Kristie Burns
TACTILE SYSTEMS TECHNOLOGYAbout Kristie Burns
Kristie T. Burns, age 53, is Senior Vice President, Marketing & Clinical Affairs at Tactile Systems Technology (TCMD), serving since March 2021; prior roles include Chief Marketing Officer at Cala Health (2017–2021) and Vice President, Solutions Marketing at ResMed Americas (2003–2016) where she led commercial introductions and cross-functional integrations following market reorganization . During her tenure, TCMD’s revenue grew from $208.1M (2021) to $292.984M (2024) and reported 2024 Adjusted EBITDA margin of 12.7%; company TSR (value of $100 investment since 12/31/2019) was $25.37 at year-end 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Tactile Systems Technology | SVP, Marketing & Clinical Affairs | 2021–present | Leads marketing and clinical affairs; supports commercial execution in at-home chronic condition treatments |
| Cala Health | Chief Marketing Officer | 2017–2021 | Organized commercial functions; managed U.S. commercial launch of lead neuromodulation product |
| ResMed Inc. | VP, Solutions Marketing, ResMed Americas (and prior roles) | 2003–2016 | Led collaboration across teams post significant market reorganization; ran marketing and legal due diligence teams |
| Cardiology consulting practice (acquired by GE Medical Systems) | Consulting & Business Development | 1994–1999 | Progressive roles in consulting and BD prior to acquisition |
External Roles
No public company board roles or external directorships for Ms. Burns are disclosed in SEC filings .
Fixed Compensation
Multi-year compensation (as reported in DEF 14A):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 362,000 | 376,000 | 387,000 |
| Stock Awards ($) | 499,987 | 399,978 | 449,990 |
| Non-Equity Incentive (MIP) ($) | 170,719 | 204,920 | 158,670 |
| All Other Compensation ($) | 6,100 | 6,100 | 13,800 |
| Total ($) | 1,038,806 | 986,998 | 1,009,460 |
2024 MIP target bonus: 50% of base salary; weighting 65% Revenue, 35% Adjusted EBITDA; actual payout 82.0% of target; Kristie’s 2024 MIP paid $158,670 (target $193,500 × 82.0%) .
Performance Compensation
Annual Cash Incentive (MIP) – FY 2024
| Metric | Weight | Threshold | Target | Max | Actual | Payout vs Target | Vesting |
|---|---|---|---|---|---|---|---|
| Revenue ($M) | 65% | 283.0 | 310.0 | 337.0 | 293.0 | 68.5% | Lump sum, paid by Mar 15, 2025 |
| Adjusted EBITDA ($M) | 35% | 31.1 | 36.4 | 41.7 | 37.1 | 106.7% | Lump sum, paid by Mar 15, 2025 |
| Weighted Total | — | — | — | — | — | 82.0% | — |
Notes: Committee applied linear interpolation; pro rata reduction safeguard if aggregate MIP would drive EBITDA below $31.1M . Kristie’s target bonus 50% of salary; actual payout $158,670 .
Equity PSUs – 2024 Grant (Performance Year 2024)
| Metric | Weight | Threshold | Target | Max | 2024 Actual | Payout vs Target | Kristie Target PSUs (2024 year) | Kristie Earned PSUs (2024 year) |
|---|---|---|---|---|---|---|---|---|
| Revenue Change YoY | 65% | 103.0% | 113.0% | 123.0% | 106.8% | 52.8% | 4,322 | 4,131 |
| 2024 Adjusted EBITDA Margin | 35% | 11.0% | 11.7% | 12.4% | 12.7% | 175.0% | — | — |
| Weighted Total | — | — | — | — | — | 95.6% | — | — |
| Vesting: Earned tranche vests when Committee certifies 2025 performance year results (multi-year vesting structure) . |
Equity PSUs – 2023 Grant (Performance Year 2024)
| Metric | Weight | Threshold | Target | Max | 2024 Actual | Payout vs Target | Kristie Target PSUs (2024 year) | Kristie Earned PSUs (2024 year) |
|---|---|---|---|---|---|---|---|---|
| Revenue Change YoY | 65% | 103.75% | 115% | 126.25% | 106.8% | 45.1% | 3,716 | 3,359 |
| Adjusted EBITDA Margin Change | 35% | 102.5% | 110% | 117.5% | 117.6% | 175.0% | — | — |
| Weighted Total | — | — | — | — | — | 90.4% | — | — |
| Vesting: Earned 2023 PSUs for 2024 performance vested Feb 20, 2025 . |
2024 Annual Equity Grants
| Award Type | Grant Date | Number of Units | Vesting |
|---|---|---|---|
| RSUs (Annual grant) | Feb 21, 2024 | 19,452 | One-third annually over 3 years |
| PSUs (Target) | Feb 21, 2024 | 12,968 | Earned each of 2024/2025/2026; vest per certification schedule |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (shares) | 43,380 shares (includes 5,094 options exercisable within 60 days) |
| % of Shares Outstanding | ~0.18% (43,380 / 23,665,798) |
| Options – Exercisable | 5,094 at $54.10, expiring 5/5/2028 |
| RSUs – Unvested (as of 12/31/2024) | 5,395 (vested 2/24/2025) ; 11,150 (50% vests 2/22/2025, 50% vests 2/22/2026) ; 19,452 (1/3 vests on each anniversary of 2/21/2024) |
| PSUs – Earned but Unvested | 2,776 (2023 PSUs earned for 2023 year; vested 2/20/2025) ; 5,991 (67% of 2022 PSUs earned on 2023 performance; vested 2/24/2025) |
| PSUs – 2024 Earned Tranche | 4,131 (2024 PSUs earned for 2024 year; vest at 2025 certification) |
| PSUs – Target (Future Years) | 3,716 (2023 PSUs for 2025 performance year target) ; 8,645 (2024 PSUs target for 2025/2026 performance years) |
| Ownership Guidelines | Must own ≥1× base salary in shares; time to comply by later of Dec 9, 2026 or 5 years from becoming subject; retain 50% of net shares until compliant |
| Hedging/Pledging | Prohibited for executives and directors (no pledging, short sales, derivatives, collars, exchange funds) |
Attempted Form 4 insider trading data pull for Kristie Burns (2023–2025) failed due to authorization error; therefore recent sell/withhold activity cannot be assessed via filings at this time [Insider-trades skill 401 error].
