Orthofix Medical (Nasadaq: OFIX) announced that it appointed a new CFO as its newly appointed CEO takes over the corner office.
The large orthopedic device maker appointed Julie Andrews as CFO as Massimo Calafiore assumes his position as CEO. Orthofix named Calafiore as its next CEO in November. However, the company had to wait until Enovis completed its acquisition of LimaCorporate for the appointment to go into effect. Calafiore served as Lima’s CEO until Enovis completed its acquisition last week.
Orthofix’s executive appointments come as part of a major shuffle at the top following the termination of three high-ranking executives. After the company began 2023 with a massive merger with SeaSpine, in September, it terminated a trio of executives with cause. The company cut ties with CEO Keith Valentine, CFO John Bostjancic and chief legal officer Patrick Keran following an investigation.
“I am thrilled to announce that Massimo has officially started in his role as president and CEO and am equally excited to welcome Julie to Orthofix as incoming CFO,” said Catherine Burzik, Orthofix chair and former interim CEO. “Our search for these critical management roles was executed quickly and thoroughly, with many highly qualified candidates expressing interest in leading Orthofix. We are confident we have chosen two visionary executives who will bring meaningful perspectives and expertise to the company and that their leadership will serve us well in the years ahead.”
More about new CFO Julie Andrews
Andrews joins the Lewisville, Texas-based company having previously served as CFO for Smart Wires Technology. There, she led all finance, tax, treasury, accounting, information technology and investor relations functions.
Before that, Andrews held the post of SVP, global finance, at Wright Medical Group from 2012 to 2020. She also served as VP of finance for the Spine and Biologics division of Medtronic, having spent years in roles of increasing responsibility there. Andrews also currently serves on the board of RxSight.
Orthofix shares preliminary Q4 results
The company reported preliminary fourth-quarter results that include net sales of $200.3 million. That marks an increase of 64% year-over-year.
Orthofix’s bone growth therapies unit saw 15% growth in the strongest quarter in its history in terms of sales, the company said. U.S. spinal implants, biologics and enabling technologies grew by 4% and global orthopedics increased by 7%.
“We are very pleased with our results for the fourth quarter of 2023 and believe the strength and stability Orthofix exhibited through the end of the year will continue into 2024,” Burzik said. “Our preliminary revenue numbers reflect heightened performance and increased momentum across all business segments.”
Shares of OFIX ticked up 5.5% at $14.09 apiece after the market opened this morning. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose slightly.