Dustin Libby
About Dustin Libby
Dustin Libby is Executive Vice President of Commercial Operations at SANUWAVE Health, Inc., appointed June 3, 2025, with 20 years of medical device experience scaling commercial operations; his background includes leadership at Abiomed where he helped grow a surgical business from ~$15 million to over $500 million in revenue. He holds a B.S. in Product Design & Development from Keene State College . During his tenure period, SNWV delivered Q3 2025 revenue of $11.451 million (+22% YoY) and nine‑month 2025 revenue of $30.957 million (+39% YoY), and reported Q3 2025 adjusted EBITDA of $3.462 million versus $2.109 million in Q3 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abiomed | Director of Commercial Operations | Not disclosed | Helped scale surgical business from ~$15M to >$500M revenue |
| Smith & Nephew | Leadership roles (sales enablement, operational strategy) | Not disclosed | Directed sales enablement, operational strategy, product launches |
| Arthrex | Leadership roles | Not disclosed | Led operational strategy/KOL development/product launches |
| Hill-ROM | Leadership roles | Not disclosed | Directed sales enablement and launch execution across therapeutic areas |
External Roles
None disclosed in company filings or press releases .
Fixed Compensation
| Component | 2025 Value/Term |
|---|---|
| Base salary | Not disclosed |
| Target bonus % | Not disclosed |
| Actual bonus paid | Not disclosed |
| Perquisites | Not disclosed |
Notes:
- SNWV’s 2025 proxy NEOs do not include Dustin Libby (NEOs: CEO Morgan Frank, President Andrew Walko, former CCO Nanci Gilmore), indicating his compensation details were not required to be itemized in the DEF 14A .
Performance Compensation
Company framework for 2025 performance-/market-based option awards under the 2024 Equity Incentive Plan (representative; not Dustin‑specific):
| Metric/Condition | Weighting | Target Definition | Status as of Sep 30, 2025 | Shares Eligible to Vest | Vesting/Term |
|---|---|---|---|---|---|
| NASDAQ listing | Not disclosed | Achieve NASDAQ listing | Achieved in Q1 2025 (recognized in Q3) | 10,000 | Vests upon achievement; typical market/performance awards expire in 5 years |
| Debt refinancing/repayment | Not disclosed | Refinance or repay specified debt | Achieved in Q3 2025 | 10,000 | Vests upon achievement; 5‑year expiry typical |
| Revenue recognized threshold | Not disclosed | Specific revenue level (threshold not disclosed) | Not probable as of Q3 2025 | 12,750 | Vests upon achievement; 5‑year expiry typical |
| Adjusted EBITDA target | Not disclosed | Specific adjusted EBITDA level (threshold not disclosed) | Not probable as of Q3 2025 | 12,750 | Vests upon achievement; 5‑year expiry typical |
| Operational milestones | Not disclosed | Various ops milestones | Half achieved in Q3 2025 | 10,000 | Vests upon achievement; 5‑year expiry typical |
| Stock price target | Not disclosed | Defined stock price target | Not met as of Q3 2025; expense amortized over service period | 10,000 | Vests upon attainment; 5‑year expiry typical |
Notes:
- The 2024 Plan supports service-, performance-, and market‑based options; performance awards generally expire after 5 years and market awards vest upon stock price targets; expense recognition follows GAAP (Monte Carlo for market awards) .
- No Dustin‑specific equity grant terms were filed.
Equity Ownership & Alignment
- Beneficial ownership: Dustin Libby is not listed among directors/NEOs or >5% holders in the July 8, 2025 record‑date ownership table; no Dustin‑specific ownership was disclosed .
- Pledging/hedging: SNWV’s insider trading policy prohibits directors and executive officers (and designees) from pledging, short sales, and hedging transactions in company securities, strengthening alignment and reducing forced‑sale risk .
- Stock ownership guidelines: The company cites executive stock ownership guidelines to align interests, but specific multiples/requirements were not disclosed in filings .
Employment Terms
| Term | Details |
|---|---|
| Role | Executive Vice President, Commercial Operations |
| Start date | June 3, 2025 |
| Employment agreement | Not filed/disclosed (no offer letter listed among 2025 10‑Q exhibits) |
| Non‑compete/Non‑solicit | Not disclosed for Dustin; company maintains confidentiality and insider trading policies for executives |
| Severance | Not disclosed for Dustin (company severance examples exist for other executives) |
| Equity plan change‑in‑control | Under the 2024 Plan: if awards are not continued/assumed/substituted in a corporate transaction that is a change‑in‑control, unvested awards fully vest; performance‑based awards vest at 100% of target, pro‑rated for elapsed performance period. If awards are continued/assumed/substituted and service termination without cause occurs within 12 months post‑transaction, awards become fully vested; performance‑based awards vest based on actual achievement, pro‑rated for elapsed period . |
| Plan repricing | Repricing of options/SARs requires stockholder approval . |
Performance & Track Record
Company results spanning Dustin’s tenure period:
| Metric | Q3 2024 (oldest) | Q3 2025 (newest) |
|---|---|---|
| Revenue ($USD thousands) | $9,360 | $11,451 |
| Gross Margin ($USD thousands) | $7,067 | $8,925 |
| Operating Income ($USD thousands) | $1,953 | $1,467 |
| Net Income (Loss) ($USD thousands) | $(20,657) | $10,325 |
| Adjusted EBITDA ($USD thousands) | $2,109 | $3,462 |
| Metric | 9M 2024 (oldest) | 9M 2025 (newest) |
|---|---|---|
| Revenue ($USD thousands) | $22,308 | $30,957 |
| Gross Margin ($USD thousands) | $16,509 | $24,267 |
| Operating Income ($USD thousands) | $2,895 | $4,330 |
| Net Income (Loss) ($USD thousands) | $(18,624) | $5,704 |
| Adjusted EBITDA ($USD thousands) | $(6,884) | $12,054 |
Qualitative drivers:
- Q3 2025 revenue +22% YoY was driven by higher UltraMIST disposables (+23% units) and systems (+25% units), with disposables ASP +3% and systems ASP −4% .
- 9M 2025 revenue +39% was driven by UltraMIST disposables (+28% units) and systems (+54% units), with disposables ASP +6% and systems ASP +1% .
Investment Implications
- Alignment: Prohibition on pledging/hedging by executive officers (including EVP roles) reduces forced‑sale risk and hedging misalignment; company emphasizes executive stock ownership guidelines to align interests, albeit specific guidelines are not disclosed .
- Pay‑for‑performance levers: The 2024 Plan embeds performance metrics (revenue, adjusted EBITDA, capital/market milestones), suggesting potential linkage of executive equity upside to operational outcomes and market milestones; market‑based awards vest on stock price targets with disciplined accounting .
- Change‑of‑control economics: Equity acceleration and pro‑rated target vesting in a corporate transaction or within 12 months of post‑transaction termination could create retention incentives but also event‑driven value capture; the plan prohibits repricing without shareholder approval (mitigating dilution risk) .
- Transparency gap: No filed offer letter or proxy‑level disclosure for Dustin’s cash compensation/award specifics reduces visibility into his fixed vs. at‑risk pay mix and severance terms; NEO disclosures and 10‑Q exhibits omit Dustin‑specific compensation agreements .