Laura Francis
About Laura Francis
Laura A. Francis is Chief Executive Officer of SI-BONE and a director since April 2021; she previously served as COO (2019–2021) and CFO (2015–2021), and is a CPA (inactive) with a B.B.A. from the University of Wisconsin and an MBA from Stanford . Age 58, she leads a pay-for-performance program anchored in revenue growth and adjusted EBITDA, with 2024 company results of $167.2 million revenue (+~20% YoY), ~71% improvement in adjusted EBITDA loss, Q4 positive adjusted EBITDA, and ~$150 million cash and equivalents . Relative TSR PSUs use peer-based tranches with recent payouts of 146% (FY22 tranche 3), 139% (FY23 tranche 2), and 47% (FY24 tranche 1), evidencing market-outperformance in longer lookbacks but underperformance in the first year of the 2024 PSU cycle . Francis serves on the board but is not independent given her CEO role; SI-BONE separates Chair and CEO with Jeffrey Dunn as Chair and Timothy Davis as Lead Independent Director, mitigating dual-role concerns .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SI-BONE, Inc. | CEO; Director | Apr 2021–Present | Led growth, product launches, and positive Q4 adjusted EBITDA |
| SI-BONE, Inc. | Chief Operating Officer | Jul 2019–Apr 2021 | Scaled operations and commercialization |
| SI-BONE, Inc. | Chief Financial Officer | May 2015–Apr 2021 | Built finance infrastructure and supported IPO-stage maturity |
| Auxogyn, Inc. | Chief Financial Officer | Dec 2012–Sep 2014 | Women’s health finance leadership |
| Promega Corporation | VP Finance, CFO & Treasurer | Sep 2004–Dec 2012 | Life science reagents financial leadership |
| Bruker BioSciences Corporation | Chief Financial Officer | Mar 2002–Sep 2004 | Public life science instrumentation CFO |
| Nutra-Park Inc. | COO & CFO | May 2001–Mar 2002 | Ag biotech operations and finance |
| Hypercosm, Inc. | Chief Financial Officer | Apr 1999–May 2001 | Software finance leadership |
| McKinsey & Company | Engagement Manager | Oct 1995–Apr 1999 | Strategy consulting |
| Coopers & Lybrand | Audit Manager | Early career | Audit and accounting foundation |
External Roles
No external public-company directorships disclosed for Francis in the proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 604,000 | 622,120 | 652,000 |
| Target Bonus (%) | — | — | 90% |
| Target Bonus ($) | — | — | 586,800 |
| Actual Bonus Paid ($) | 504,159 | 642,494 | 641,959 |
| YoY Base Salary Change (%) | — | +3.0% approx vs 2022 | +4.8% approx vs 2023 |
Notes:
- 2024 target bonus increased to 90% to sharpen alignment to revenue and adjusted EBITDA targets .
- 2024 bonus paid at 109.4% of target based on scorecard outcomes .
Performance Compensation
2024 Annual Cash Bonus Scorecard
| Metric | Weight | Target | Actual | Payout % | Contribution % |
|---|---|---|---|---|---|
| Revenue Growth | 40% | 22% | 20.4% | 92% | 36.7% |
| Adjusted EBITDA | 25% | ($7.5M) | ($5.1M) | 124% | 31.1% |
| Product 1 FIP | 10% | May | April | 125% | 12.5% |
| Product 2 FIP | 10% | May | April | 125% | 12.5% |
| Product 3 FIP | 5% | Nov | Sept | 125% | 6.3% |
| Retention Rate | 5% | Up 1% | 92% | 125% | 6.3% |
| Engagement Score | 5% | Up 2% | 72% | 80% | 4.0% |
| Total | 100% | — | — | — | 109.4% payout |
2024 Equity Grants
| Award Type | Grant Date | Shares/Target | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|
| RSU | 1/4/2024 | 100,653 | 6.25% quarterly over 4 years beginning 1/1/2024 | 2,072,445 |
| PSU (Relative TSR) | 1/4/2024 | Target 100,653; Max 201,306 | 3 tranches over 1-, 2-, 3-year periods; up to 200% based on peer-relative TSR | 3,721,000 |
Recent PSU Payouts (Selected)
| PSU Tranche | SI-BONE TSR vs Median | Payout (% of Target) |
|---|---|---|
| FY24 Tranche 1 | -28 points | 47% |
| FY23 Tranche 2 | +33 points | 139% |
| FY22 Tranche 3 | +33 points | 146% |
Compensation consultant Compensia advised on program design, peer benchmarking, and risk assessment; independence assessed with no conflicts . 2024 shareholder engagement drove higher weight on adjusted EBITDA and introduction of financial metric-based PSUs in 2025 .
