Vandana Sriram
About Vandana Sriram
Vandana Sriram, age 52, has served as Chief Financial Officer and Treasurer of Quanterix since August 21, 2023. She previously led global finance at Azenta (Nasdaq: AZTA) and spent over two decades at General Electric, culminating as head of FP&A for GE Aerospace; she holds a bachelor’s in commerce (Delhi University), is a Chartered Accountant (ICAI), a GE Experience Financial Leadership Program graduate, and a registered CPA . Company performance under the bonus framework emphasized revenue, non-GAAP gross margin, cash usage, and strategic objectives; 2024 revenue reached $137.4M (+12% YoY), and the Compensation Committee lifted the corporate factor to 0.9x recognizing outperformance vs peers; Quanterix’s TSR in 2024 was 44.99 (company-selected measure table), reflecting a challenging tools environment . The company adopted a Dodd-Frank compliant clawback policy in December 2023 and restated prior financials due to inventory accounting (no misconduct); no recovery was required under the policy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Azenta, Inc. (Azenta Life Sciences) | Senior Vice President, Global Finance | Sep 2021 – Aug 2023 | Led Controllership, FP&A, and segment CFO activities as part of the leadership team . |
| General Electric (GE; GE Aerospace) | Head of FP&A for GE Aerospace; prior finance roles | Jul 1999 – Sep 2021 | Led FP&A for major jet engines and components provider; broad GE finance leadership trajectory . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | No public-company board or external governance roles disclosed for Ms. Sriram in proxy . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary Rate ($) | $440,000 | $446,160 |
| Salary Paid ($) | $144,083 | $446,222 |
| Target Bonus (% of Base) | 70% | 70% |
| Actual Bonus Paid ($) | $151,511 (paid in 2024 for 2023) | $255,784 (paid in 2025 for 2024) |
Performance Compensation
| Metric | Weighting | Target | Actual | Performance Factor | Vesting/Payout |
|---|---|---|---|---|---|
| Revenue ($) | 40% | $143.5M | $137.4M | 0.62x | Cash bonus; paid following year . |
| Non-GAAP Gross Margin (%) | 20% | 59% | 57% (adjusted) | 0.69x | Cash bonus; paid following year . |
| Cash Usage ($) | 10% | $(24.0)M | $(25.3)M (adjusted) | 0.83x | Cash bonus; paid following year . |
| Strategic Objectives | 30% | Up to 6% each | 28% | 0.95x | Cash bonus; paid following year . |
| Corporate Performance Factor (calculated) | — | — | — | 0.75x | — |
| Corporate Performance Factor (approved) | — | — | — | 0.90x (Committee discretion) | — |
| Individual Performance Factor (Sriram) | — | — | — | 0.91x | Drives actual payout . |
| 2024 Bonus Payout (Sriram) | — | — | — | — | $255,784 |
Performance Equity Awards (Structure and Grants)
| Award Type | Grant Date | Count | Exercise/Grant Price | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|---|
| RSUs (Sign-on) | 08/21/2023 | 12,624 | — | Part of $800,000 sign-on (70% options/30% RSUs) | 25% at 1st anniversary; remaining 75% in 36 monthly installments . |
| Stock Options (Sign-on) | 08/21/2023 | 29,455 | $24.32 | Part of $800,000 sign-on (70% options/30% RSUs) | 25% at 1st anniversary; remaining 75% in 36 monthly installments . |
| RSUs (Annual LTI) | 02/02/2024 | 24,675 | — | $569,993 | 25% at 1st anniversary (02/02/2025), remainder monthly over 36 months . |
| Stock Options (Annual LTI) | 02/02/2024 | 83,038 | $23.10 | $1,329,999 | 25% at 1st anniversary, remainder monthly over 36 months . |
- The 2024 annual equity mix for NEOs was 70% options/30% RSUs; equity awards granted under the 2017 Equity Incentive Plan, options at or above FMV; grants not timed around MNPI .
