Amid Company Growth, ConforMIS Names New CFO

Bedford, Mass.-based ConforMIS Inc. has named 30-year business and financial management veteran Peter Traynor the company’s new chief financial officer (CFO). Traynor replaces Judith Huber, who has held the job since 2008.

Peter Traynor

Prior to joining ConforMIS, Traynor spent 10 years at Genzyme Corporation, where he served as chief accounting officer, and most recently as senior vice president of the company’s business and finance unit. In this role he was responsible for U.S. Securities and Exchange Commission filings, controllership functions, and financial planning and forecasting for Genzyme’s eight global business units.He also was a member of Genzyme’s global operating team and involved in many of the company’s acquisitions.Genzyme primarily is known for products that treat rare genetic diseases categorized under lysosomal storage disorders. Before joining Genzyme, Traynor served as CFO of software company Trellix Corp. (now web.com), and controller of the European operations for Lotus Development (now Lotus Software, which is owned by IBM).

“We are very pleased to welcome Peter as our CFO at a time when the company is experiencing substantial growth,” said Philipp Lang, M.D., CEO of ConforMIS. “We are at a very important and exciting point in the company’s history, and Peter’s past experience is very well suited to helping us achieve our goals of sustained growth and disciplined operating execution.”

ConforMIS recently announced the launch of its iTotal G2 total knee replacement system, a personalized implant and instrument system designed to match a patient’s natural articulating shape. The iTotal allows ConforMIS to address the largest segment of the knee replacement market.The company also recently moved its corporate offices to a substantially larger facility in Bedford to support the recent and projected growth of the company.

“It’s very exciting to join a company that combines such an innovative and broad ranging technology with an exceptionally fast growing product offering,” said Traynor. “I look forward to joining a leadership team and working with them to support the continued growth of the company’s image-based technology platform.”

Traynor earned an M.S. in finance from Bentley College Graduate Schoolin Waltham, Mass., and a B.A. in accounting from the University of Massachusetts.He currently is completing a professional degree in international relations from the Fletcher School of Law and Diplomacy at Tufts University, outside Boston, Mass.

ConforMIS Inc. develops and commercializes medical devices that treat osteoarthritis and joint damage.

Cadence Inc. Announces Share Repurchase Plan and New CEO

Alan Connor

Cadence Inc. has appointed Alan Connor its new CEO. Connor has been serving as president since April 2011, and will succeed Peter Harris in April 2013 following a six-month transition period. Harris will continue as board chairman.

Prior to joining Cadence in 2011, Connor spent a long career in the medical device industry. His experience includes various executive management roles within large and medium-sized companies, such as MicroAire, MEDRAD Inc., Arthur Andersen LLP, and Westinghouse Electric Corporation. He also has experience building strong organizations and customer relationships while improving operating efficiencies. Connor earned an M.B.A. with concentrations in marketing and finance from the University of Pittsburgh’s Joseph M. Katz Graduate School of Business, and a bachelor of science degree in industrial engineering from Penn State University in University Park, Pa.

“We have a very special team of highly motivated employees who remain focused on creating new manufacturing technologies to enable new product innovation,” said Connor. “I look forward to working closely with our employees, Peter and the board through our next phase of growth.”

“We’re excited to have Alan lead our growing efforts for development and expansion in this market environment,” said Harris. “This promotion is the result of a two-year succession planning process. Alan’s personal efforts have been instrumental in our recent success and I look forward to his ongoing leadership as we pursue our vision.”

Cadence also announced plans to spend up to $4 million dollars to repurchase its own shares. Funds used to purchase shares will come from a combination of operating cash flow and existing debt facilities. Cadence spokesperson Ken Cleveland told Orthopedic Design and Technology that the repurchase plan stems from a company belief in the value of its shares, and that company prospects are good. “Investing spare capital in the company makes sense right now,” Cleveland said.

Cadence’s revenue jumped 34 percent in the first nine months of 2012 and its income skyrocketed 72 percent. Earnings per share ended at $1.76 as of Sept. 30, a 52 percent increase compared with the first nine months of 2011. Earnings before interest, taxes, depreciation and amortization were up 46 percent compared with last year.

Cadence is a Staunton, Va.-based contract manufacturing company that develops medical technologies for minimally invasive devices.