08.04.23
Rank: #7 (Last year: #7)
$1.20 Billion
Prior Fiscal: $1.14 Billion
Percentage Change: +6%
R&D Expenditure: $98.5M
Best FY22 Quarter: Q2 $310.5M
Latest Quarter: Q1 $307.7M
No. of Employees: 3,000
Global Headquarters: San Diego, Calif.
KEY EXECUTIVES:
Chris Barry, CEO
Matt Harbaugh, Exec. VP and CFO
Dale Wolf, Sr. VP, Global Operations
Ryan Donahoe, Sr. VP and CTO
NuVasive has been a resident of the ODT top 10 list for quite some time, creeping up the list to reach #6 before falling back to #7 in last year’s feature. However, this entry may represent the organization’s final report. About a month after the firm closed its books on the 2022 year, it was announced the company would be combining with Globus Medical in an all-stock transaction. Under the terms of the deal, NuVasive shareholders would receive 0.75 of a share of Globus Medical stock for each share of NuVasive, putting the deal value at approximately $3.1 billion.
"Our combination with Globus Medical is transformative, joining two companies with highly complementary capabilities, geographic footprints and customer bases," said Chris Barry, CEO of NuVasive. "Together, we will be able to offer an exceptional portfolio of clinically proven solutions, supported by strong commercial and surgeon education teams. The new company will be well-positioned to deliver value creation for shareholders, further support our surgeon partners—and most importantly, change the lives of more patients."
The combined company will have an eleven-member board—eight from Globus Medical and three from NuVasive. Chairman of the board at Globus Medical, David Paul, will remain in the same role at the combined company, while Globus CEO/President Dan Scavilla will stay as CEO. Globus CFO Keith Pfeil will continue in that role within the new firm and Barry will serve in a supporting role during the integration. In total, the new firm is expected to have about 5,000 employees.
Although both companies claim the product offerings are complementary, some analysts point to the possibility of a “messy” merger given similar transactions in the past. "To double-down on spine is somewhat surprising in our view and adds a lower growth organization," BTIG analyst Ryan Zimmerman told Reuters.
Further, it was reported the deal caught the eye of the FTC, which as of the time of this writing, was said to be considering a lawsuit to challenge the deal.
Curiously, while the deal has Globus essentially purchasing NuVasive, the revenues for the firms in the ODT top company list has the latter ahead of the acquirer. NuVasive closed its 2022 fiscal with $1.20 billion in net sales, a 6% increase over the previous year. Spinal hardware for the firm contributed $910 million to that total, also equating to a 6% rise. The organization pointed to increased product volume due to ongoing elective surgery recovery as primarily responsible for the gains, with specific emphasis on the introduction of the Simplify Cervical Disc in 2021.
Surgical support added $292 million to the company’s coffers, inflating 3% over the previous fiscal. Similarly, the recovery of surgical procedures was a contributing factor, as well as the launch of the Pulse platform in 2021.
Recognizing the role new innovations play in revenue growth, NuVasive continued to support its product portfolio with a number of announcements regarding novel offerings during 2022.
Just days after the start of the new fiscal, the company gained an FDA clearance for expanded indications of use for its Attrax Putty. The agency’s go-ahead enabled the product to be used with NuVasive’s thoracolumbar interbody portfolio for spine surgery. The putty is a synthetic, bioactive, and osteoconductive bone void filler designed to drive bone fusion. It features a surface microarchitecture that provides an optimized environment for bone formation without added cells or growth factors.
At the end of NuVasive’s third quarter, the organization launched the Reline Cervical, a fixation system for posterior cervical fusion (PCF). With the Reline Cervical, surgeons can address complex PCF surgeries within one comprehensive fixation portfolio, as well as utilize the enabling technologies within Pulse. The compatibility of Reline Cervical with Pulse gives surgeons the benefits of navigation, imaging enhancement, intraoperative neuromonitoring, iGA, and patient-specific rod bending.
November saw the commercial launch of the NuVasive Tube System (NTS) and Excavation Micro, a minimally invasive surgery system that provides comprehensive solutions for both TLIF and decompression.
Engineered to elevate the surgical workflow through efficient, controlled positioning, and optimized access, NTS and Excavation Micro are made a complete procedural solution with Advanced Materials Science and expandable interbody implants, biologics, Reline fixation system, and enabling technologies within the Pulse platform.
As part of its efforts to get more of its products into the hands of surgeons around the world, NuVasive announced the grand opening of its Singapore Experience Center for the Asia-Pacific region in June. The center provides surgeons across the region the opportunity to train and learn from faculty surgeons in Singapore and provide office space for cross-functional support staff to drive business growth. As part of the company's Clinical Professional Development program, it will complement the flagship Experience Centers located in San Diego and the New York metropolitan area.
