Matthew Lowell
About Matthew Lowell
Matthew Lowell has served as Alpha Teknova’s Chief Financial Officer since February 2021. He previously held senior finance roles at Varex Imaging (VP Finance & Treasurer, 2017–2021) and Varian Medical Systems (VP Finance, 2013–2016), and earlier roles in strategy/finance at Abbott Medical Optics/Advanced Medical Optics (2002–2013). He holds a BA in Economics (UNC Chapel Hill) and an MBA from Kellogg (Northwestern) . Company performance during his tenure shows revenues of $36.9–41.4M annually and negative EBITDA narrowing from -$25.7M (2022) to -$18.2M (2024), while incentive metrics have emphasized revenue and Adjusted EBITDA achievement . EBITDA values marked with * are from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Varex Imaging (NASDAQ: VREX) | VP Finance & Treasurer; led business development | 2017–2021 | Finance leadership and BD at public medtech company |
| Varian Medical Systems (NYSE: VAR) | VP Finance (FP&A and BD) | 2013–2016 | Led FP&A/BD prior to Varex spin-off |
| Abbott Medical Optics / Advanced Medical Optics | Strategy, BD, and Finance roles | 2002–2013 | Multi-disciplinary roles across strategy and finance |
| NationsBank (Investment Banking), DLJ, CSFB | Investment banking associate/analyst | Early career (years not specified) | Capital markets training and transaction exposure |
External Roles
No external directorships or committee roles were identified in company proxy disclosures reviewed .
Fixed Compensation
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Base Salary ($) | 302,408 | 416,771 | 421,500 | 421,500 |
| Target Bonus (%) | 25% (initial offer) | Not disclosed | 45% (CFO) | 45% (CFO) |
| Actual Annual Cash Bonus ($, Non-Equity Incentive) | 138,806 | 46,887 | 156,957 | 154,397 |
Notes:
- 2024 base salaries were kept unchanged from 2023 (CFO $421,500) .
- 2023/2024 target bonus for CFO set at 45% of base salary under the Cash Bonus Plan .
Performance Compensation
Annual Incentive Bonus Plan design and outcomes:
- Plan: Target bonus opportunity with scaled payouts up to 137.5% of target; for 2023 and 2024, NEO bonuses based entirely on Company performance goals .
- CFO Target: 45% of base salary .
- Eligibility: Must be employed on the last day of the plan year and payment date .
| Fiscal Year | Metric | Weighting | Target Basis | Company Achievement vs Target | Lowell Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| 2023 | Revenue | 30% | Board-approved operating plan | Not achieved | 156,957 | Cash; no vesting |
| 2023 | Free Cash Outflow | 30% | Board-approved operating plan | Achieved | 156,957 | Cash; no vesting |
| 2023 | GMP qualification (new + requalification) | 25% | Milestone-based | Achieved | 156,957 | Cash; no vesting |
| 2023 | Novel product introduction | 15% | Milestone-based | Achieved | 156,957 | Cash; no vesting |
| 2024 | Revenue | 60% | Board-approved operating plan | Contributed to 81.40% overall achievement | 154,397 | Cash; no vesting |
| 2024 | Adjusted EBITDA | 40% | Board-approved operating plan | Contributed to 81.40% overall achievement | 154,397 | Cash; no vesting |
Equity awards and vesting schedules:
- Options granted across 2021–2023 with vesting: 25% after one year, then 1/48 monthly over four years, subject to service .
- RSUs granted on February 27, 2023: 25% vests on each anniversary of grant date, subject to service .
Equity Ownership & Alignment
Beneficial ownership progression and alignment:
| As-of Date | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| April 21, 2022 | 70,611 | <1% |
| April 21, 2023 | 164,359 | <1% |
| April 26, 2024 | 304,236 | <1% |
| April 22, 2025 | 422,042 | <1% (based on 53,440,810 shares) |
Outstanding equity awards (Lowell) at fiscal year-end:
- As of Dec 31, 2023: Unvested RSUs 14,000; market value $52,220 at $3.73 share price .
- As of Dec 31, 2024: Unvested RSUs 10,500; market value $87,675 at $8.35 share price .
