Anshul Maheshwari
About Anshul Maheshwari
Anshul Maheshwari, age 45, has served as SI‑BONE’s Chief Financial Officer since April 2021 and also oversees the company’s supply chain and operations organization; he holds a BCom from H.R. College of Commerce and an MBA from Boston College’s Carroll Graduate School of Management . Company performance during 2024 included worldwide revenue of $167.2M (+~20% YoY), ~71% improvement in Adjusted EBITDA loss, and positive Adjusted EBITDA in Q4, supporting pay‑for‑performance alignment and operational execution under the leadership team that includes the CFO . Over the five years ended 2024, cumulative TSR for SI‑BONE measured from a $100 base at 12/31/2019 was $65.21, while the peer index stood at $140.47, framing external market context for equity outcomes in the PSU program .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Varian Medical Systems | VP Finance, Head of IR & Treasurer | Jun 2018–Apr 2021 | Led finance transformation and infrastructure for global cancer platform |
| Bechtel Corporation | Manager of Investments; Assistant Treasurer | Apr 2013–Jun 2018 | Ran centralized banking, capital markets, investments, cash, and FX operations |
| Bank of America Merrill Lynch | Corporate & Investment Banking roles | Nov 2004–Mar 2013 | Developed capital markets and banking expertise relevant to CFO role |
External Roles
No public company directorships or committee roles disclosed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 426,000 | 439,000 | 457,000; increased to $477,565 in Sep 2024 (+4.5% for expanded responsibilities) |
Performance Compensation
| Metric | Weight | Target | Actual | Payout to Plan | Notes |
|---|---|---|---|---|---|
| Revenue growth | 40% | 22% | 20.4% | 92% | Linear scale; max 150% at 30% revenue growth |
| Adjusted EBITDA | 25% | ($7.5M) | ($5.1M) | 124% | Excludes interest, D&A, SBC |
| Product 1 FIP | 10% | May | Apr | 125% | First‑in‑patient milestone |
| Product 2 FIP | 10% | May | Apr | 125% | First‑in‑patient milestone |
| Product 3 FIP | 5% | Nov | Sep | 125% | First‑in‑patient milestone |
| Retention Rate | 5% | Up 1% | 92% | 125% | People & culture metric |
| Engagement Score | 5% | Up 2% | 72% | 80% | People & culture metric |
| Total Bonus Achievement | — | — | — | 109.4% | Corporate outcome applied to NEOs |
| Bonus Structure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Target Bonus (% of Salary) | Not disclosed | 50% (prior policy) | 55% of salary (increased for CFO in 2024) |
| Target Bonus ($) | — | — | 255,292 (based on $464,167 actual 2024 salary) |
| Actual Bonus Paid ($) | 188,249 | 266,693 | 279,289 (109.4% of target) |
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Shares owned directly/indirectly (#) | 86,495 |
| Right to acquire within 60 days (#) | 16,257 |
| Total beneficial ownership (#) | 102,752 |
| % of shares outstanding | ~0.24% (102,752 / 42,479,600) |
| Vested vs. unvested in 2024 | 54,975 shares vested; $910,611 value realized on vesting |
| Options – exercisable/unexercisable | None outstanding; no option exercises in 2024 |
| Unvested RSUs (#) and market value ($) at 12/31/2024 | 41,443 RSUs; $581,031 (assumes $14.02 price) |
| Unearned PSUs (#) and payout value ($) at 12/31/2024 | 34,004 PSUs max; $476,736 (target = 17,002) |
| Stock ownership guidelines | Execs must hold ≥ value of 1x annual salary; 5 years to comply |
| Compliance status | CEO, other NEOs and directors met or are on track to meet requirements as of FY2024 |
| Hedging/pledging | Prohibited for all directors, officers, employees |
Equity Awards, Vesting, and Performance Conditions
- 2024 equity awards: 75% RSUs and 25% PSUs for CFO; 54,026 RSUs (51,007 in Jan; 3,019 in Sep) and 17,002 target PSUs granted .
- RSU vesting: 6.25% quarterly beginning Jan 1, 2024; the 3,019 RSUs granted in Sep 2024 vested 100% on Jan 1, 2025 .
- PSU design (relative TSR): earned vs S&P Healthcare Equipment Select Index constituents and peer set, with 1-, 2-, and 3‑year performance tranches; payout scale 0–200% of target based on performance ±50 points vs median .
- FY24 PSU Tranche 1 result: underperformed median (−28 points), paying 47% of target for that tranche .