Employment Terms
- Start date and role: Offer letter dated Feb 1, 2021; began March 22, 2021 as SVP, Marketing & Clinical Affairs; employment is at-will .
- Base salary evolution: $362,000 (2022), $376,000 (2023), $387,000 (2024) .
- Target bonus: 50% of base for 2024 under MIP (revenue/Adjusted EBITDA weighted) .
- Severance Plan (amended Oct 15, 2024): Before change-in-control (CIC): 1× base salary over 12 months and 12 months health premium subsidy; pro rata vesting of unvested equity at release effectiveness . Within 12 months post-CIC (double-trigger): 1× (base + target bonus) in lump sum, 12 months health premium subsidy; full vesting of unvested equity at target for PSUs (or earned for completed years) . For death/disability: accelerated vesting of earned PSUs for completed performance years and specified pro rata terms for in-flight years .
- Restrictive covenants: 12-month non-compete, non-solicit, confidentiality and IP assignment .
- Clawbacks: Compliant with SEC/Nasdaq Rule 10D-1 for restatement; supplemental clawback for misconduct causing significant financial/reputational harm; applies to senior vice president and above .
- No excise tax gross-ups; stock awards timing standardized; independent compensation consultant; hedging/pledging prohibited .
Compensation Structure Analysis
- Pay mix: Equity heavy with RSUs and PSUs; options largely legacy (single 2018 option shows as exercisable), and no new options since 2021, consistent with shift toward RSUs/PSUs .
- Performance alignment: 2024 cash bonus based on revenue and Adjusted EBITDA (weighted 65%/35%), paying out at 82% of target; PSUs for 2024 performance paid at ~95.6% of target, reflecting revenue growth and margin improvement .
- Ownership alignment: 1× salary ownership guideline, retention of 50% net shares until compliance; hedging/pledging prohibited—reduces misalignment risk .
- Say-on-pay: 96% approval in 2023, indicating strong shareholder support for the program .
- Peer group targeting: Compensation benchmarking generally at the 50th percentile versus 18-device peers .
Performance Compensation – Award Detail
| Award | Grant Date | Metric | Weight | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|---|
| 2024 MIP | Feb 2024 | Revenue | 65% | $310.0M | $293.0M | 68.5% | Paid Mar 2025 |
| 2024 MIP | Feb 2024 | Adjusted EBITDA | 35% | $36.4M | $37.1M | 106.7% | Paid Mar 2025 |
| 2024 PSUs (2024 year) | Feb 21, 2024 | Revenue change YoY | 65% | 113.0% | 106.8% | 52.8% | Vests at 2025 certification |
| 2024 PSUs (2024 year) | Feb 21, 2024 | 2024 EBITDA margin | 35% | 11.7% | 12.7% | 175% | Vests at 2025 certification |
Investment Implications
- Alignment: Burns’ incentives are tightly linked to revenue growth and Adjusted EBITDA/margin via both annual cash and multi-year PSUs; 2024 payouts (MIP 82%, PSUs ~95.6%) signal execution against growth and profitability targets .
- Retention and CIC risk: Standardized severance with double-trigger vesting post-CIC (1× salary+target bonus; full equity vesting at target for PSUs) mitigates forced attrition but could elevate turnover risk around corporate actions; non-compete/non-solicit for 12 months adds retention friction .
- Selling pressure: Multiple RSU/PSU vesting dates in 1H25–2026 (e.g., 2/22/2025, 2/24/2025, anniversary tranches) may drive routine sell-to-cover tax transactions; lack of pledging and hedging reduces alignment concerns, but Form 4 data could refine near-term supply analysis (data pull failed) [Insider-trades skill 401 error].
- Governance quality: Strong say-on-pay (96% in 2023), no excise tax gross-ups, defined clawbacks, and prohibition of hedging/pledging support shareholder-friendly compensation practices .