Cutera (NSDQ:CUTR) said today that it snagged Vyaire Medical CEO David Mowry to be its new CEO, effective immediately.
The aesthetic device maker in January fired president & CEO James Reinstein after the company missed expectations for its 2018 top line, naming COO Jason Richey as interim chief executive.
Mowry led Tornier to a $3.3 billion merger with Wright Medical in October 2015. After leaving the COO role at Wright the next year, he was tapped to lead Vyaire Medical, a rollup of four respiratory businesses BD acquired in the March 2015 deal for CareFusion. Initially a joint venture partner in Vyaire with private equity shop Apax Partners, BD later dealt its 49.9% stake to Apax for $435 million.
Mowry’s resume also includes a stint as president of Covidien’s neurovascular business, Brisbane, California-based Cutera said.
“We are pleased to welcome David Mowry as Cutera’s CEO,” chairman Daniel Plants said in prepared remarks. “Dave is a highly regarded leader in the medical device industry, with a proven track record of building great businesses and creating shareholder value. We’re confident that Dave’s vision, operational discipline and commercial acumen make him the ideal leader for Cutera, and we’re excited to leverage his experience to help Cutera reach the next level.
Cutera also said that its preliminary second-quarter numbers “exceeded consensus growth estimates and its own revenue forecast.” Analysts on Wall Street will be looking for adjusted losses per share of -3¢ on sales of $41.6 million when Cutera releases its Q2 numbers August 8.
“On behalf of Cutera’s board of directors, I would like to thank Jason Richey for his outstanding efforts serving as our interim CEO. Under Jason’s direction, Cutera’s senior management has put in motion a number of important initiatives and stabilized the business, as evidenced by the preliminary financial results which we are also issuing today – exceeding revenue expectations in both quarters under his watch. Jason is a talented leader and, in recognition of his many contributions, we have promoted him to the role of president, the first executive to hold this title at Cutera. Finally, our search committee, comprised of directors Gregory Barrett and Timothy O’Shea, deserves commendation for its thorough process, which culminated in the identification and recruitment of Dave Mowry as our next CEO,” Plants said.
“I am delighted to have the opportunity to lead Cutera, a company with an exceptionally strong product portfolio and a reputation for delivering differentiated technology developed with the clinician customer in mind. The company’s unique, singular focus on the aesthetics market provides it with the ideal scale and scope to win,” Mowry added. “I am especially excited to work with the talented team at Cutera to deliver sustainable growth and improved profitability while, most importantly, continuing to deliver market-leading technology to our valued customers. I am confident in our ability to position Cutera for long-term success and look forward to working together to achieve our full potential.”
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