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Pay vs Performance Disclosure
U_pure in Thousands
12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

As described in greater detail in "Compensation Discussion and Analysis," our executive compensation program reflects a variable "pay-for-performance" philosophy. The performance measures that we use for both our long-term and short-term incentive awards are selected based on an objective of incentivizing our Named Executive Officers to increase the value of our enterprise for our stockholders.

The following table sets forth information regarding the compensation provided to our principal executive officer (the "CEO/PEO") and our other Named Executive Officers (the "Non-PEO Named Executive Officers") and our performance during the last four fiscal years.

 

Year(1)

 

Summary Compensation Table Total for CEO/PEO
($)

 

Compensation Actually Paid to CEO/PEO
($)(2)

 

Average Summary Compensation Table for Non-PEO NEOs
($)

 

Average Compensation Actually Paid to Non-PEO NEOs
($)(3)

 

Value of Initial Fixed $100 Investment Based On:

 

Net Loss
($ thousands)

 

Total Revenue
($ thousands)(6)

 

 

 

 

 

 

 

 

 

 

 

Total Shareholder Return
($)(4)

 

Peer Group Total Shareholder Return
($)(5)

 

 

 

 

 

 

2024

 

 

6,221,699

 

 

4,059,404

 

 

2,853,274

 

 

2,750,657

 

 

129.39

 

 

102.00

 

 

(162,123

)

 

611,562

 

 

2023

 

 

9,477,979

 

 

23,339,656

 

 

3,432,342

 

 

5,474,297

 

 

212.97

 

 

140.46

 

 

(186,638

)

 

482,262

 

 

2022

 

 

5,948,299

 

 

7,374,460

 

 

2,283,006

 

 

3,044,347

 

 

173.94

 

 

121.80

 

 

(151,293

)

 

350,867

 

 

2021

 

 

5,266,839

 

 

8,273,363

 

 

2,844,858

 

 

3,144,984

 

 

160.99

 

 

151.64

 

 

(143,032

)

 

243,212

 

 

2020

 

 

4,683,936

 

 

23,639,741

 

 

1,477,059

 

 

5,761,467

 

 

204.51

 

 

122.39

 

 

(78,994

)

 

144,861

 

(1)
The CEO/PEO and Non-PEO Named Executive Officers included in the above compensation columns reflect the following:

 

Year

CEO/PEO

Non-PEO/NEOs

2024

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish

2023

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish

2022

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Eric Dasso

2021

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel

2020

Patrick S. Miles

Craig E. Hunsaker, David P. Sponsel

(2)
"Compensation Actually Paid" to the CEO/PEO reflects the following adjustments from Total Compensation reported in the applicable Summary Compensation Table:

 

Adjustments to Determine Compensation "Actually Paid" for CEO/PEO

2024
($)

 

2023
($)

 

2022
($)

 

2021
($)

 

2020
($)

 

Total Reported in Summary Compensation Table

 

6,221,699

 

 

9,477,979

 

 

5,948,299

 

 

5,266,839

 

 

4,683,936

 

Less Amounts Reported under the "Stock Awards Column" in the Summary Compensation Table

 

5,028,680

 

 

7,687,586

 

 

4,356,657

 

 

3,696,750

 

 

3,224,266

 

Less Amounts Reported under the "Option Awards" Column in the Summary Compensation Table

 

 

 

 

 

 

 

 

 

 

Plus the Fair Value of Awards Granted during covered year that Remain Unvested as of Year-end

 

5,256,064

 

 

10,134,386

 

 

6,510,735

 

 

10,572,750

 

 

12,714,583

 

Plus the Fair Value of Awards Granted during covered year that Vested during covered year

 

 

 

 

 

 

 

 

 

125,793

 

Plus the Change in Fair Value from prior Year-end to current Year-end of Awards Granted prior to covered year that were Outstanding and Unvested as of Year-end

 

