Nikolas Kerr
About Nikolas Kerr
Nikolas “Nick” Kerr is SI-BONE’s incoming Chief Commercial Officer, appointed to succeed Tony Recupero effective February 16, 2026; he currently serves as Senior Vice President of Product, Marketing and Business Development and joined SI-BONE in 2016 with over 25 years of medical device experience . His tenure has focused on innovation strategy, market expansion, and commercial evolution, aligning with SI-BONE’s accelerating growth: 2024 revenue rose ~20% year-over-year to $167.2M and the company exited 2024 with positive adjusted EBITDA in Q4; in Q2 2025 revenue was $48.6M with positive adjusted EBITDA of $1.0M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SI-BONE, Inc. | SVP, Product, Marketing & Business Development | 2016–present | Driving innovation strategy, market expansion, and commercial evolution |
| SI-BONE, Inc. | Chief Commercial Officer (designate) | Announced Aug 4, 2025; effective Feb 16, 2026 | Planned succession to ensure seamless transition of commercial leadership |
Fixed Compensation
- SI-BONE’s executive pay mix comprises base salary, annual cash incentive (performance-based), and long-term equity (RSUs/PSUs); detailed amounts for Mr. Kerr are not disclosed in the 2024–2025 proxies .
- Stock ownership guidelines: CEO 3× salary; other executive officers (including CCO) 1× salary, with five years to achieve; unvested RSUs/PSUs do not count .
Performance Compensation
Annual Bonus Plan (2024) – Design
| Metric | Weight | Threshold | Target | Upper/Max |
|---|---|---|---|---|
| Revenue growth | 40% | 18% | 22% | 25% / 30% (Max for revenue) |
| Adjusted EBITDA | 25% | ($10M) | ($7.5M) | ($5M) |
| Product 1 FIP | 10% | Jun | May | Apr |
| Product 2 FIP | 10% | Jun | May | Apr |
| Product 3 FIP | 5% | Dec | Nov | Oct |
| Retention rate | 5% | Flat | Up 1% | Up 2% |
| Engagement score | 5% | Flat | Up 2% | Up 4% |
Annual Bonus Plan (2024) – Actual Results
| Metric | Weight | Actual | Payout % | Bonus Contribution |
|---|---|---|---|---|
| Revenue growth | 40% | 20.4% | 92% | 36.7% |
| Adjusted EBITDA | 25% | ($5.1M) | 124% | 31.1% |
| Product 1 FIP | 10% | Apr | 125% | 12.5% |
| Product 2 FIP | 10% | Apr | 125% | 12.5% |
| Product 3 FIP | 5% | Sept | 125% | 6.3% |
| Retention rate | 5% | 92% | 125% | 6.3% |
| Engagement score | 5% | 72% | 80% | 4.0% |
| Total payout | 100% | — | 109.4% | 109.4% |
Long-Term Equity Program
| Feature | Details |
|---|---|
| RSUs | Time-based, vest quarterly over 4 years, retention-aligned |
| PSUs (Relative TSR) | Earned over 1-, 2-, 3-year tranches vs industry peers; max 200% at ≥+50 points vs median; no payout at ≤–50 points |
| Interim payout rules | Year 1 tranche capped at target; Year 2 tranche up to 200% of target; Year 3 settles remaining up to 200% less prior tranches |
| 2024 PSU Year-1 outcome | Underperformed vs median; payout 47% of target for FY24 Tranche 1 |
Equity Ownership & Alignment
| Policy/Item | Disclosure |
|---|---|
| Beneficial ownership (Mr. Kerr) | Not disclosed in 2024–2025 proxy ownership tables |
| Stock ownership guidelines (execs) | CEO 3× salary; other executive officers 1× salary; 5-year compliance window |
| Hedging/pledging | Prohibited for all directors, officers, employees |
| Clawback policy | Recovery of excess incentive comp upon restatement under Exchange Act 10D/Nasdaq rules |
Employment Terms
| Provision | Executives (Non-CEO) | CEO |
|---|---|---|
| Severance (no change in control) | 12 months base salary; 12 months COBRA (with release) | |
| Change-in-control severance (double trigger) | 12 months base salary; 1× target bonus; 12 months COBRA; full equity acceleration; option exercise window potentially extended to 2 years | |
| CEO change-in-control severance | 18 months base salary; 1.5× target bonus; 18 months COBRA; full equity acceleration; option exercise window potentially extended to 2 years | |
| Illustrative CIC economics (as of 12/31/2024) | CFO: $3.21M total; President, Commercial Ops: $3.21M total | |
| Non-compete/non-solicit | Not specifically disclosed in Severance Plan; executives sign proprietary information & inventions agreement |
Performance & Track Record (Company context during Kerr’s tenure)
| Metric | 2023 | 2024 | Q2 2025 |
|---|---|---|---|
| Revenue ($USD Millions) | ~$138.9 | ~$167.2 | $48.6 (quarter) |
| EBITDA/Adjusted EBITDA commentary | ~48% improvement in Adjusted EBITDA loss (2023) | ~71% improvement in Adjusted EBITDA loss; positive Adjusted EBITDA in Q4 2024 | Positive Adjusted EBITDA $1.0M (quarter) |
| Cash & equivalents ($M) | ~$166 (year-end 2023) | ~$150 (year-end 2024) | $145.5 (quarter-end) |
| TTM revenue per territory ($M) | — | — | $2.1 |
Leadership update and succession: Tony Recupero will retire effective Feb 15, 2026 and transition to a 12-month advisory role; Mr. Kerr is appointed to succeed as CCO effective Feb 16, 2026, with succession planning highlighted for continuity .
Compensation Committee, Peer Group & Say-on-Pay
- Compensation Committee: Independent directors (Chair: Timothy E. Davis); retains Compensia as independent consultant; oversees exec pay, equity plans, severance/change-in-control protections .
- Peer group: Medical device/equipment peers with revenue 0.4–2.5× and market cap 0.25–4× SI-BONE; updated annually (e.g., 2024 added Glaukos, Nevro, Orthofix, Paragon 28, PROCEPT, RxSight, STAAR Surgical) .
- Say-on-Pay approvals: 92% (June 2023) with active investor engagement; 98.3% (June 2024) reflecting alignment of pay-for-performance .
Risk Indicators & Red Flags
- Clawback policy compliant with Exchange Act 10D/Nasdaq; enhances pay integrity .
- Hedging/pledging prohibited; reduces misalignment risk .
- Governance: No excise tax gross-ups; no single-trigger equity acceleration; ownership guidelines in place .
Investment Implications
- Alignment: Kerr’s leadership focus on innovation and commercial expansion aligns with SI-BONE’s performance-based bonus mix (revenue, adjusted EBITDA, product milestones, people metrics) and relative TSR PSU framework—favorable for pay-for-performance discipline .
- Retention/trading signals: As a senior executive, RSU quarterly vesting and PSU tranches can create mechanical Form 4 activity (net share settlement) but hedging/pledging prohibitions and clawback mitigate governance risk; specific Kerr grants/ownership are not disclosed, limiting near-term insider-selling analytics .
- Succession: Clearly staged transition to CCO in early 2026 with advisory coverage supports continuity and commercial execution—reduces transition risk during key reimbursement/product catalysts highlighted in 2025 .