Spine device company NuVasive plans to open an international operations center in Waterford, Ireland, according to a Silicon Report article.
Here are five things to know about the move:
1. The new center is expected to create up to 30 highly skilled positions over the next few years. NuVasive is currently based in San Diego and employs more than 1,500 people. The company also has offices in Puerto Rico, Germany, United Kingdom, Italy, Australia, Singapore, Malaysia and Japan. It is the third-largest spine company in the United States and fourth-largest spine company globally with more than 90 products spanning lumbar, cervical and thoracic applications, neuromonitoring and biologics.
2. NuVasive is currently recruiting for supply chain, customer service, accounting and IT positions at the new location. This isn't the only recent expansion for the company; in the fourth quarter of 2013, NuVasive purchased Ohio-based contract manufacturing partners ANC which is expected to boost the company's revenue 25 percent this year.
3. IDA Ireland provided support for the investment. In 2013, NuVasive had $685.2 million in revenue. In May the company celebrated 10 years as a publicly traded company by ringing the NASDAQ bell and has aspirations to become a $1 billion start-up in the future. During the first quarter of 2014, the company reported net income of $851,000 and gross profit of $134.2 million.
4. There are nine of the top 10 global med-tech companies based in Ireland, according to the report, and Minister of Jobs, Enterprise and Innovation Richard Bruton said significant job growth has come from these companies. Heading into this transition, NuVasive has made leadership changes. In April, CFO Michael Lambert announced his retirement and will be succeeded by the company's Executive Vice President of Finance, Accounting and Investor Relations Quentin Blackford on August 1.
5. NuVasive CEO Alex Lukianov said the company is excited to grow it's presence in Ireland and improve international business. NuVasive recently launched the NVM5 V2.0, a comprehensive set of intraoperative technologies designed specifically for spine surgery including the sensory monitoring modality for multimodality monitoring of the spinal cord and peripheral nerves. The system also has refinements to the recently-launched spinal rod-bending technology Bendini.
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