(2,428,632

)

 

1,802,804

 

 

1,116,353

 

 

(4,423,380

)

 

10,733,420

 

Plus the Change in Fair Value from prior Year-end to Vesting Date of Awards Granted prior to covered year that Vested during covered year

 

38,953

 

 

9,612,073

 

 

(1,844,270

)

 

553,904

 

 

(1,393,725

)

Total Adjustments

 

(2,162,295

)

 

13,861,677

 

 

1,426,161

 

 

3,006,524

 

 

18,955,805

 

Compensation Actually Paid

 

4,059,404

 

 

23,339,656

 

 

7,374,460

 

 

8,273,363

 

 

23,639,741

 

(3)
The average "Compensation Actually Paid" to the Non-PEO Named Executive Officers reflect the following adjustments from Total Compensation reported in the applicable Summary Compensation Table:

 

Adjustments to Determine Average Compensation "Actually Paid" for Non-PEO NEOs

2024
($)

 

2023
($)

 

2022
($)

 

2021
($)

 

2020
($)

 

Total Reported in Summary Compensation Table

 

2,853,274

 

 

3,432,342

 

 

2,283,006

 

 

2,844,858

 

 

1,477,059

 

Less Amounts Reported under the "Stock Awards Column" in the Summary Compensation Table

 

2,147,889

 

 

2,489,639

 

 

1,389,695

 

 

2,067,800

 

 

723,996

 

Less Amounts Reported under the "Option Awards" Column in the Summary Compensation Table

 

 

 

 

 

 

 

 

 

 

Plus the Fair Value of Awards Granted during covered year that Remain Unvested as of Year-end

 

2,672,975

 

 

3,340,773

 

 

2,076,807

 

 

2,971,800

 

 

2,784,776

 

Plus the Fair Value of Awards Granted during covered year that Vested during covered year

 

 

 

 

 

 

 

 

 

45,359

 

Plus the Change in Fair Value from prior Year-end to current Year-end of Awards Granted prior to covered year that were Outstanding and Unvested as of Year-end

 

(1,476,084

)

 

537,648

 

 

266,411

 

 

(697,232

)

 

2,408,807

 

Plus the Change in Fair Value from prior Year-end to Vesting Date of Awards Granted prior to covered year that Vested during covered year

 

848,381

 

 

653,173

 

 

(192,182

)

 

93,358

 

 

(230,538

)

Total Adjustments

 

(102,617

)

 

2,041,955

 

 

761,341

 

 

300,126

 

 

4,284,408

 

Compensation Actually Paid

 

2,750,657

 

 

5,474,297

 

 

3,044,347

 

 

3,144,984

 

 

5,761,467

 

(4)
Reflects total shareholder return indexed to $100 invested on December 31, 2019.
(5)
Reflects total shareholder return indexed to $100 invested on December 31, 2019 for the Nasdaq Medical Equipment Index, which is an industry line peer group reported in the performance graph included in the Company’s 2024 Annual Report on Form 10-K, and assuming reinvestment of all dividends, where applicable.
(6)
Total Revenue, which is a GAAP measure, represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to our Named Executive Officers, including our CEO, for the most recently completed fiscal year to the Company’s performance.
       
Company Selected Measure Name Total Revenue        
Named Executive Officers, Footnote
(1)
The CEO/PEO and Non-PEO Named Executive Officers included in the above compensation columns reflect the following:

 

Year

CEO/PEO

Non-PEO/NEOs

2024

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish

2023

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish

2022

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Eric Dasso

2021

Patrick S. Miles

J. Todd Koning, Craig E. Hunsaker, David P. Sponsel

2020

Patrick S. Miles

Craig E. Hunsaker, David P. Sponsel

       
Peer Group Issuers, Footnote
(5)
Reflects total shareholder return indexed to $100 invested on December 31, 2019 for the Nasdaq Medical Equipment Index, which is an industry line peer group reported in the performance graph included in the Company’s 2024 Annual Report on Form 10-K, and assuming reinvestment of all dividends, where applicable.
       
