Director of Finance - Arbutus Medical

BLANKSLATE PartnersVancouver, British Columbia, Canada

30+ days ago

Salary

CA$140,000.00–CA$155,000.00 yearly

Job description

Summary

Arbutus Medical is a rapidly growing medical device venture that sells orthopaedic power tools and surgical procedure kits to help hospitals streamline surgery for the good of patient care.

We are a 16-person team seeking a Director of Finance to own both our Financial Reporting and Financial Planning & Analysis (FP&A). We need a strategic, hands-on finance leader with expertise in scaling through a growth stage to help take Arbutus Medical to the next level.

The Role

You will manage a small team, prepare timely reporting packages, build out an FP&A function and work to consistently deliver on the company’s cashflow and profitability objectives. This is a role for a hands-on leader — you will be in the weeds building out our finance function, with a lot of “doing” while leading. You will be a key member of senior management and a strategy partner for the CEO & COO.

Detailed Responsibilities

Financial Reporting & Financial Analysis

Manage full-cycle accounting and the month-end close process in close collaboration with an outsourced accounting team, initially achieving a time-to-close of 10 business days throughout 2024, and then identifying ways to accelerate this process in 2025
Review reconciliation reports at month-end
Review and approve semi-monthly payroll
Update financial projections with actuals and meet with department heads to review their budget versus actual departmental performance
Prepare quarterly financial reports as part of the board reporting package as well as reporting to Finance / Audit and Compensation / HR subcommittees
Oversee government grant reporting in accordance with grant requirements to maximize funding for the company and minimize time to collect funds owed
Lead the relationship with our external accounting firm for SR&ED, tax advisory and annual financial review engagements to close the fiscal year within 120 days of year end
Build out an FP&A function and help develop and execute the overall FP&A strategy aligned with the company's goals and objectives
Develop financial models to evaluate business performance and support decision-making
Support business case development, pricing strategies, and cost optimization initiatives
Monitor and analyze financial performance and KPIs
Lead the annual budgeting process, working closely with functional leaders to develop realistic and achievable financial targets
Collaboratively develop long-term financial forecasts, scenario analysis, and sensitivity models
Monitor budget adherence and provide variance analysis to identify opportunities for improvement

Responsibilities - Strategy & Scale

Execute the company's financial strategy in alignment with business goals and objectives, owning monthly targets for cash-on-hand and working capital

Provide financial insights and recommendations to the CEO and COO to increase cash efficiency, profitability, or the ability for the company to create long term value

Build and lead a high-performing finance team - mentor and develop team members to enhance their skills and capabilities

Own the budgeting and forecasting process - monitor expenses, control costs, and optimize resource allocation to ensure financial sustainability and continuously improve predictability

Manage cash flow effectively to support day-to-day operations and strategic initiatives while minimizing foreign exchange costs and risk, and maximizing earned interest income

Responsibilities - Investor Relations, Compliance, and Risk Management

Maintain an investor data room

Manage the capitalization table

Manage stock based compensation, including all related accounting entries

Own all HR contracting and payroll related HR processes

Oversee insurance policies, compliance, and policy negotiations

Ensure compliance with relevant accounting standards, regulations, and company policies

Oversee internal controls and financial procedures to minimize financial risks and protect assets

Why this role, and why now?

We are growing 3x year-on-year, and recently secured financing to become the leader in our beachhead market : skeletal traction procedures at trauma centers. In this market, our solution (TrakPak) saves time for surgeons and ER staff, improves ER throughput (a hot-button topic) and saves money for hospitals. We currently have 53 Trauma Centers using our product and aim to reach #1 market share by 2025. We are also launching two additional complementary products in 2024.

We need this Director of Finance because we are ready to transition from fractional (contract) finance leadership to an in-house leader who can help us navigate this exciting “growth stage”. You will handle an increasing volume of transactions, and build / oversee a team that delivers timely reporting and analysis. Ultimately, you will help Arbutus Medical optimize cash flow and profitability, creating a sustainable foundation for growth and social impact.

Our Commitment to Diversity, Equity, and Inclusion

Arbutus Medical is committed to making diversity, equity, and inclusion part of everything we do, from how we build our products to how we build our workforce. If this resonates with you, please apply – even if you don’t feel like you “check all the boxes.” Also, let us know if we can provide any specific accessibility considerations throughout the interview and candidate screening process.

About Arbutus Medical Inc.

Arbutus Medical is a privately held ISO13485 medical device company headquartered in Vancouver, Canada. Arbutus Medical is developing innovations that streamline surgery for the good of patient care. The company is currently focused on streamlining bedside skeletal traction surgeries in the ER of Trauma Centers through its TrakPak product line. In addition to TrakPak, the company distributes a line of surgical drills with DrillCover Technology – an innovation that adapts nonsterile DEWALT drills for use in surgery – at accessible price points to customers around the globe. Arbutus Medical’s products have regulatory clearances from the Food & Drug Administration (FDA) and Health Canada, and have been used by partners in 40 countries, enabling an estimated 110,000 surgeries to date. The company’s purpose is to create innovations that streamline surgery for the good of patient care. For more information about Arbutus Medical, visit and .

Requirements

Desired Experience, Capabilities, and Traits

Bachelor's degree in finance, accounting, or a related field

Experience in a scaling a growth-stage business (ideally from the $2M - $10M revenue stage)

Experience as the head of finance with a focus on strategic finance and FP&A

Strong financial modelling and analytical skills

A passion for spreadsheets and data visualization, with prior experience managing complex financial models both in Excel and Google Sheets

Excellent knowledge of financial and ASPE accounting principles, regulations, and practices, with prior experience as the point-person for external accountants conducting an audit or annual review engagement

Demonstrated ability to collaborate in cross-functional teams

Business acumen, with the ability to think strategically (from first principles) and translate financial reporting to insights that advance the overall goals of the organization

Effective leadership and management skills, with prior experience hiring / managing a team

Clear, empathetic communication both in-person and in writing

Aspiration - a desire to strive for excellence and to make a difference in the world

Adaptability - specifically, in a dynamic, fast-paced startup environment, the ability to stay focused on top priorities, defend simplicity, and derive as much enjoyment as possible from the journey

Nice to have (not all required) :

MBA, CFA or CPA

Prior experience in

manufacturing

medical device commercialization

venture-capital funded startups

leading a business to profitability

reporting to a Board of Directors

building a financial reporting team from scratch

cloud accounting ( Xero) and ERP systems ( Cin7 Core)

Knowledge of Canada-US cross border transactions and consolidations

Benefits

What We Offer

Base salary of $140,000-$155,000, commensurate with experience

Flexible work-from-home arrangements (in-person management meetings at least once / month)

Bonus plans up to 10% of base salary

Stock options

Extended health benefits via Manulife

Professional development funding

3 weeks of paid vacation

An exciting opportunity to get in at the ground floor of a growing venture

A purpose-driven workplace, with passionate teammates who want to help patients and make a positive difference in the world