Matthew W. Strobeck, Ph.D.
QuidelOrthoAbout Matthew W. Strobeck, Ph.D.
Independent director of QuidelOrtho (QDEL), age 52, serving since 2018. Managing Partner of Birchview Capital (since 2014) with prior investing and healthcare specialization at Westfield Capital Management (2003–2011). Education: B.S. (St. Lawrence University), Ph.D. (University of Cincinnati), S.M. (Harvard/MIT Health Sciences & Technology), and S.M. (MIT Sloan). Brings a strong scientific and healthcare investing background with board leadership experience across diagnostics and medical devices .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Birchview Capital | Managing Partner | 2014–Present | Healthcare/life sciences investor; governance experience |
| Westfield Capital Management | Partner; Mgmt committee/advisory board; Investment team (healthcare & life sciences) | 2003–2011 | Public markets healthcare specialization |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Biodesix, Inc. (public) | Director | Current | Audit; Nominating & Corporate Governance |
| Accelerate Diagnostics, Inc. (public) | Director | Prior | Until 2024 (ended) |
| Monteris Medical (private) | Director | Current | Not disclosed |
Board Governance
- Independence: The Board determined all directors except the CEO are independent; Dr. Strobeck is independent and serves on fully independent committees .
- Committee assignments: Audit Committee member; Science & Technology Committee member .
- Attendance: In 2024, all directors attended ≥75% of Board/committee meetings; average attendance >97% . Directors attended the 2024 annual meeting .
- Executive sessions: Non-employee directors meet regularly in executive session .
- Board structure: Independent Chair separate from CEO; all committees independent .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $73,750 | Standard non-employee director retainer is $75,000; paid quarterly; minor pro-rating noted in program description |
| Committee chair fees | $0 | Chairs receive: Audit $25k, Compensation $20k, N&G $15k, S&T $15k; Dr. Strobeck is not a chair |
| Meeting fees | Not disclosed | No per-meeting fees described |
- Deferred compensation election: No 2024 deferral election; “N/A” in the Board Deferred Compensation Plan table .
- 2025 director compensation: No change to fee levels vs. 2024 .
Performance Compensation
| Component | Grant details | Vesting | Grant date fair value |
|---|---|---|---|
| Annual RSUs | 4,929 RSUs granted May 22, 2024 | Vests on 1st anniversary of grant | $210,000 |
- Director equity is time-based RSUs; no performance-conditioned (PSU) awards disclosed for directors .
Other Directorships & Interlocks
| Potential interlock/relationship | Exposure |
|---|---|
| Current director at Biodesix (diagnostics) | No related-party transactions disclosed involving Dr. Strobeck. Audit Committee oversees related-party review process . |
| Prior director at Accelerate Diagnostics | Ended in 2024; no QDEL related-party transactions disclosed . |
Expertise & Qualifications
- Scientific and diagnostics expertise; investment and finance background from Birchview and Westfield .
- Skills matrix highlights finance, strategy, risk management, medical diagnostics experience across Board (context for Board composition) .
Equity Ownership
| Category | Shares | Notes |
|---|---|---|
| Direct/indirect beneficial ownership | 72,807 | “<1%” of outstanding; Board table marks asterisk for <1% |
| Shares outstanding (Record Date) | 67,454,614 | For ownership context |
| Derivative/awards—Options (exercisable ≤60 days) | 259 | Included in beneficial ownership calculation |
| RSUs vesting ≤60 days | 4,929 | Included in beneficial ownership calculation |
| Indirect—Birchview Fund, LLC | 38,145 | Voting/dispositive power via Managing Partner role |
| Indirect—Custodian accounts (children) | 16,628 | Beneficially owned as custodian |
- Stock ownership guidelines: Non-employee directors must hold ≥5× annual cash retainer; all directors meet or are in compliance (retain shares until compliant) .
- Hedging/pledging: Prohibited under the Insider Trading Policy; no approvals outstanding to allow pledging .
Governance Assessment
- Committee effectiveness: Active Audit Committee membership during a control remediation period—EY issued an adverse ICFR opinion noting material weaknesses in revenue/receivables/rebates controls and deferred tax asset realizability; annual goodwill impairment control weakness was remediated by year-end 2024. Audit Committee oversaw auditor transition to KPMG for 2025 after a competitive process .
- Independence and alignment: Independent director; participates on independent committees; equity-based retainer supports alignment; ownership guidelines enforced .
- Compensation mix: Balanced cash retainer plus time-based RSUs; no meeting fees; no chair premia paid, indicating standard director compensation without outsized cash components .
- RED FLAGS: None disclosed specific to Dr. Strobeck—no related-party transactions, no hedging/pledging, timely Section 16 reports indicated (late filings noted only for other individuals) .
- Shareholder sentiment: Say-on-pay for NEOs received >94% support in 2024, signaling broader investor confidence in compensation governance (context) .
Director Compensation (Detail)
| Metric | 2024 |
|---|---|
| Fees earned/paid in cash ($) | $73,750 |
| Stock awards ($) | $210,000 |
| Total ($) | $283,750 |
| Outstanding equity at FY-end: RSUs (shares) | 4,929 |
| Outstanding equity at FY-end: Options (shares) | 259 |
Insider Trades
| Item | 2024 Status |
|---|---|
| Section 16 filing timeliness | Company believes directors/officers timely filed all reports; late Form 4s only for Hodges and Klein (deferred RSUs), not for Dr. Strobeck |
Committee Assignments & Engagement
| Committee | Role | 2024 Meetings Held |
|---|---|---|
| Audit | Member | 8 |
| Science & Technology | Member | 4 |
Signals Relevant to Investors
- Audit oversight during ICFR remediation and auditor change indicates heavy governance workload; Dr. Strobeck’s Audit Committee role is material to financial reporting risk mitigation .
- Equity plan expansion (overhang could rise to 12.99% if approved) is a capital allocation signal; directors (including Dr. Strobeck) endorsed the proposal—monitor dilution and burn rate trends (context) .
- Director alignment reinforced via ownership guidelines and time-based RSUs; no hedging/pledging permitted .
Overall, Dr. Strobeck appears independent, with relevant sector and financial expertise, active committee service, and no disclosed conflicts or attendance issues, supporting board effectiveness and investor confidence .