PEO Total Compensation Amount $ 6,221,699 $ 9,477,979 $ 5,948,299 $ 5,266,839 $ 4,683,936
PEO Actually Paid Compensation Amount $ 4,059,404 23,339,656 7,374,460 8,273,363 23,639,741
Adjustment To PEO Compensation, Footnote
(2)
"Compensation Actually Paid" to the CEO/PEO reflects the following adjustments from Total Compensation reported in the applicable Summary Compensation Table:

 

Adjustments to Determine Compensation "Actually Paid" for CEO/PEO

2024
($)

 

2023
($)

 

2022
($)

 

2021
($)

 

2020
($)

 

Total Reported in Summary Compensation Table

 

6,221,699

 

 

9,477,979

 

 

5,948,299

 

 

5,266,839

 

 

4,683,936

 

Less Amounts Reported under the "Stock Awards Column" in the Summary Compensation Table

 

5,028,680

 

 

7,687,586

 

 

4,356,657

 

 

3,696,750

 

 

3,224,266

 

Less Amounts Reported under the "Option Awards" Column in the Summary Compensation Table

 

 

 

 

 

 

 

 

 

 

Plus the Fair Value of Awards Granted during covered year that Remain Unvested as of Year-end

 

5,256,064

 

 

10,134,386

 

 

6,510,735

 

 

10,572,750

 

 

12,714,583

 

Plus the Fair Value of Awards Granted during covered year that Vested during covered year

 

 

 

 

 

 

 

 

 

125,793

 

Plus the Change in Fair Value from prior Year-end to current Year-end of Awards Granted prior to covered year that were Outstanding and Unvested as of Year-end

 

(2,428,632

)

 

1,802,804

 

 

1,116,353

 

 

(4,423,380

)

 

10,733,420

 

Plus the Change in Fair Value from prior Year-end to Vesting Date of Awards Granted prior to covered year that Vested during covered year

 

38,953

 

 

9,612,073

 

 

(1,844,270

)

 

553,904

 

 

(1,393,725

)

Total Adjustments

 

(2,162,295

)

 

13,861,677

 

 

1,426,161

 

 

3,006,524

 

 

18,955,805

 

Compensation Actually Paid

 

4,059,404

 

 

23,339,656

 

 

7,374,460

 

 

8,273,363

 

 

23,639,741

 

       
Non-PEO NEO Average Total Compensation Amount $ 2,853,274 3,432,342 2,283,006 2,844,858 1,477,059
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,750,657 5,474,297 3,044,347 3,144,984 5,761,467
Adjustment to Non-PEO NEO Compensation Footnote
(3)
The average "Compensation Actually Paid" to the Non-PEO Named Executive Officers reflect the following adjustments from Total Compensation reported in the applicable Summary Compensation Table:

 

Adjustments to Determine Average Compensation "Actually Paid" for Non-PEO NEOs

2024
($)

 

2023
($)

 

2022
($)

 

2021
($)

 

2020
($)

 

Total Reported in Summary Compensation Table

 

2,853,274

 

 

3,432,342

 

 

2,283,006

 

 

2,844,858

 

 

1,477,059

 

Less Amounts Reported under the "Stock Awards Column" in the Summary Compensation Table

 

2,147,889

 

 

2,489,639

 

 

1,389,695

 

 

2,067,800

 

 

723,996

 

Less Amounts Reported under the "Option Awards" Column in the Summary Compensation Table

 

 

 

 

 

 

 

 

 

 

Plus the Fair Value of Awards Granted during covered year that Remain Unvested as of Year-end

 

2,672,975

 

 

3,340,773

 

 

2,076,807

 

 

2,971,800

 

 

2,784,776

 

Plus the Fair Value of Awards Granted during covered year that Vested during covered year