Employment Terms
| Provision | CFO Terms |
|---|---|
| At‑will employment; offer letter baseline | At‑will; prior offer letter terms superseded by Severance Benefit Plan |
| Severance (no change in control) | 12 months base salary + 12 months COBRA; CFO example total $505,245 (base $477,565 + $27,680 COBRA) using 12/31/2024 price/context |
| Change‑in‑control (double trigger) | 12 months base salary + 1x target bonus + 12 months COBRA + full acceleration of all equity awards + option exercise window extension (no CFO options outstanding) |
| CFO CIC illustrative values | Base $477,565; Bonus $262,660; Equity acceleration $2,446,602; COBRA $27,680; Total $3,214,507 (12/31/2024 basis) |
| Clawback policy | Mandatory recoupment of excess incentive comp upon material accounting restatement; applies to current/former executives; adopted in 2023 |
| Ownership/insider trading | Corporate Governance Guidelines and Insider Trading Policy prohibit hedging/pledging/margin transactions |
Multi‑Year Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 426,000 | 439,000 | 464,167 (pre‑Sep increase) |
| Stock Awards (grant date fair value, $) | 1,516,636 | 1,154,988 | 1,726,897 |
| Non‑Equity Incentive ($) | 188,249 | 266,693 | 279,289 |
| Total ($) | 2,130,885 | 1,860,681 | 2,470,353 |
Performance & Track Record
- Company operational highlights in 2024: $167.2M revenue (+~20% YoY), ~29% improvement in net loss, ~71% improvement in Adjusted EBITDA loss, Q4 positive Adjusted EBITDA; product launches (iFuse INTRA, Bedrock Granite 9.5, TORQ TNT) and Granite outpatient transitional pass‑through status effective Jan 1, 2025 .
- Say‑on‑pay approval: 98.3% support at June 2024 annual meeting, indicating shareholder endorsement of pay‑for‑performance design .
- Pay versus performance context: cumulative TSR $65.21 vs peer group $140.47 over 2019–2024; revenue growth 20% in 2024; net loss $(30.9)M, consistent with program emphasis on revenue growth, Adjusted EBITDA, TSR, and product/people metrics .
Compensation Structure Analysis
- Shift in variable pay: 2024 increased CFO target bonus from 50% to 55% of salary and maintained a predominance of RSUs (75%) with PSUs (25%), balancing retention and market‑relative performance exposure .
- Performance metrics calibrated to operating plan: revenue growth, Adjusted EBITDA, product FIP milestones, and people metrics produced a 109.4% payout, with CFO actual bonus $279,289 .
- PSU program emphasizes market‑relative TSR with interim payouts to reinforce multi‑year alignment; FY24 tranche result at 47% underscores sensitivity to share performance relative to peers .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; no tax gross‑ups; double‑trigger CIC protection (no single‑trigger equity acceleration); clawback policy in place to recoup incentive comp after restatements .
- Related party transactions: section present in proxy; no CFO‑specific related‑party transactions disclosed in the provided excerpts .
Equity Ownership & Alignment Details
| Detail | CFO |
|---|---|
| Ownership guideline | ≥1x base salary in stock value; 5 years to comply |
| Compliance | NEOs met or are on track as of FY2024 |
| Alignment observations | Modest beneficial stake (~0.24%) with meaningful unvested RSUs/PSUs; vesting cadence (quarterly RSUs; multi‑year PSUs) supports retention and alignment with TSR/performance |
Investment Implications
- Compensation alignment: CFO pay mix ties cash to revenue/Adjusted EBITDA and equity to TSR; 2024 outcomes (109.4% bonus; PSU underperformance at 47% for FY24 tranche) show incentives responding to operational strength and market‑relative stock performance .
- Retention and potential selling supply: Quarterly RSU vesting (and a 100% vest for a small Sep 2024 grant in Jan 2025) suggests regular vesting flow; however, no hedging/pledging and ownership guidelines reduce misalignment risk; no 2024 option exercises by CFO and no options outstanding .
- Change‑in‑control economics: Double‑trigger protection with full equity acceleration and 12 months salary + target bonus create retention through transaction closure but manageable shareholder cost vs market norms; clawback and no excise tax gross‑ups improve governance profile .
- Execution risk: Company delivered strong revenue growth and Adjusted EBITDA improvement, but TSR lagged peers in FY2024 PSU tranche, keeping leverage on longer‑term performance; continued focus on Adjusted EBITDA weighting and financial metric‑based PSUs in 2025 indicates tightening pay‑for‑performance .