Option detail (as of Dec 31, 2024):
| Grant | Vesting Commencement | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | In-the-money value (exercisable) at $8.35 |
|---|---|---|---|---|---|---|
| 3/30/2021 | 2/17/2021 | 188,631 | 8,202 | 5.4412 | 2/17/2031 | ≈ $548,000 (188,631×[8.35−5.4412]) |
| 6/24/2021 | 6/24/2021 | 5,412 | 774 | 16.00 | 6/24/2031 | $0 (OTM at $8.35) |
| 2/15/2022 | 2/15/2022 | 42,500 | 17,500 | 15.09 | 2/15/2032 | $0 (OTM at $8.35) |
| 11/15/2022 | 11/15/2022 | 17,235 | 15,858 | 5.36 | 11/15/2032 | ≈ $51,500 (17,235×[8.35−5.36]) |
| 2/27/2023 | 2/27/2023 | 12,833 | 15,167 | 5.41 | 2/27/2033 | ≈ $37,700 (12,833×[8.35−5.41]) |
Policies affecting alignment and selling pressure:
- Hedging and pledging are prohibited for directors, employees, and consultants; margin accounts and speculative transactions are barred .
- Rule 10b5-1 plans are permitted for structured trading when not in possession of MNPI; plans can be amended/terminated under policy constraints .
Stock ownership guidelines: Not disclosed in proxy excerpts reviewed .
Employment Terms
- Offer Letter (Jan 22, 2021): Initial base salary $300,000; opportunity to earn up to 25% bonus; initial stock option for 196,833 shares, vesting 25% after 1 year, then monthly over 36 months .
- Severance Plan (effective at IPO): If terminated without cause or for good reason outside change-in-control window: 9 months base salary and COBRA reimbursement up to 9 months (CEO has 12 months, plus pro-rated target bonus) .
- Change-in-Control (double trigger): If terminated without cause or for good reason within 3 months prior to or 12 months after a change-in-control, severance equals 100% of base salary + 100% of target bonus, full vesting of all outstanding equity (performance awards deemed at 100% of target), and COBRA reimbursement up to 12 months (CEO at 200% multiples and 24 months COBRA) .
- Lowell Option acceleration: Fully vests immediately prior to, but contingent upon, a change-in-control if not assumed; or upon qualifying termination within 12 months post-CoC if assumed, subject to release of claims .
Perquisites and retirement:
- No perquisites subject to disclosure for 2024/2023; 401(k) with 4% match; safe harbor plan; common benefits provided .
- All Other Compensation (typical): matching and HSA contributions; e.g., 2023 CFO received $15,325 in all other comp .
Multi-Year Compensation (CFO – Matthew Lowell)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Salary ($) | 302,408 | 416,771 | 421,500 | 421,500 |
| Bonus ($) | — | — | — | — |
| Option Awards ($) | 753,438 | 403,157 | 64,193 | — |
| Stock Awards ($) | — | — | 75,740 | — |
| Non-Equity Incentive ($) | 138,806 | 46,887 | 156,957 | 154,397 |
| All Other Compensation ($) | 17,400 | 14,200 | 15,325 | 15,603 |
| Total ($) | 1,212,052 | 881,015 | 733,715 | 591,500 |
Company Performance During Lowell’s Tenure
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenues ($) | 36,893,000 | 41,420,000 | 36,684,000 | 37,745,000 |
| EBITDA ($) | -9,125,000* | -25,693,000* | -24,139,000* | -18,168,000* |
- Values retrieved from S&P Global.
Compensation Structure Analysis
- Cash vs equity mix has shifted toward cash in 2023–2024, with no new option or stock awards reported for Lowell in 2024 (stock awards and options in 2023, none in 2024) .
- Target bonus % increased versus initial offer (25% initial → 45% as CFO under current plan), tightening pay-for-performance alignment around revenue and Adjusted EBITDA .
- Payout outcomes near 82–81% of target in 2023–2024 indicate moderate achievement against plan while maintaining cost discipline .
- Anti-hedging/pledging policies reduce misalignment risks; Rule 10b5-1 plans permitted for orderly trading .
Risk Indicators & Related Party Notes
- Controlled company status under Nasdaq due to THP majority ownership; certain governance exemptions utilized (not directly compensation-specific but governance context) .
- 2023 concurrent registered direct and PIPE financing included participation by the CFO alongside insiders, signaling alignment, though individual CFO allocation was not disclosed .
Investment Implications
- Alignment: Lowell’s incentives are explicitly tied to revenue and Adjusted EBITDA, with CFO target bonus at 45% and actual payouts close to 80% of target—suggesting balanced stretch targets and operational focus .
- Retention: Standard severance (9 months base) and robust double-trigger CoC protections with full equity acceleration mitigate transition risk; RSUs/options with multi-year vesting further anchor retention .
- Selling pressure: Anti-hedging/pledging rules and structured 10b5-1 plan allowance reduce disorderly selling risk; beneficial ownership has increased over time, reinforcing skin-in-the-game .
- Execution risk: Company performance shows stable revenues with improving, though still negative, EBITDA; bonus outcomes and option mix indicate continued emphasis on operational improvement rather than stock-price-only metrics .