The center features:
$1.20 Billion
Prior Fiscal: $1.14 Billion
Percentage Change: +6%
R&D Expenditure: $98.5M
Best FY22 Quarter: Q2 $310.5M
Latest Quarter: Q1 $307.7M
No. of Employees: 3,000
Global Headquarters: San Diego, Calif.
KEY EXECUTIVES:
Chris Barry, CEO
Matt Harbaugh, Exec. VP and CFO
Dale Wolf, Sr. VP, Global Operations
Ryan Donahoe, Sr. VP and CTO
NuVasive has been a resident of the ODT top 10 list for quite some time, creeping up the list to reach #6 before falling back to #7 in last year’s feature. However, this entry may represent the organization’s final report. About a month after the firm closed its books on the 2022 year, it was announced the company would be combining with Globus Medical in an all-stock transaction. Under the terms of the deal, NuVasive shareholders would receive 0.75 of a share of Globus Medical stock for each share of NuVasive, putting the deal value at approximately $3.1 billion.
"Our combination with Globus Medical is transformative, joining two companies with highly complementary capabilities, geographic footprints and customer bases," said Chris Barry, CEO of NuVasive. "Together, we will be able to offer an exceptional portfolio of clinically proven solutions, supported by strong commercial and surgeon education teams. The new company will be well-positioned to deliver value creation for shareholders, further support our surgeon partners—and most importantly, change the lives of more patients."
The combined company will have an eleven-member board—eight from Globus Medical and three from NuVasive. Chairman of the board at Globus Medical, David Paul, will remain in the same role at the combined company, while Globus CEO/President Dan Scavilla will stay as CEO. Globus CFO Keith Pfeil will continue in that role within the new firm and Barry will serve in a supporting role during the integration. In total, the new firm is expected to have about 5,000 employees.
Although both companies claim the product offerings are complementary, some analysts point to the possibility of a “messy” merger given similar transactions in the past. "To double-down on spine is somewhat surprising in our view and adds a lower growth organization," BTIG analyst Ryan Zimmerman told Reuters.
Further, it was reported the deal caught the eye of the FTC, which as of the time of this writing, was said to be considering a lawsuit to challenge the deal.
Curiously, while the deal has Globus essentially purchasing NuVasive, the revenues for the firms in the ODT top company list has the latter ahead of the acquirer. NuVasive closed its 2022 fiscal with $1.20 billion in net sales, a 6% increase over the previous year. Spinal hardware for the firm contributed $910 million to that total, also equating to a 6% rise. The organization pointed to increased product volume due to ongoing elective surgery recovery as primarily responsible for the gains, with specific emphasis on the introduction of the Simplify Cervical Disc in 2021.
Surgical support added $292 million to the company’s coffers, inflating 3% over the previous fiscal. Similarly, the recovery of surgical procedures was a contributing factor, as well as the launch of the Pulse platform in 2021.
Recognizing the role new innovations play in revenue growth, NuVasive continued to support its product portfolio with a number of announcements regarding novel offerings during 2022.
Just days after the start of the new fiscal, the company gained an FDA clearance for expanded indications of use for its Attrax Putty. The agency’s go-ahead enabled the product to be used with NuVasive’s thoracolumbar interbody portfolio for spine surgery. The putty is a synthetic, bioactive, and osteoconductive bone void filler designed to drive bone fusion. It features a surface microarchitecture that provides an optimized environment for bone formation without added cells or growth factors.
At the end of NuVasive’s third quarter, the organization launched the Reline Cervical, a fixation system for posterior cervical fusion (PCF). With the Reline Cervical, surgeons can address complex PCF surgeries within one comprehensive fixation portfolio, as well as utilize the enabling technologies within Pulse. The compatibility of Reline Cervical with Pulse gives surgeons the benefits of navigation, imaging enhancement, intraoperative neuromonitoring, iGA, and patient-specific rod bending.
November saw the commercial launch of the NuVasive Tube System (NTS) and Excavation Micro, a minimally invasive surgery system that provides comprehensive solutions for both TLIF and decompression.
Engineered to elevate the surgical workflow through efficient, controlled positioning, and optimized access, NTS and Excavation Micro are made a complete procedural solution with Advanced Materials Science and expandable interbody implants, biologics, Reline fixation system, and enabling technologies within the Pulse platform.
As part of its efforts to get more of its products into the hands of surgeons around the world, NuVasive announced the grand opening of its Singapore Experience Center for the Asia-Pacific region in June. The center provides surgeons across the region the opportunity to train and learn from faculty surgeons in Singapore and provide office space for cross-functional support staff to drive business growth. As part of the company's Clinical Professional Development program, it will complement the flagship Experience Centers located in San Diego and the New York metropolitan area.
The center features:
- Dedicated Pulse demonstration site to provide hands-on experience with an enabling technology platform that has the ability to be utilized in 100% of spine procedures.
- Educational training rooms with advanced cameras and streaming capabilities for effective virtual learning.
- Technology rotunda with the ability for live and virtual demonstrations of the company's comprehensive, procedurally integrated spinal solutions.