Healthcare Industry News: NuVasive
News Release - November 8, 2007
NuVasive to Relocate to New Campus HeadquartersSAN DIEGO, Nov. 8 (HSMN NewsFeed) -- NuVasive, Inc. (Nasdaq: NUVA ), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, announced today plans to relocate to a new campus style headquarters in San Diego during the first half of 2008.
The new campus environment provides NuVasive with increased infrastructure to accommodate its rapidly growing workforce, support enhanced training and testing facilities, and provide a foundation for expanded clinical use of XLIF®, broadened product offerings, and other strategic growth initiatives.
NuVasive's long term plan is to occupy three buildings on the campus, two of which currently exist and the third to be constructed (and leased) at NuVasive's option. One existing building will be dedicated to research, product development, marketing and surgeon training activities. The second building will house the Company's administrative functions as well as sales and corporate training. The anticipated third building will provide expansion space for NuVasive's growth and would bring the total campus square footage to approximately 300,000.
The complex, located within four miles of NuVasive's current headquarters in San Diego, will allow all of the San Diego-based shareowners to work in one location, an important component for furthering the Company's cultural values of speed and responsiveness. The Company will be leasing the buildings over a term of fifteen years, with an option to extend the term.
Alex Lukianov, Chairman and Chief Executive Officer, said, "NuVasive has clearly experienced robust growth over the past several years and we expect to maintain this momentum. We believe the relocation into this new campus is a necessary component of our infrastructure growth to provide a strong foundation for our continued expansion. Importantly, the new campus will allow us to leverage our unique culture of Absolute Responsiveness® in order to meet the growing demand for our technology. Our shareowners' focus on remaining one step ahead of the competition has been a key part of our growth, and this new environment allows us to expand that focus. Our goal remains to become a major force in the spine industry by reaching $500 million in revenues over the next several years. This new campus will provide ample room to grow beyond the next decade."
NuVasive is a medical device company focused on the design, development and marketing of products for the surgical treatment of spine disorders. The Company's product portfolio is focused on applications in the over $3.6 billion U.S. spine fusion market. The Company's current principal product offering includes a minimally disruptive surgical platform called Maximum Access Surgery, or MAS(TM), as well as a growing offering of cervical and motion preservation products.
The MAS platform offers advantages for both patients and surgeons such as reduced surgery and hospitalization time and faster recovery. MAS combines three categories of current product offerings: NeuroVision® a proprietary software-driven nerve avoidance system; MaXcess® a unique split-blade design retraction system; and specialized implants, like SpheRx® and CoRoent®, that collectively minimize soft tissue disruption during spine surgery while allowing maximum visualization and surgical reproducibility. NuVasive's product offering is also focused on cervical internal fixation products and its R&D pipeline emphasizes both MAS and motion preservation.
NuVasive cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to: the risk that NuVasive may incur significant costs in connection with subleasing its current headquarters or otherwise exiting its current office lease; the uncertain process of seeking regulatory approval or clearance for NuVasive's products or devices, including risks that such process could be significantly delayed; the possibility that the FDA may require significant changes to NuVasive's products or clinical studies; the risk that products may not perform as intended and may therefore not achieve commercial success; the risk that competitors may develop superior products or may have a greater market position enabling more successful commercialization; the risk that additional clinical data may call into question the benefits of NuVasive's products to patients, hospitals and surgeons; and other risks and uncertainties more fully described in NuVasive's press releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
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