Healthcare Industry News: Zimmer
News Release - June 3, 2008
Exactech Announces Leadership PromotionsSenior Vice President Bruce Thompson Named General Manager of Biologics and Exactech Spine
GAINESVILLE, Fla.--(HSMN NewsFeed)--Exactech Inc. (Nasdaq:EXAC ), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today several key leadership promotions.
Bruce Thompson, Exactech senior vice president and general manager of Biologics, was named general manager of Biologics and Exactech Spine. Exactech Spine is the new name of the division created with the acquisition of Altiva Corporation earlier this year. Raymond Cloutier, vice president of engineering and development, was named vice president of engineering and development for Exactech Spine, a role in which he will lead all aspects of the spine division’s product development. Xavier Sarabia was named vice president of engineering and development for Exactech large joints.
Exactech Chairman and CEO Dr. Bill Petty said, “It is my pleasure to announce these important changes in Exactech’s structure and leadership. These changes reflect promotions of well established and trusted talent to lead important elements of our company. Though these changes will be official July 1, 2008, some of the changes in responsibility are already underway.”
Exactech President, David Petty said, “Bruce is a strong leader and has already been working closely with the Altiva team driving the synergies between Exactech biologics and Altiva’s biologic spine products. One of the first initiatives will be to relocate the company’s operations and employees to the headquarters location in Gainesville, Fla. As senior vice president and general manager of biologics, Bruce has played a key role in Exactech’s biologic initiatives, and we are looking forward to Bruce’s leadership in growth opportunities at Exactech Spine. Bruce joined Exactech four years ago following an accomplished 22-year career at Smith & Nephew Orthopaedics that included serving as general manager of that firm’s spine division. Bruce is a graduate of Miami University in Oxford, Ohio with a B.S. in accountancy. He also received an Executive M.B.A from the University of Memphis.”
“Raymond’s 23-year career in orthopaedic product development will now be focused on spine products. Raymond joined Exactech in 1992, having previously led key product development projects for Zimmer. He has led Exactech engineering and development since 2003. He is one of the most effective product development project managers I have seen in this business, which is a critical skill for Exactech Spine at this stage. To maintain the value of Raymond’s vast knowledge of Exactech knee systems, he will continue to serve on the knee product strategy team and knee business unit,” Petty said.
“Xavier, who earned his mechanical engineering degree at Massachusetts Institute of Technology and also holds an M.B.A. degree, has been Exactech’s regulatory affairs director for the past year. He is already familiar with our engineering teams and projects. Xavier has 19 years experience in the medical device industry and prior to joining Exactech, he held management and R&D positions for medical device firms SaluMedica, Proxima Therapeutics and CR Bard.”
“These promotions follow the previously announced appointment of Daniel Berdat as vice president international sales and marketing. Daniel most recently served as general manager for Plus Orthopedics. He has had regional sales management experience in Latin America, Asia and Europe and has served as vice president for International Sales for Centerpulse (formerly Sulzer Orthopedics).”
“This is a strong team of leaders in a number of key positions in our company. I am confident they will enable Exactech to continue its strong pattern of growth and development,” Petty said.
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech’s orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States and Australia, in addition to more than 30 markets in Europe, Asia and Latin America. Additional information about Exactech, Inc. can be found at http://www.exac.com. Copies of Exactech’s press releases, SEC filings, current price quotes and other valuable information for investors may be found at http://www.exac.com and http://www.hawkassociates.com.
An investment profile on Exactech may be found at http://www.hawkassociates.com/profile/exac.cfm.
Investors may contact Chief Financial Officer Jody Phillips at 352-377-1140 or Julie Marshall or Frank Hawkins, Hawk Associates Inc., at 305-451-1888, e-mail: email@example.com. To receive future releases in e-mail alerts, sign up at http://www.hawkassociates.com/about/alert.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
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