 

 

 

 

 

 

 

 

 

45,359

 

Plus the Change in Fair Value from prior Year-end to current Year-end of Awards Granted prior to covered year that were Outstanding and Unvested as of Year-end

 

(1,476,084

)

 

537,648

 

 

266,411

 

 

(697,232

)

 

2,408,807

 

Plus the Change in Fair Value from prior Year-end to Vesting Date of Awards Granted prior to covered year that Vested during covered year

 

848,381

 

 

653,173

 

 

(192,182

)

 

93,358

 

 

(230,538

)

Total Adjustments

 

(102,617

)

 

2,041,955

 

 

761,341

 

 

300,126

 

 

4,284,408

 

Compensation Actually Paid

 

2,750,657

 

 

5,474,297

 

 

3,044,347

 

 

3,144,984

 

 

5,761,467

 

(4)
Reflects total shareholder return indexed to $100 invested on December 31, 2019.
       
Compensation Actually Paid vs. Total Shareholder Return

PEO and Average Non-PEO Named Executive Officer Compensation Actually Paid Versus TSR

(in thousands except for TSR, assuming $100 invested on December 31, 2019)

img4642308_4.jpg

       
Compensation Actually Paid vs. Net Income

PEO and Average Non-PEO Named Executive Officer Compensation Actually Paid Versus Net Loss

(in thousands)

img4642308_5.jpg

       
Compensation Actually Paid vs. Company Selected Measure

PEO and Average Non-PEO Named Executive Officer Compensation Actually Paid Versus Total Revenue

(in thousands)

img4642308_6.jpg

       
Tabular List, Table

Pay Versus Performance Tabular List of Most Important Financial Performance Measures for All Named Executive Officers for 2024

As described in greater detail in the "Compensation Discussion and Analysis" included in this proxy statement, our executive compensation program reflects a "pay-for-performance" philosophy. The most important financial performance measures we use to link executive compensation actually paid to our Named Executive Officers, for the most recently completed fiscal year, to our performance are as follows:

Total revenue
Adjusted EBITDA
Adjusted EBITDA margin.
       
Total Shareholder Return Amount $ 129.39 212.97 173.94 160.99 204.51
Peer Group Total Shareholder Return Amount 102 140.46 121.8 151.64 122.39
Net Income (Loss) $ (162,123,000) $ (186,638,000) $ (151,293,000) $ (143,032,000) $ (78,994,000)
Company Selected Measure Amount 611,562 482,262 350,867 243,212 144,861
PEO Name Patrick S. Miles Patrick S. Miles Patrick S. Miles Patrick S. Miles Patrick S. Miles
Non Peo Name J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Scott Lish J. Todd Koning, Craig E. Hunsaker, David P. Sponsel, Eric Dasso J. Todd Koning, Craig E. Hunsaker, David P. Sponsel Craig E. Hunsaker, David P. Sponsel
Measure:: 1          
Pay vs Performance Disclosure          
Name Total revenue        
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted EBITDA margin.        
PEO          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (2,162,295) $ 13,861,677 $ 1,426,161 $ 3,006,524 $ 18,955,805
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,028,680) (7,687,586) (4,356,657) (3,696,750) (3,224,266)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,256,064 10,134,386 6,510,735 10,572,750 12,714,583
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,428,632) 1,802,804 1,116,353 (4,423,380) 10,733,420
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         125,793
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 38,953 9,612,073 (1,844,270) 553,904 (1,393,725)
Non-PEO NEO          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (102,617) 2,041,955 761,341 300,126 4,284,408
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,147,889) (2,489,639) (1,389,695) (2,067,800) (723,996)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,672,975 3,340,773 2,076,807 2,971,800 2,784,776
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,476,084) 537,648 266,411 (697,232) 2,408,807
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount         45,359
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 848,381 $ 653,173 $ (192,182) $ 93,358 $ (230,538)