Healthcare Industry News: HSMN NewsFeed
News Release - February 28, 2018
Invuity Announces Changes to Executive Leadership TeamScott D. Flora appointed Interim President and Chief Executive Officer
Philip Sawyer steps down as President and Chief Executive Officer
SAN FRANCISCO, Feb. 28, 2018 -- (Healthcare Sales & Marketing Network) -- Invuity, Inc. (NASDAQ:IVTY), a leading medical technology company focused on minimal access surgery, today announced that Scott D. Flora, a member of the Company’s Board of Directors since 2017, has been appointed to serve as Interim President and Chief Executive Officer. This appointment follows Philip Sawyer’s resignation as President, Chief Executive Officer and a member of the Company’s Board of Directors.
Gregory T. Lucier, Chairman of the Invuity Board of Directors said, “Phil is a truly visionary leader who over his eight years as President and CEO launched the company, led the initial public offering, introduced incredibly innovative new products and hired great talent. As the company has moved to its next phase, now is the perfect time to bring in a CEO who will execute on the Company’s vision and move forward towards profitability while scaling the organization. On behalf of the Board we appreciate the contributions that Phil has made to the Company and wish him well in his future endeavors.”
Mr. Lucier added, “Scott is uniquely qualified to lead Invuity in an interim capacity. He brings executive leadership experience and domain expertise from his deep experience in the medical device industry. Additionally, Scott has a familiarity with Invuity from his prior consulting role with the Company, and his recent appointment to the Board, that will enable him to seamlessly step into the interim President and CEO role.” Mr. Lucier added, “A search is underway to identify a permanent CEO.”
Scott Flora, Interim President and CEO of Invuity added, “I am enthusiastic about deepening my relationship with Invuity. I look forward to building on Phil’s work and leading the organization during this interim period. We have terrific employees and customers that are excited about our technology.”
About Scott Flora
Scott has served as a member of Invuity’s board of directors since November 2017. He is currently President of SFlora Consulting LLC. His prior roles include: President, Chief Executive Office and a Director of OmniGuide Inc; Global Business Unit President for the surgical device division of Covidien plc, and numerous executive positions at Smith & Nephew plc. including President and General Manager of the orthopedics reconstruction division, General Manager of the trauma and clinical therapies divisions, Senior Vice President of United States and Europe, Senior Vice President of Smith & Nephew Healthcare, and Senior Vice President of the orthopedics division.
Invuity, Inc. is a leading medical technology company focused on developing and marketing advanced surgical devices to improve the ability of physicians to perform minimal access surgery through smaller and hidden incisions. The company's patented Intelligent Photonics™ technology delivers enhanced visualization which facilitates surgical precision, efficiency and safety. In addition, the company utilizes comprehensive strategic marketing programs to create stronger institutional partnerships. Clinical applications include women’s health, encompassing breast cancer and breast reconstruction surgery, gynecology and thyroid surgery. Additional applications include procedures for electrophysiology, spine, orthopedic, cardiothoracic, and general surgery. Invuity is headquartered in San Francisco, CA. For more information, visit www.invuity.com.
This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding the transition of leadership of the Company and the ability to achieve profitability. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: the ability to transition the CEO role; fluctuations in demand or failure to gain market acceptance for the Company's devices; the Company's ability to demonstrate to and gain approval from hospitals to use the Company's devices; the highly competitive business environment for surgical medical devices; the Company's ability to sell its devices at prices that support its current business strategies; the adequacy of the Company’s existing cash resources and funding requirements; difficulty forecasting future financial performance; protection of the Company's intellectual property; and compliance with necessary regulatory clearances or approvals. The Company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect the Company's business and financial results is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors," which are on file with the Securities and Exchange Commission.
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