08.17.21
Rank: Rank: #7 (Last year: #6)
$1.05 Billion
Prior Fiscal: $1.17 Billion
Percentage Change: -10.2%
No. of Employees: 2,700
Global Headquarters: San Diego, Calif.
KEY EXECUTIVES:
Chris Barry, CEO
Brent Boucher, Exec. VP, Global Commercial
Massimo Calafiore, Exec. VP, Global Business Units
Michael Farrington, VP, Corporate Marketing, Brand and Communication
Sean Freeman, Sr. VP, Strategy and Corporate Development
Matt Harbaugh, Exec. VP, CFO
Kyle Malone, VP, Clinical, Medical, and Regulatory Affairs
Aviva McPherron, VP, Information Technology
Nathaniel Sisitsky, Esq., Sr. VP, General Counsel and Corporate Secretary
Lucas Vitale, Sr. VP and Chief Human Resources Officer
Dale Wolf, Sr. VP, Global Operations
In an ongoing legal battle with NuVasive, the court’s latest ruling on a motion to dismiss granted Alphatec a partial victory. The court skirmish began in 2017 when NuVasive sued Alphatec and CEO Patrick Miles, claiming he conspired during his 17-year tenure to “decamp to Alphatec, taking confidential information, employees and customers with him,” according to court documents.
In the latest decision, Delaware Chancery Court struck down NuVasive’s claim that Alphatec aided and abetted breach of fiduciary duty, among other allegations, on the grounds the case was pleaded improperly. According to Bloomberg Law, it was the third time the dispute has been narrowed. The court also denied Alphatec’s motion to dismiss NuVasive’s claims for tortious interference with contractual relations and deceptive and unfair trade practices.
Matthew K. Harbaugh succeeded Rajesh Asarpota as the company’s executive vice president and CFO at the beginning of last year. He was previously president of the specialty generics business at Mallinckrodt plc, and CFO of the company for more than five years before that. With over 25 years of experience, he held a variety of financial management positions at Covidien Pharmaceuticals and nearly 10 years at Monsanto in investor relations, finance, and two ex-patriate positions.
The COVID-19 pandemic stooped the spine technology company’s revenue. Net sales dropped 10.2 percent to $1.05 billion as a result of the steep decline in elective surgeries last year. Spinal hardware proceeds fell 8 percent to $783.5 million, with product volume dropping sales about 7 percent. Surgical support sales fell 16 percent to $267 million, with product and service volume curbing net sales about 15 percent as compared to the prior year.
The pandemic also caused the firm to push back the timeline for the Pulse robotic system for spine procedures a second time, according to an earnings call last August. NuVasive announced a delay in February after beta testing revealed the necessity for hardware and software changes. COVID-19 disruptions pushed FDA clearances to summer of this year, and first-in-human use to next year. The company also declared a 30.3 percent sales decline in the second quarter of 2021 due to the pandemic stifling elective procedures.
The Modulus XLIF dual sided plate launched last May, and the Modulus ALIF and Cohere TLIF-O implants earned 510(k) clearances around the same time:
The company began limited roll out of its new Precice plate for pediatric limb lengthening and reconstruction last September. Mounted on the outside of the bone and leveraging locking plate technology, the Precice Plate avoids potential damage to the growth plate. A programmable external remote control magnetically couples with the plate to make micro adjustments. The patient follows a custom lengthening schedule over several months to gradually distract the plate and stretch newly formed bone to a target length. Full commercial launch took place in the U.S. and Europe early this year.
The firm’s porous PEEK portfolio was expanded with November’s launch of the Cohere XLIF interbody and Cohere XLIF AMS plate. Studies have showed that Cohere XLIF’s porous PEEK technology enhances osteogenic cell response and improves stability through bone in-growth. Porous PEEK maintains high porosity under conditions replicating clinical loading and resists abrasion damage and delamination under impacted insertion conditions. The implants also reduce stress shielding and subsidence risk.
November also saw release of the Anterior Cervical Plating (ACP) system and unveiling the C360 cervical spine portfolio. The ACP system features a 1.6 mm plate and its design helps reduce post-op complications like dysphagia, malalignment, and adjacent level ossification. It touts three plate profiles with optimized stiffness for each surgical level, with a wide array of length options to match patient anatomies. Its screws have integrated locking covers for better placement and locking accuracy.
In December, the firm released an update concerning a field safety notice that recalled its MAGEC System Model X spinal rods last February. According to the advisory notice, the implants can loosen, fracture, corrode, migrate, or cause pain. The issues can manifest in vivo as locking pin breakage, O-ring seal failure, metal wear debris generation, and failure of the rod to distract. Patients implanted with the rod may need to undergo removal or revision surgery.
$1.05 Billion
Prior Fiscal: $1.17 Billion
Percentage Change: -10.2%
No. of Employees: 2,700
Global Headquarters: San Diego, Calif.
