Xtant Medical Holdings, Inc. (NYSE MKT:XTNT), a leader in the
development of regenerative medicine products and medical devices,
today announced the appointment of Carl O’Connell as the permanent
CEO, effective February 17th, 2017. Mr. O'Connell previously served
as president of Xtant since October of 2016 and was appointed as
interim CEO on January 21st, 2017.
Prior to joining Xtant Medical, Mr. O'Connell most recently
served as the Vice President Global Marketing - Extremities for
Wright Medical, a recognized leader in the global foot and ankle
market. Mr. O'Connell lead marketing teams and initiatives that
were instrumental in achieving US growth initiatives that exceeded
28%, and 23% globally. He also lead the completion of marketing
integration of 3 acquired businesses within a year, recruited top
talent to his team, and supported the launch of multiple product
line extensions and new products, including the successful launch
of the market leading Infinity Total Ankle. During his tenure as
Global Vice President Marketing for Stryker Spine, Mr. O'Connell
drove marketing leadership and brand differentiation programs to
support a 20% growth imperative, which was achieved through
strategic cross divisional collaboration and the successful
launches of line extensions and product upgrades. Mr. O'Connell
served as the President and CEO of MedSurg - ITOCHU International,
a division of ITOCHU Corporation, the 3rd largest Japanese trading
corporation with over $70B in sales transactions, where he was
responsible for the reorganization of three recently impaired
acquisitions by supporting success attributes, acquiring new vendor
contracts, stabilizing and growing top line sales at double digit
growth rates, and driving the division to profitability.
"We are proud to announce Carl O’Connell has been promoted to
the position of CEO" said Kent Swanson, Chairman of Xtant Medical’s
Board of Directors. "With his extensive leadership in the medical
device industry and commercialization expertise, we are confident
that he is the right choice to lead Xtant to new levels of growth
and profitability. Since joining the organization as President in
2016, he has made significant contributions to the record
performance of the Company in Q4 2016 and we share his enthusiasm
for the outlook of the Company."
"I am excited to lead what I feel has the potential to be a
world-class organization and a considerable competitor in the
market" said Carl O'Connell, now CEO of Xtant Medical. "Since
joining the organization, I have had a chance to assess the
talented Xtant Medical team, the quality of our products, the
commitment to our customers, the respect for the gift of donation,
and the opportunity that lies ahead. I look forward to continuing
to work with this team, expanding upon our recent successes and
continuing to establish the strategic course to take Xtant Medical
to the next level. I am appreciative of the confidence
bestowed in me by the executive management team, the board of
directors, and our stakeholders."
Carl O’Connell has over 30 years of experience in the healthcare
and medical device arena. In addition to the positions held above,
Mr. O'Connell also served as a Principal at Hudson Healthcare
Partners, and President for Carl Zeiss Surgical, Inc. Mr.
O'Connell's responsibilities have spanned from global marketing,
sales, manufacturing, leadership development, regulatory affairs,
corporate quality systems, research, product and business
development functions. Carl received a bachelor’s degree in
Psychology and an M.B.A. from Mount St. Mary’s College, Maryland.
Through the span of his career, Mr. O'Connell has launched more
than 100 products and participated in numerous M&A events.
About Xtant Medical
Xtant Medical develops, manufactures and markets regenerative
medicine products and medical devices for domestic and
international markets. Xtant Medical products serve the specialized
needs of orthopedic and neurological surgeons, including
orthobiologics for the promotion of bone healing, implants and
instrumentation for the treatment of spinal disease, tissue grafts
for the treatment of orthopedic disorders, and biologics to promote
healing following cranial, and foot and ankle surgeries. With core
competencies in both biologic and non-biologic surgical
technologies, Xtant Medical can leverage its resources to
successfully compete in global neurological and orthopedic surgery
markets. For further information, please visit
www.xtantmedical.com.
Important Cautions Regarding Forward-looking Statements
This press release contains certain disclosures that may be
deemed forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to
significant risks and uncertainties. Forward-looking statements
include statements that are predictive in nature, that depend upon
or refer to future events or conditions, or that include words such
as "continue," "efforts," "expects," "anticipates," "intends,"
"plans," "believes," "estimates," "projects," "forecasts,"
"strategy," "will," "goal," "target," "prospects," "potential,"
"optimistic," "confident," "likely," "probable" or similar
expressions or the negative thereof.
Statements of historical fact also may be deemed to be
forward-looking statements. We caution that these statements by
their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors,
including, among others: our ability to integrate the acquisition
of X-spine Systems, Inc. and any other business combinations or
acquisitions successfully; our ability to remain listed on the NYSE
MKT; our ability to obtain financing on reasonable terms; our
ability to increase revenue; our ability to comply with the
covenants in our credit facility; our ability to maintain
sufficient liquidity to fund our operations; the ability of our
sales force to achieve expected results; our ability to remain
competitive; government regulations; our ability to innovate and
develop new products; our ability to obtain donor cadavers for our
products; our ability to engage and retain qualified technical
personnel and members of our management team; the availability of
our facilities; government and third-party coverage and
reimbursement for our products; our ability to obtain regulatory
approvals; our ability to successfully integrate recent and future
business combinations or acquisitions; our ability to use our net
operating loss carry-forwards to offset future taxable income; our
ability to deduct all or a portion of the interest payments on the
notes for U.S. federal income tax purposes; our ability to service
our debt; product liability claims and other litigation to which we
may be subjected; product recalls and defects; timing and results
of clinical studies; our ability to obtain and protect our
intellectual property and proprietary rights; infringement and
ownership of intellectual property; our ability to remain
accredited with the American Association of Tissue Banks; influence
by our management; our ability to pay dividends; our ability to
issue preferred stock; and other factors.
Additional risk factors are listed in the Company's Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q under the
heading "Risk Factors." You should carefully consider the trends,
risks and uncertainties described in this document, the Form 10-K
and other reports filed with or furnished to the SEC before making
any investment decision with respect to our securities. If any of
these trends, risks or uncertainties actually occurs or continues,
our business, financial condition or operating results could be
materially adversely affected, the trading prices of our securities
could decline, and you could lose all or part of your investment.
The Company undertakes no obligation to release publicly any
revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law. All
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by this
cautionary statement.
Investor Contact
CG CAPITAL
Rich Cockrell
877.889.1972
investorrelations@cg.capital
Company Contact
Xtant Medical
Molly Mason
mmason@xtantmedical.com