Healthcare Industry News: NuVasive
News Release - April 29, 2014
NuVasive Announces Executive Leadership TransitionSAN DIEGO, CA--(Healthcare Sales & Marketing Network) - NuVasive, Inc. (NASDAQ: NUVA), a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, announced today that Michael Lambert intends to retire from his role as Chief Financial Officer later this year and that Quentin Blackford, its current Executive Vice President of Finance, Accounting and Investor Relations, will succeed Mr. Lambert.
Mr. Lambert has been NuVasive's Chief Financial Officer since November 2009. His retirement as our Chief Financial Officer, which will be effective on July 31, 2014, is for personal and family reasons. Mr. Lambert plans to stay actively employed with NuVasive through March 31, 2015 to assist with the transition to Mr. Blackford. His continued engagement will also focus on driving ongoing initiatives relating to expanding operating margin and process efficiencies.
Mr. Blackford will assume the role of Chief Financial Officer on August 1, 2014. He will have responsibility for Finance, Accounting, Tax, Treasury and Investor Relations. Mr. Blackford has nearly 15 years of financial experience within medical device organizations, and that experience will be invaluable as NuVasive drives toward $1 billion and beyond in revenues with a strong focus on continually expanding profitability.
Mr. Blackford has served as our Executive Vice President of Finance, Accounting and Investor Relations since February 2014, following his tenure as Senior Vice President of Finance & Investor Relations since July 2012. Prior to that, he served as Vice President, Finance from January 2011. Mr. Blackford joined NuVasive in 2009 as our Corporate Controller. His experience in the medical device industry includes his time at Zimmer Holdings, Inc. where he held various roles and responsibilities, including the Director of Finance & Controller for Zimmer's Dental Division where he was responsible for all finance, accounting and IT activities for the worldwide division. Prior to his role at Zimmer's Dental Division, Mr. Blackford directed the corporate-wide financial planning and analysis function for Zimmer Holdings, Inc. Mr. Blackford is a Certified Public Accountant and obtained Bachelor of Science degrees in both Accounting and Business Administration from Grace College.
"I am extremely excited about Quentin's promotion to Chief Financial Officer, a position for which we have been grooming him for several quarters," said Alex Lukianov, Chairman and Chief Executive Officer. "Michael Lambert has been a critical and trusted member of our team for almost 5 years, and I look forward to his continued contributions. Our succession planning efforts have provided a strong foundation for this transition as Michael and Quentin have been working closely together for several years to identify and implement the levers of our expanding profitability. I am confident that Quentin will continue this progress."
Mr. Lukianov added, "As we execute on our strategy to be a $1 Billion Start-up™ with a rapidly expanding profitability profile, Quentin will ensure that we have the focus and tools required for continued success. He has strong financial management and planning experience, and has been a key driver of efforts to operate our business in a more efficient and profitable manner. This gives me great confidence that Quentin will help us properly allocate the resources that will fuel our continued growth."
NuVasive is an innovative global medical device company that is changing spine surgery with minimally disruptive surgical products and procedurally integrated solutions for the spine. The Company is the 4th largest player in the $8.7 billion global spine market.
NuVasive offers a comprehensive spine portfolio of over 90 unique products developed to improve spine surgery and patient outcomes. The Company's principal procedural solution is its Maximum Access Surgery, or MAS® platform for lateral spine fusion. MAS provides safe, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.
Having pioneered the lateral approach to spine fusion, NuVasive continues to be at the forefront of the spine industry's shift toward less invasive solutions. The Company's dedication to innovation continues to spawn game changing technology such as the Decade Plate for single approach fixation through a lateral incision, the PCM® motion preserving disc for the cervical spine, XLIF® Corpectomy for tumor and trauma, and Armada®, which treats adult degenerative scoliosis in a less invasive fashion. The Company has also developed procedurally integrated solutions that completely redefine and improve upon traditional techniques like TLIF, PLIF, Posterior Fixation, and ALIF. NuVasive's solutions are increasingly being adopted internationally, as the Company lays the groundwork to continue growing as a global business and to offer industry-leading, Absolutely Responsive customer service to surgeons world-wide. NuVasive is focused on becoming a $1 Billion Start-up™; taking market share by maintaining a commitment to Superior Clinical Outcomes, Speed of Innovation®, and Absolute Responsiveness®.
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 which contribute to the uncertain nature of these statements include, among others, risks associated with acceptance of the Company's minimally disruptive surgical products by spine surgeons, development and acceptance of new products or product enhancements, expansion of our network of sales representatives, and the other risks and uncertainties 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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