KEY EXECUTIVES:
Chris Barry, CEO
Brent Boucher, Exec. VP, Global Commercial
Massimo Calafiore, Exec. VP, Global Business Units
Michael Farrington, VP, Corporate Marketing, Brand and Communication
Sean Freeman, Sr. VP, Strategy and Corporate Development
Matt Harbaugh, Exec. VP, CFO
Kyle Malone, VP, Clinical, Medical, and Regulatory Affairs
Aviva McPherron, VP, Information Technology
Nathaniel Sisitsky, Esq., Sr. VP, General Counsel and Corporate Secretary
Lucas Vitale, Sr. VP and Chief Human Resources Officer
Dale Wolf, Sr. VP, Global Operations
In an ongoing legal battle with NuVasive, the court’s latest ruling on a motion to dismiss granted Alphatec a partial victory. The court skirmish began in 2017 when NuVasive sued Alphatec and CEO Patrick Miles, claiming he conspired during his 17-year tenure to “decamp to Alphatec, taking confidential information, employees and customers with him,” according to court documents.
In the latest decision, Delaware Chancery Court struck down NuVasive’s claim that Alphatec aided and abetted breach of fiduciary duty, among other allegations, on the grounds the case was pleaded improperly. According to Bloomberg Law, it was the third time the dispute has been narrowed. The court also denied Alphatec’s motion to dismiss NuVasive’s claims for tortious interference with contractual relations and deceptive and unfair trade practices.
Matthew K. Harbaugh succeeded Rajesh Asarpota as the company’s executive vice president and CFO at the beginning of last year. He was previously president of the specialty generics business at Mallinckrodt plc, and CFO of the company for more than five years before that. With over 25 years of experience, he held a variety of financial management positions at Covidien Pharmaceuticals and nearly 10 years at Monsanto in investor relations, finance, and two ex-patriate positions.
The COVID-19 pandemic stooped the spine technology company’s revenue. Net sales dropped 10.2 percent to $1.05 billion as a result of the steep decline in elective surgeries last year. Spinal hardware proceeds fell 8 percent to $783.5 million, with product volume dropping sales about 7 percent. Surgical support sales fell 16 percent to $267 million, with product and service volume curbing net sales about 15 percent as compared to the prior year.
The pandemic also caused the firm to push back the timeline for the Pulse robotic system for spine procedures a second time, according to an earnings call last August. NuVasive announced a delay in February after beta testing revealed the necessity for hardware and software changes. COVID-19 disruptions pushed FDA clearances to summer of this year, and first-in-human use to next year. The company also declared a 30.3 percent sales decline in the second quarter of 2021 due to the pandemic stifling elective procedures.
The Modulus XLIF dual sided plate launched last May, and the Modulus ALIF and Cohere TLIF-O implants earned 510(k) clearances around the same time:
- The Modulus XLIF dual sided plate is a low-profile, anti-migration plate that achieves two fixation points in XLIF surgeries.
- The Modulus ALIF porous titanium implant is used in both supine and lateral ALIF (XALIF) procedures, and the company’s first AMS offering for ALIF.
- Cohere TLIF-O is a porous PEEK implant for TLIF procedures, featuring a single-step insert and rotate technique and lordotic design feature in the oblique plane.
The company began limited roll out of its new Precice plate for pediatric limb lengthening and reconstruction last September. Mounted on the outside of the bone and leveraging locking plate technology, the Precice Plate avoids potential damage to the growth plate. A programmable external remote control magnetically couples with the plate to make micro adjustments. The patient follows a custom lengthening schedule over several months to gradually distract the plate and stretch newly formed bone to a target length. Full commercial launch took place in the U.S. and Europe early this year.
The firm’s porous PEEK portfolio was expanded with November’s launch of the Cohere XLIF interbody and Cohere XLIF AMS plate. Studies have showed that Cohere XLIF’s porous PEEK technology enhances osteogenic cell response and improves stability through bone in-growth. Porous PEEK maintains high porosity under conditions replicating clinical loading and resists abrasion damage and delamination under impacted insertion conditions. The implants also reduce stress shielding and subsidence risk.
November also saw release of the Anterior Cervical Plating (ACP) system and unveiling the C360 cervical spine portfolio. The ACP system features a 1.6 mm plate and its design helps reduce post-op complications like dysphagia, malalignment, and adjacent level ossification. It touts three plate profiles with optimized stiffness for each surgical level, with a wide array of length options to match patient anatomies. Its screws have integrated locking covers for better placement and locking accuracy.
In December, the firm released an update concerning a field safety notice that recalled its MAGEC System Model X spinal rods last February. According to the advisory notice, the implants can loosen, fracture, corrode, migrate, or cause pain. The issues can manifest in vivo as locking pin breakage, O-ring seal failure, metal wear debris generation, and failure of the rod to distract. Patients implanted with the rod may need to undergo removal or revision surgery.