Equity Ownership & Alignment
Beneficial Ownership (as of March 31, 2025)
| Holder | Shares Owned (#) | Right to Acquire Within 60 Days (#) | Total Beneficial Ownership (#) | Ownership (%) |
|---|---|---|---|---|
| Laura A. Francis | 405,236 (incl. trust holdings) | 29,946 | 435,182 | 1% |
Outstanding Equity Awards (as of Dec 31, 2024)
| Grant | Unvested RSUs (#) | Market Value ($) | PSU Max Unearned (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 1/4/2024 (2018 Plan) | 81,781 | 1,146,570 (priced at $14.02) | 201,306 | 2,822,310 |
| 1/6/2023 | 39,517 | 554,028 | 117,087 | 1,641,560 |
| 1/7/2022 | 19,958 | 279,811 | 63,864 | 895,373 |
| 4/18/2021 | 4,108 | 57,594 | — | — |
| 1/5/2021 | 3,080 | 43,182 | — | — |
Options
- Vested: 5,574 at $22.00 strike; expire 1/15/2029 .
- 2024 activity: 68,669 shares acquired on option exercise; value realized $568,640; RSU/PSU vesting delivered 119,331 shares; value realized $2,099,440 .
Alignment Policies
- Ownership guidelines: CEO must hold ≥3x annual salary; 5-year compliance window; CEO satisfied or on track as of FY2024 end .
- Hedging/pledging: Prohibited for all insiders (short sales, options, hedging transactions, margin accounts, pledges) .
- Clawback: Mandatory recoupment of excess incentive compensation upon restatement under SEC/Nasdaq rules .
Employment Terms
| Provision | Terms |
|---|---|
| Employment arrangement | At-will; offer letter; Severance Plan supersedes prior severance terms |
| Severance (non-CIC) | 12 months base salary; 12 months COBRA |
| Change-in-control (double trigger) | CEO: 18 months base salary; 1.5x target bonus; 18 months COBRA; full equity acceleration; extended option exercise window to 2 years; others: 12 months salary; 1x target bonus; 12 months COBRA; full acceleration |
| Estimated CIC payouts (12/31/2024 pricing) | CEO total $9,334,268 (includes $978,000 salary; $880,200 bonus; $7,440,428 equity; $35,640 benefits) |
| Tax gross-ups | None for excise tax upon change of control |
Board Governance
- Director since 2021; Class I nominee; age 58; not independent due to CEO role .
- No committee service; SI-BONE maintains separate Chair (Jeffrey Dunn) and Lead Independent Director (Timothy Davis) structures to balance oversight and CEO authority .
- Board met 4 times in 2024; all members attended ≥75% of meetings; reinforces governance cadence and oversight .
Director Compensation (context)
- Non-employee director compensation policy does not apply to Francis; cash retainers and RSUs apply only to independent directors . Policy details provided for board-wide context .
Compensation Peer Group (2024)
Peer set used for benchmarking executive pay: Alphatec Holdings, AxoGen, Cerus, Cutera, Glaukos, LeMaitre Vascular, Nevro, Orthofix Medical, OrthoPediatrics, Paragon 28, PROCEPT BioRobotics, RxSight, Sight Sciences, Silk Road Medical, STAAR Surgical Company, Treace Medical Concepts, Pulmonx, Zynex .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: ~98.3% support, indicating strong investor alignment with pay design .
- Engagement: reached holders of 73% of outstanding shares; discussed with holders of 52%; increased Adjusted EBITDA weighting; adding financial metrics to PSUs in 2025; disciplined equity burn rate .
Compensation Structure Analysis
- Mix shifts: 2024 stock awards for CEO rose to $5.79M (from $2.45M in 2023), reflecting larger PSU/RSU grants; base salary increased 5% to $652,000 .
- Options largely legacy; company does not grant options or option-like instruments currently; emphasis on RSUs and PSUs .
- Bonus outcomes tied to tangible operating metrics with linear payout scales; 2024 payout at 109.4% driven by EBITDA outperformance and product milestone acceleration despite revenue growth slightly below target .
Equity Ownership & Pledging Risk
- CEO beneficial ownership is ~1% of outstanding shares, with meaningful unvested RSUs and PSUs reinforcing retention; pledging prohibited, reducing alignment risk .
Performance & Track Record
- 2024 achievements include product launches (iFuse INTRA, Bedrock Granite 9.5, TORQ TNT), pass-through payment status for Granite, third Breakthrough Device Designation, and over 115,000 cumulative procedures performed .
- Financial trajectory: revenue +~20% YoY; adjusted EBITDA loss improved ~71%; Q4 adjusted EBITDA positive .
Risk Indicators & Red Flags
- Clawback policy in place; hedging/pledging prohibited; no excise tax gross-ups; no single-trigger acceleration noted, mitigating governance risk .
- Related party transactions section present in proxy; no specific red flags for Francis disclosed in cited portions .
Investment Implications
- Strong pay-for-performance design anchored in revenue growth, adjusted EBITDA, and relative TSR should continue to drive alignment; high say-on-pay support reduces governance overhang .
- Retention appears well-supported via substantial unvested RSUs/PSUs and double-trigger CIC protections; monitor vesting cadence and any Form 4 selling tied to 2024 RSU/PSU deliveries and option exercises to assess near-term selling pressure .
- Dual-role risk mitigated by independent chair and committee structure; independence of compensation governance and use of Compensia lowers pay inflation/conflict risk .
- Execution risk is centered on sustaining revenue growth and adjusted EBITDA improvements; 2025 introduction of financial metric-based PSUs further tightens linkage to profitability milestones .