Healthcare Industry News: Alphatec Holdings
News Release - March 21, 2012
Alphatec Spine Appoints New Vice President of OperationsMichael Plunkett to Direct Alphatec Spine's U.S. Operations
CARLSBAD, Calif., March 21, 2012 -- (Healthcare Sales & Marketing Network) -- Alphatec Holdings, Inc. (Nasdaq:ATEC ), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, announced today that Michael Plunkett has been named the Company's Vice President of Operations.
Mr. Plunkett will have responsibility for direction and leadership of Alphatec Spine's U.S. Operations, including Supply Chain, Production, Manufacturing Engineering and Facilities. He has held various positions in Operations, Information Technology, and Program Management, and was most recently a Managing Director with the First Marblehead Corporation in Boston, MA. Prior to that, Mr. Plunkett served more than 24 years in the U.S. Navy, and retired with the rank of Captain in July 2003.
"We are pleased to have Mike join the Alphatec Spine team to lead our U.S. operations, along with Pat Ryan, our COO," said Les Cross, Alphatec Spine's Chairman and Chief Executive Officer. "We expect 2012 to be a pivotal year for Alphatec Spine's operational strategy as we strengthen our global manufacturing efficiency and streamline our cost structure. We have made good progress during the past few months, but we still have much to accomplish with our initiatives to reduce cost of goods sold and increase efficiency in our U.S. and international operations to strengthen gross profit margins. Mike is a welcome addition to help us execute our strategy and realize our annualized cost savings goal of approximately $2 million. He will also be an integral member of our senior leadership team as we drive toward our goal of being a global leader in the spine market. We look forward to capitalizing on Mike's contributions in both the short-term and long-term future."
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec Holdings, Inc. (Nasdaq:ATEC ). Alphatec Spine is a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, primarily focused on the aging spine. The Company's mission is to combine world-class customer service with innovative, surgeon-driven products that will help improve the aging patient's quality of life. The Company is poised to achieve its goal through new solutions for patients with osteoporosis, stenosis and other aging spine deformities, improved minimally invasive products and techniques and integrated biologics solutions. In addition to its U.S. operations, the Company also markets its products in over 50 international markets through its affiliate, Scient'x S.A.S., via a direct sales force in France, Italy and the United Kingdom and via independent distributors in the rest of Europe, the Middle East and Africa, South America and Latin America. In Japan, the Company markets its products through its subsidiary, Alphatec Pacific, Inc. In the rest of Asia and Australia, the Company sells its and Scient'x's products through its and Scient'x's distributors.
Forward Looking Statements
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. Alphatec Spine 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. Forward looking statements include references to Alphatec Spine's ability to achieve its initiatives to drive manufacturing efficiencies and expected annualized cost savings; and its ability to capitalize on Michael Plunkett's contributions in the short-term and long-term future. The words "believe," "will," "should," "expect," "intend," "estimate" and "anticipate," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to; the uncertainty of success in reducing costs of goods sold in global manufacturing operations; developing new products or products currently in Alphatec Spine's pipeline; the successful global launch of the Company's new products and the products in its development pipeline; failure to achieve acceptance of Alphatec Spine's products by the surgeon community; failure to obtain FDA clearance or approval for new products, or unexpected or prolonged delays in the process; Alphatec Spine's ability to develop and expand its US and/or global revenues; continuation of favorable third party payor reimbursement for procedures performed using Alphatec Spine's products; unanticipated expenses or liabilities or other adverse events affecting cash flow or Alphatec Spine's ability to successfully control its costs or achieve profitability; uncertainty of additional funding; Alphatec Spine's ability to compete with other competing products and with emerging new technologies; product liability exposure; patent infringement claims and claims related to Alphatec Spine's intellectual property. Please refer to the risks detailed from time to time in Alphatec Spine's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Alphatec Spine 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 Spine
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