Executives at NxStage Medical Inc. (NSDQ:NXTM) might soon be able to shake the austerity measures they’ve been on for the past year.
On March 5, the compensation committee voted to put pay raises back on the table for 2010, exactly one year after voting to freeze all salary increases for the brass at the Lawrence, Mass.-based portable dialysis maker.
NxStage will start to increase its senior management’s salaries starting April 16, according to a regulatory filing.
Here are the highlights:
- CEO Jeffrey Burbank is slated to earn a base salary of $396,000 in 2010, a 20 percent pay raise from the $330,000 he earned last year. In addition to his 2009 base salary, the compensation committee awarded Burbank several stock awards for the company’s performance in 2009, including 20,000 shares of common stock and an award of an additional 200,000 shares as a performance bonus, which will vest over the next three years.
- Robert Brown, CFO, is slated to pull down $268,000 for the year, a 7 percent pay raise from the $250,000 he earned last year. In addition, Brown was granted 10,700 shares of company stock and an additional 67,000 shares as a performance bonus, which will vest over the next three years.
- Joseph Turk Jr., SVP of commercial operations, is slated to earn $268,000, a 3 percent pay bump from the $260,000 he earned last year. Turk received an additional 14,000 shares of NxStage stock and an award for 67,000 shares as a performance bonus, which will vest over the next three years.
- General counsel Winifred Swan is slated to earn $268,000, a 3 percent pay bump from the $260,000 she earned last year. Swan was also awarded 11,000 shares of company stock and an award of 67,000 shares as a performance bonus, which will vest over the next three years.
- Michael Webb, SVP of quality assurance and regulatory affairs, is slated to earn $235,000, a 7 percent pay increase from 2009. Webb was also awarded 6,700 shares of company stock and an award of 52,000 shares as a performance bonus, which will vest over the next three years.
NxStage posted a best-ever $40.5 million in revenues during the fourth quarter, up 14 percent from $35.7 million reported during the same period in 2008. Net losses were $43.5 million, or 93 cents per share, during 2009, which included an $8.7 million, 19-cent net loss during the fourth quarter. Those results compare with a $51.2 million net loss in 2008 and a $9.8 million loss during the final three months of 2008.