Here are 14 things to know about the medical device company, NuVasive.
1. NuVasive is a medical device company established in 1999 and focused on developing minimally disruptive surgical products and procedures for the spine. The company is best known for the eXtreme Lateral Interbody Fusion and VerteBRIDGE technology.
2. On Jan. 5, 2016, NuVasive acquired Ellipse, a privately held medical technology company focused on revolutionizing procedural solutions for complex skeletal deformity, for a $380 million upfront cash payment and a potential $30 million milestone payable in 2017 related to the achievement of specific revenue targets.
3. NuVasive is the third largest medical device company in the global spine industry, featuring more than 90 products spanning lumbar, thoracic and cervical applications, neuromonitoring services and a biologics portfolio.
4. NuVasive's full year revenue for 2015 reached $811.1 million, a 6.4 percent jump from the previous year. Full year net income was $66.3 million, or $1.26 per share, significantly up from a $16.7 million net loss or $.036 loss per share for 2014. NuVasive's full year for 2016 is projected at $923 million, around 13.8 percent growth over the same period last year..
5. The company's corporate headquarters are in San Diego with additional offices in Memphis, Tenn., and Dayton, Ohio. It also has facilities in Puerto Rico, the United Kingdom, Germany, Italy, Australia, Spain, Singapore and Japan.
6. The company's current principal offering includes the Maximum Access Surgery, or MAS, as well as a growing offering of cervical and motion preservation products. The MAS platform enables procedures such as XLIF, or eXtreme Lateral Interbody Fusion, a minimally disruptive spine surgery that accesses the spine through the patients side..
7. MAS combines three categories of NuVasive's current product offerings:
- NeuroVision, a proprietary software-driven nerve avoidance system;
- MaXcess, a unique split-blade design retraction system; and
- Specialized implants
8. NuVasive is a foundational sponsor of the Society of Lateral Access Surgery, a global nonprofit organization comprised of lateral access surgeons. The mission of the society is to advance minimally disruptive lateral access spine surgery techniques through clinical research, peer-to-peer education and membership initiatives. The society has more than 900 surgeon members from 20 different countries.
9. NuVasive founded The Better Way Back program, dedicated to building a supportive community for chronic back pain patients. The program aims to raise awareness of spine disorders and educate patients and clinicians about support options. MMA Fighter Nate "Rock" Quarry and basketball Hall-of-Famer Bill Walton are spokesmen for the program.
10. In 2009, NuVasive created The NuVasive Spine Foundation, which provides care for underserved populations around the world. From 2009 to 2015, the foundation provided surgery for 850 indigent patients in over 30 countries.
11. Gregory T. Lucier has served as the chairman and CEO of NuVasive since May 2015, taking over from Alex Lukianov. Additional leadership includes:
- Patrick Miles, President and COO
- Matt Link, President of U.S. Commercial
- Quentin Blackford, Executive Vice President and CFO
- Jason M. Hannon, Executive Vice President of International
- Carol Cox, Executive Vice President of External Affairs and Corporate Marketing
- Pete Leddy, PhD, Executive vice president of Human Resources and Corporate Integrity
- Johnson Lai, Chief Information Officer
- Jason D. Hanson, Executive Vice President of Stragey, Corporate Development and General Counsel
- Ed Roschak, CEO of NuVasive Specialized Orthopedics
This month, NuVasive appointed Robert F. Friel and Donald J. Rosenberg to the company's board of directors. Mr. Friel serves as a member of the board's Compensation Committee and Mr. Rosenberg serves as a member of the board's Compensation Committee and the Nominating and Corporate Governance Committee. These appointments expand NuVasive's board from seven to nine directors, eight of whom are independent directors.
12. In 2015, NuVasive selected a site in West Carrollton, Ohio, as the location for the build-out of a new medical device facility dedicated to spinal implant and instrument manufacturing. The 160,000 square foot facility is currently scheduled to begin commercial scale production by year-end 2016.
13. The FDA cleared NuVasive's X-Core Mini Cervical Corpectomy System on Oct. 12, 2015. The cage system is an expandable titanium vertebral body replacement device designed to provide enhanced stability following a corpectomy procedure.
14. In July 2015, NuVasive reached a definitive settlement with the U.S. Department of Justice related to the subpoena issued to the company by the Office of Inspector General of the Department of Health and Human Services in 2013. Under the terms of the settlement agreement, NuVasive will pay $13.5 million, plus fees and accrued interest. The settlement is neither an admission of liability or wrongdoing by the company nor a concession by the United States that its claims are not well founded.