Issue link: https://beckershealthcare.uberflip.com/i/883254
39 DEVICES & IMPLANTS Orthofix's Spine Fixation Sales Jump 17.1% in Q2 2017 — 7 Highlights By Megan Wood Orthofix International reported its second quarter financial results for 2017. Here are seven highlights: 1. The company saw net sales of $108.9 million, reflecting a 4.7 per- cent increase over the same period the year prior. 2. Biologic sales jumped 9.9 percent to $15.7 million, compared to the second quarter of 2016. 3. Orthofix's spine fixation sales hit $21.4 million, a 17.1 percent in- crease over the second quarter of 2016. 4. The company's gross profit increased to $85.8 million over the year prior. 5. Net income from continuing operations hit $4.7 million, or $0.26 per share. 6. Orthofix's EBITDA was $14 million in the second quarter of 2017, up from $2.6 million in the same period the year prior. 7. The company's cash and cash equivalents were $44.3 million as of June 30. n Titan Spine Reports 2.5k Nanolock Implantations: 5 Highlights By Megan Wood Titan Spine reported its second quarter 2017 fi- nancial earnings. Here are five highlights: 1. The company saw a 49 percent year-over-year growth rate at mid-year 2017. 2. NanoLOCK sales volume rose 42 percent since the end of the first quarter 2017. 3. Titan Spine reported 150 surgeons have used the nanoLOCK in 98 hospitals. 4. Surgeons have implanted 2,500 nanoLOCK im- plantations since its launch in 2016. 5. Surgeons have implanted more than 50,000 Endoskeleton interbody fusion devices since its launch. n NuVasive Loses COO, CFO and Promotes 3 Executives Amid Organizational Restructuring By Laura Dyrda N uVasive's President and COO Jason Hannon is stepping down from his role with NuVasive aer 12 years and the company announced organizational restructuring which took effect Aug. 1. e company's CFO Quentin Blackford re- signed, effective Aug. 25, in an unrelated matter to pursue an opportunity outside of the spine industry. e company reported his resignation wasn't the result of a dispute or disagreement, and independent board mem- ber Vickie Capps will provide guidance and support to NuVasive's financial organization during the transition period. e company is currently searching for the next CFO. "With incredible opportunities ahead, we are taking steps to refine the company's operating structure to tightly align strategy, product de- velopment and marketing and integrate our global commercial channels, while scaling global operations to best address the growing needs of our partners and patients." Mr. Hannon's departure accelerated NuVa- sive's timeline for implementing organization- al change to meet strategic goals. e compa- ny plans to: 1. Align strategy, technology and marketing to enhance product development and commer- cialization capability. 2. Integrate the U.S. commercial and inter- national sales functions into a scalable global commercial organization. 3. Make changes to global operations for more operational efficiencies of manufacturing, supply chain, information technology, regula- tory affairs and quality assurance. Along with the organizational restructuring, NuVasive made a number of leadership moves. President of U.S. Commercial Matt Link was promoted to executive vice president, strategy, technology and corporate development, a new- ly created position; Executive Vice President, International Skip Kiil was named executive vice president of global commercial; and Vice President of Global Operations Steve Rozow became executive vice president of global pro- cess transformation. "Since becoming CEO over two years ago, I have been working with our board to build a world-class leadership team to support our revenue growth and profitability goals," said Chairman and CEO Gregory Lucier. "To- gether we are executing against our five-year strategic plan and building a deep bench of talent positioning us well to execute against our short- and long-term initiatives. I remain more confident than ever in our company's position to take on the $1 billion in growth." NuVasive reported better than expected sec- ond quarter revenue, increasing 10.3 percent year-over-year to $260.6 million. Mr. Lucier reported the company plans to launch new devices over the next few months and revenue is expected to hit $1 billion for the full year. n