NxStage Medical Inc. (NASDAQ:NXTM) handed out pay raises to several members of its leadership team after a year that saw the dialysis maker boost sales 20 percent and cut its net losses.
The Lawrence, Mass.-based company rewarded CEO Jeffrey Burbank for a job well done with a 20 percent bump in his base salary, bringing him to $376,750. In addition, the company gave Burbank, who has led NxStage since its inception, stock options and performance bonuses valued at an additional $2 million. All told, Burbank’s total recompense came in at $2.4 million, up 150 percent from the $960,000 the company gave him in 2009.
CFO Robert Brown and recently promoted Joseph Turk also increased their total net in 2010 through performance bonuses and stock awards with both men topped out their total salaries at more than $1 million. Turk assumed the position of North American president in December 2010, according to regulatory filings.
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NxStage, which makes a home dialysis system that allows patients with kidney disease to better manage their own treatment, boosted total 2010 sales to $179 million, a 20 percent increase from $148 million in 2009. The strong sales helped the company cut its net losses by some $11 million, to just under $32 million. NxStage has steadily managed to cut into its net losses every year since 2007.
The bonus awards also signal that the company has more confidence in the economy — during the height of the recession in 2009, the board of directors froze all salary increases until March 2010, due to uncertainty in the economy.
NxStage also announced that it added Michael Miller to its executive team. Miller, the former senior vice president and general manager of Philips Healthcare’s cardiac care unit, will become the president of NxStage’s international division, a newly created role.
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The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