- Approximate RSU vesting cadence from 2024 grant: 6,169 shares on 02/02/2025, then ~513 shares per month for 36 months (derived from 24,675 and vest schedule) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Shares) | 59,803 shares . |
| Shares Outstanding (Record Date) | 46,465,915 shares . |
| Ownership as % of Shares Outstanding | ~0.13% (59,803 ÷ 46,465,915; derived) . |
| RSUs Unvested (12/31/2024) | 8,416 (2023 grant) and 24,675 (2024 grant); total 33,091 . |
| Options Exercisable/Unexercisable (12/31/2024) | 9,815 exercisable / 19,640 unexercisable (2023 grant); 83,038 unexercisable (2024 grant) . |
| In-the-Money Status (12/31/2024) | Options had exercise prices above $10.63 year-end price; valued at $0 in CoC table . |
| Hedging/Pledging | Company policy prohibits hedging, short sales, pledging/margin use, and trading in public options . |
| Ownership Guidelines | Executives (other than CEO): 3x base salary; 50% of net-of-tax vested shares must be held until met; 5-year attainment from appointment (deadline Aug 21, 2028 for Sriram) . |
| Guideline Compliance | Not disclosed for Sriram; committee evaluates annually . |
Employment Terms
- Employment: At-will; CFO since August 21, 2023 .
- Initial terms (Aug 3, 2023): Base salary $440,000; 70% target bonus; $800,000 sign-on equity (70% options/30% RSUs); severance if terminated without cause or resigns for good reason — 6 months salary continuation, prorated target bonus for year of termination, acceleration of the unvested portion of initial equity that would have vested by Aug 21, 2024, and 6 months health benefits .
- Change-of-control amendment (Apr 11, 2024): If terminated without cause or resigns for good reason within 90 days prior to or 12 months after a change of control — 12 months salary continuation, payment of target bonus for the year of termination, acceleration of vesting of all unvested equity, and 12 months health insurance benefits (double trigger) .
- Illustrative severance values (as of 12/31/2024): Without cause/good reason — $223,080 salary, $312,312 bonus, $15,555 benefits; total $550,947. With CoC — $446,160 salary, $312,312 bonus, $31,109 benefits, $351,757 equity; total $1,141,338 .
- Clawback: Exchange Act Section 10D/Nasdaq-compliant policy adopted Dec 1, 2023; restatement related to inventory capitalization; no clawback required for 2023 .
- Pay Governance/Consultant: Compensation Committee used Pay Governance LLC for peer selection and design; independent; no other services to company .
- Golden parachute tax gross-ups: Not provided; single-trigger CoC benefits not provided; compensation caps to discourage excessive risk .
Compensation Committee Analysis
- Peer Group for FY2024 benchmarking included Adaptive Biotechnologies, Castle Biosciences, Pacific Biosciences, Cytek, Maravai, Mesa, Nautilus, OmniAb, Quantum-Si, Seer, SomaLogic, Twist Bioscience, Veracyte .
- 2024 Say-on-Pay support was 98%, indicating strong shareholder endorsement of program design .
- Committee elevated 2024 corporate factor to 0.9x given 12% revenue growth and outperformance vs peers; individual factor for Sriram set at 0.91x .
- Compensation risk assessment concluded policies are not likely to have material adverse effect; multi-metric design and capped payouts mitigate risk .
Investment Implications
- Alignment: Sizable ongoing RSU vesting creates steady share supply; 50% net-of-tax holding requirement and anti-hedging/pledging policy enhance alignment and reduce adverse trading behaviors .
- Selling pressure: RSUs vest monthly post–first anniversary (≈513 shares/month from 2024 grant), implying potential systematic selling for tax liquidity or diversification; monitor Form 4s for cadence and any 10b5-1 plans .
- Retention and CoC economics: Double-trigger CoC protection (12 months salary + target bonus + full acceleration) provides retention but modest cash multiples, balancing stability and shareholder interests; base severance without CoC is more limited (6 months historically) .
- Option incentives: 2023–2024 options were out-of-the-money at year-end 2024, increasing sensitivity to long-term value creation versus near-term cash outcomes; RSUs provide retention and less volatility but can dilute if growth lags .
- Execution risk: Prior inventory-related restatement and material weakness remediation completed; clawback in place; oversight strengthened — watch continued gross margin and cash usage execution against targets .
Note: All data above reflects disclosures in Quanterix’s 2025 proxy statement and related tables. Where vesting math is shown, it is derived from disclosed counts and schedules.
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