Value-Building Medical Device Executive with
20-Year Record of Driving Market-Leading Growth Across Orthopedics
and Spine Businesses
Global Leader with Extensive M&A
Integration Expertise and Commercial and Operating Experience
Across Key Orthofix Geographies
Orthofix Medical Inc. (NASDAQ:OFIX), a leading global spine and
orthopedics company, announced today that Massimo Calafiore has
been named incoming President and Chief Executive Officer. Mr.
Calafiore is currently Chief Executive Officer of LimaCorporate
S.p.A., a global orthopedics company, and his appointment to
Orthofix is expected to be effective in early 2024, following the
completion of LimaCorporate’s previously announced acquisition by
Enovis Corporation (NYSE: ENOV). At that time, Mr. Calafiore is
also expected to join Orthofix’s Board of Directors.
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Massimo Calafiore, Incoming President and
CEO, Orthofix Medical Inc. (Photo: Business Wire)
“The Board of Directors unanimously determined that Massimo is
the right choice to lead Orthofix given his exceptional track
record of delivering value creation and his extensive knowledge of
the medical device industry, specifically within orthopedics and
spine,” said Catherine Burzik, Chair of the Board of Directors and
Interim CEO of Orthofix. “Throughout his career, Massimo has
demonstrated his ability to unlock value opportunities for
multi-segmented, global businesses. He has successfully driven
sales and commercial operations to achieve both industry leading
profitability and growth. Importantly, he has proven experience
integrating companies and building high performing teams.”
“Having worked in orthopedics and spine throughout my entire
career, I know Orthofix well and have long admired the Company and
its talented team,” said Mr. Calafiore. “I was attracted to
Orthofix given the many growth opportunities created by its unique,
broad-based portfolio and high-quality distributor relationships. I
am also impressed with the innovative solutions Orthofix has
developed to meet the needs of surgeons and the patients it serves.
At this pivotal time for the Company, I look forward to working
with the Board and leadership team to capture Orthofix’s
significant profitable growth potential and drive enhanced
shareholder value.”
Mr. Calafiore is an accomplished global business leader with an
excellent track record across multiple companies in the orthopedics
and spine industry. Throughout his career he has demonstrated a
commitment to operating excellence, ethical integrity and DE&I
values.
He has been CEO of LimaCorporate since September 2022. During
this time, Mr. Calafiore strengthened and reshaped the company’s
strategy and culture priorities, with an emphasis on fostering,
mentoring and retaining talent. His leadership resulted in
consecutive quarter-over-quarter above-market growth; best-in-class
EBITDA margins; and substantial improvement in employee engagement
and retention. On September 25, 2023, LimaCorporate announced its
sale to Enovis Corporation for €800 million.
Prior to LimaCorporate, he served as Executive Vice President
and Chief Commercial Officer of NuVasive, Inc. and delivered
consecutive quarter-over-quarter above-market growth in all core
geographies, including the U.S., APAC, EMEA and Japan, and
successfully launched multiple products globally, which became
foundational to NuVasive’s portfolio offering.
At the beginning of his tenure at NuVasive, Mr. Calafiore served
as President of NuVasive Specialized Orthopedics (formerly Ellipse
Technologies). In this role, he helped to further integrate the
Ellipse business with NuVasive, achieving multiple quarters of
accelerated revenue growth with above-market operation margin
expansion. NuVasive Specialized Orthopedics is today an important
player in complex trauma and limb reconstruction for adults and
children, a market segment where Orthofix is also a recognized
leader.
Earlier in his career, Mr. Calafiore worked for Waldemar Link
GmbH & Co. KG and served in various leadership roles across
multiple business segments, including orthopedics, lower
extremities and spine. He oversaw the sales of the STAR Ankle to
Small Bone Innovations and the PCM Cervical disc to NuVasive.
He holds an M.Sc. in Mechanical Engineering from the University
of Catania and an MBA from New York University.
The Company also announced that Ms. Burzik has notified the
Board that she has elected to not stand for reelection to the Board
at the 2024 Annual Meeting.
Ms. Burzik said, “It is an honor to serve as Interim CEO and
work closely with Orthofix’s amazing employees. The organization is
on solid footing, and I will be delighted to turn the Company over
to Massimo’s very capable hands and plan to work closely with him
in the following months to ensure a seamless transition.”
The Board retained Heidrick & Struggles, a leading global
executive search firm, to assist in its search process.
About Orthofix
Orthofix is a leading global spine and orthopedics company with
a comprehensive portfolio of biologics, innovative spinal hardware,
bone growth therapies, specialized orthopedic solutions, and a
leading surgical navigation system. Its products are distributed in
approximately 68 countries worldwide.
The Company is headquartered in Lewisville, Texas and has
primary offices in Carlsbad, CA, with a focus on spine and
biologics product innovation and surgeon education, and Verona,
Italy, with an emphasis on product innovation, production, and
medical education for orthopedics. The combined Company’s global
R&D, commercial and manufacturing footprint also includes
facilities and offices in Irvine, CA, Toronto, Canada, Sunnyvale,
CA, Wayne, PA, Olive Branch, MS, Maidenhead, UK, Munich, Germany,
Paris, France and Sao Paulo, Brazil.
Forward-Looking Statements
This news release may include forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and Section 27A of the Securities Act of 1933, as
amended. In some cases, you can identify forward-looking statements
by terminology such as “may,” “will,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “projects,” “intends,”
“predicts,” “potential,” “continue” or other comparable
terminology. Orthofix cautions you that statements included in this
news release that are not a description of historical facts are
forward-looking statements that are based on the Company’s current
expectations and assumptions. Each forward-looking statement
contained in this news release is subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statement. Applicable risks
and uncertainties include, among others: the ability of newly
launched products to perform as designed and intended and to meet
the needs of surgeons and patients, including as a result of the
lack of robust clinical validation; and the risks identified under
the heading “Risk Factors” in Orthofix Medical Inc.’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, which was
filed with the Securities and Exchange Commission (SEC) on March 6,
2023. The Company’s public filings with the Securities and Exchange
Commission are available at www.sec.gov. You are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date when made. Orthofix does not intend to revise
or update any forward-looking statement set forth in this news
release to reflect events or circumstances arising after the date
hereof, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231128512672/en/
Media Relations Denise Landry DeniseLandry@orthofix.com
214.937.2529
Investor Relations Louisa Smith, Gilmartin Group
IR@orthofix.com
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