania State University . Company performance during his tenure: Net Revenue was $467.4M (2021), $450.9M (2022), $433.1M (2023), and $482.0M (2024); the “value of initial fixed $100 investment” TSR metric was 192.10 (2021) and 66.53 (2024); Adjusted EBITDA (used for annual bonus) in 2024 was $64.1M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Organogenesis | Executive Director, Commercial Development & Strategy | 2020–2021 | Led commercial development and strategy initiatives |
| Organogenesis | Senior Director, Sales | 2018–2020 | Sales leadership across segments |
| Organogenesis | Director, Sales Performance & Operations | 2016–2017 | Built sales operations and performance frameworks |
| Organogenesis | Various roles (Sales, Marketing, National Accounts, Business Relations) | 2004–2015 | Progressive commercial and market development responsibilities |
External Roles
| Organization | Role | Years |
|---|---|---|
| Sunovion Pharmaceuticals | Director, Sales Operations — Neurology | 2015–2016 |
| PDI, Inc. | Product Specialist; Wound Care Sales Specialist | 2003 |
| Novartis | Tissue Engineering Specialist | 2002–2003 |
Fixed Compensation
- Cavorsi-specific base salary and target bonus % are not disclosed in the 2025 proxy; the Executive Compensation section covers only the NEOs (Gillheeney, Francisco, Bilbo, Freedman, Grow) .
- Company policy: base salaries set with peer benchmarking and performance/role considerations; annual review typically in Q1 each year .
Performance Compensation
Company-wide annual cash bonus framework (2024), used for executive bonuses:
| Metric | Weighting | Minimum | Target | Exceed | Maximum | Actual | Attainment |
|---|---|---|---|---|---|---|---|
| Net Revenue ($) | 45% | 450,000,000 | 470,000,000 | 490,000,000 | 510,000,000 | 482,000,000 | 130% |
| Gross Margin (%) | 10% | 76.0 | 77.0 | 77.5 | 78.0 | 76.1 | 77% |
| Adjusted EBITDA ($) (excl. clinical) | 45% | 43,000,000 | 53,000,000 | 63,000,000 | 73,000,000 | 64,100,000 | 155% |
| Overall Company Payout | — | — | — | — | — | — | 136% |
Equity award design:
- Historical: annual stock options and RSUs vest in equal annual installments over 4 years; options priced at grant-date fair market value .
- 2025 change: executive officer awards allocated 50% RSUs, 30% stock options, 20% performance share awards (PSUs); PSUs vest over 3 years based on net revenue thresholds .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total awards under 2018 Plan (as of Apr 19, 2024) | 396,336 shares underlying options/awards for “Robert Cavorsi, Vice President, Strategy” |
| Hedging/derivatives | Prohibited (short sales, collars, options) for directors, officers, employees |
| Margin purchases | Prohibited (no purchasing on margin or borrowing against company securities) |
| Clawback policy | Adopted Oct 2, 2023; recovers erroneously awarded incentive-based compensation upon restatement (3-year lookback) |
| Option repricing | Prohibited without stockholder approval under the 2018 Plan |
Note: Individual beneficial ownership percentages, vested/unvested breakdown, options in/out-of-the-money, and any pledging by Cavorsi are not disclosed in the proxy. We attempted to fetch Form 4 insider transactions to assess selling pressure and current holdings, but the insider-trades service returned an authorization error; we will monitor future filings.
Employment Terms
| Provision | Terms |
|---|---|
| Role | Vice President, Strategy; executive officer as of April 11, 2025 |
| Employment agreement | Not individually disclosed for Cavorsi in proxy |
| Change-in-Control Retention Agreement | Applies to each executive officer: double-trigger; lump-sum equal to 1x base salary + 1x target bonus (CEO 2x), up to 12 months COBRA (CEO 24 months), and full acceleration of time-based equity; subject to entering a new noncompetition agreement and executing a release |
| Non-compete | Required as part of change-in-control benefits; duration not specified in proxy |
| Severance (no change-in-control) | Not disclosed for Cavorsi; CEO has defined severance, other NEOs have none outside change-in-control |
Performance & Track Record (during Cavorsi’s tenure)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Net Revenue ($M) | 467.4 | 450.9 | 433.1 | 482.0 |
| Net Income ($M) | 94.2 | 15.5 | 4.9 | 0.9 |
| Value of $100 Investment (Company TSR) | 192.10 | 55.93 | 85.03 | 66.53 |
| Value of $100 Investment (Peer Group TSR) | 124.89 | 111.27 | 115.42 | 113.84 |
| Adjusted EBITDA ($M) | — | — | — | 64.1 |
Compensation Peer Group (benchmarking context)
Peer group used for 2024 benchmarking included: Alphatec Holdings, AngioDynamics, Anika Therapeutics, Artivion, AtriCure, Avanos Medical, Bioventus, CONMED, Cutera, Integra LifeSciences, LeMaitre Vascular, MiMedx, NuVasive, OraSure, Orthofix, Pacira BioSciences, Vanda, Verical, ZimVie .
Say-on-Pay & Shareholder Feedback
| Year/Meeting | Outcome |
|---|---|
| 2024 | ~92% approval (excluding broker non-votes) |
| 2025 | Votes: For 67,071,290; Against 6,289,601; Abstain 98,174; Broker Non-Votes 34,035,738 |
Investment Implications
- Alignment: Executive incentives are directly tied to Net Revenue, Gross Margin, and Adjusted EBITDA with defined targets and payout curves; 2024 payout was 136% of target at the company level, and 2025 equity adds PSUs tied to net revenue, reinforcing pay-for-performance .
- Retention risk: Cavorsi has a standard executive change-in-control agreement (double trigger with equity acceleration and 1x salary+target bonus), a moderate retention feature that discourages opportunistic departures but could increase turnover risk post-transaction if roles change materially .
- Insider selling pressure: Current Form 4 activity for Cavorsi could not be retrieved due to service authorization error; monitor insider filings for RSU withholding/exercises and discretionary sales to assess near-term supply.
- Governance safeguards: Prohibitions on hedging/margin and a Dodd-Frank compliant clawback policy reduce misalignment and misconduct risk; option repricing is disallowed without shareholder approval .
- Performance context: 2024 saw revenue recovery to $482M and strong Adjusted EBITDA of $64.1M underpinning above-target bonus payout; TSR lagged peer group over multi-year horizons, implying greater emphasis on operational execution and revenue growth thresholds embedded in 2025 PSUs .