Healthcare Industry News: Alphatec Holdings
News Release - September 10, 2007
Alphatec Holdings, Inc. Names Veteran Operations Executive Kermit P. Stott as Vice President of OperationsCARLSBAD, Calif., Sept. 10, 2007 (Healthcare Sales & Marketing Network) -- Alphatec Holdings, Inc. (NasdaqGM:ATEC ), a leading medical technology company focused on the design, development, manufacturing and marketing of products for the surgical treatment of spine disorders, announced today that veteran operations executive, Kermit Stott, has joined the company as Vice President of Operations. Parallel with the cost improvement initiatives previously announced, Mr. Stott will be focused on helping Alphatec accelerate steps to standardize and streamline certain aspects of its enterprise-wide functions such as human resources, finance and information technology to support growth, while also leveraging its scale more effectively in areas such as manufacturing to benefit product cycle times and new product launches.
``Kermit Stott brings an extensive product development oriented operations background to the Vice President of Operations position at Alphatec having previously implemented lean six-sigma manufacturing and operating methods across a global corporation. Kermit is a hands-on leader who understands how to develop manufacturing processes that embed quality with improved cost and cycle-time savings,'' said Dirk Kuyper, Alphatec's President and Chief Executive Officer. ``I am very pleased that Kermit shares our vision of building Alphatec into a leading medical technology company and we look forward to leveraging his background to help shape the long term strategic direction of Alphatec.''
``I am very excited to join an industry leading company that is fast-moving, driven-to-succeed and has a tremendous opportunity ahead of it,'' said Mr. Stott. ``Having spent nearly the past twenty-five years working in operating and manufacturing capacities within various organizations, I look forward to bringing my experience and skills to Alphatec whose innovative technology and products are changing the spinal disorder marketplace for spine surgeons and their patients.''
Mr. Stott, who was selected after an extensive search, was formerly General Manager of Lean Operations for Edwards Lifesciences Corporation, a global leader in cardiovascular disease treatments with extensive global operations, since 2005. From 2001 to 2005, Mr. Stott served as Director of Operations at Interventional Technology, which was eventually acquired by Boston Scientific Corporation. From 1990 to 2001, Mr. Stott served as General Manager of Sulzer Dental, a subsidiary of Sulzer Medical, a $4.0 billion Swiss Company focused on medical device manufacturing. Mr. Stott served on active duty for five years in the U.S. Navy and retired with the rank of Commander in the U.S. Naval Reserves. Mr. Stott holds a B.S. in Operational Analysis from the United States Naval Academy, a M.A. in International Relations from University of San Diego, and a M.B.A from Pepperdine University.
Alphatec (NasdaqGM:ATEC ) designs, develops, in-licenses, manufactures and markets innovative products for the surgical treatment of spine disorders. Alphatec's broad product portfolio and pipeline includes a variety of spinal implant products and systems focused on solutions addressing the cervical, thoracolumbar, intervertebral, minimally invasive, motion preservation, and allograft markets. Alphatec's ``surgeons' culture'' emphasizes collaboration with spinal surgeons to conceptualize, design and co-develop a broad range of products. State-of-the-art in-house manufacturing capabilities provide a unique competitive advantage, enabling Alphatec to rapidly deliver customized solutions to meet surgeons' and patients' critical needs. Alphatec has 22 issued U.S. patents, six issued foreign patents and 21 pending patent applications, including 10 pending U.S. applications, six pending international applications and five pending foreign national applications. Alphatec's principal product offerings are primarily focused on the global spine fusion market, which is estimated to approach $5.9 billion in 2007. In addition to its U.S. operations, Alphatec also markets a range of spine and orthopedic products in Japan through its subsidiary, Alphatec Pacific, Inc. For more information, please visit http://www.alphatecspine.com.
This press release may contain ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to: Alphatec's ability to successfully design, develop, manufacture and market products for the surgical treatment of spine disorders and Alphatec's expectations regarding the continued growth of the U.S. and global spine market. Alphatec cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: Alphatec's ability to maintain its level of previously reported sales growth, Alphatec's ability to successfully leverage upon the experience of its Scientific Advisory Board, Alphatec's ability to develop and expand its spine fusion business in the United States and Japan, Alphatec's ability to expand and maintain a successful sales and marketing organization, continuation of favorable third party payor reimbursement for procedures performed using Alphatec's products, unanticipated expenses or liabilities or other adverse events affecting cash flow, Alphatec's expense improvement initiatives or Alphatec's ability to achieve profitability, uncertainty of additional funding, uncertainty of success in developing new products or products currently in Alphatec's pipeline, failure to successfully introduce and develop new products, including products related to license agreements, failure to achieve acceptance of Alphatec's products by the surgeon community, failure to obtain FDA clearance or approval for new products, Alphatec's ability to compete with other competing products and with emerging new technologies within and outside of spinal fusion, product liability exposure, patent infringement claims and claims related to Alphatec's intellectual property. Please refer to the risks detailed from time to time in Alphatec's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Alphatec disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
Source: Alphatec Holdings
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