Aviva McPherron Joins Orthofix as President of Global Operations and Quality

Rhea-AI Summary

Orthofix Medical (NASDAQ:OFIX) has named Aviva McPherron as President of Global Operations and Quality. McPherron, previously at Globus Medical and NuVasive, brings extensive experience in clinical services, strategic growth, and operational transformation. She will lead Orthofix's strategy for operations, manufacturing, regulatory, clinical, and quality teams. McPherron's appointment follows the merger of Orthofix and SeaSpine, positioning the company for enhanced growth and operational efficiency. Her compensation includes performance-based and time-based stock units, and options to purchase shares, contingent on meeting specified performance and service criteria.

Positive

• Aviva McPherron's appointment could drive operational efficiencies and gross margin improvements.
• McPherron brings experience from senior roles at Globus Medical and NuVasive, including leading merger integrations.
• The merger of Orthofix and SeaSpine positions the company for growth and success.
• McPherron's stock compensation aligns her interests with shareholder value, as it is performance-based.

Negative

• Significant stock compensation granted to McPherron could dilute existing shareholders.
• The company's improved stock performance targets may be challenging to achieve, creating a potential risk.

LEWISVILLE, Texas--(BUSINESS WIRE)-- Orthofix Medical Inc. (NASDAQ:OFIX), a leading global spine and orthopedics company, today announced the appointment of Aviva McPherron as President of Global Operations and Quality. As a member of the Executive Leadership Team, McPherron will oversee strategy for the company’s operations, manufacturing, regulatory, clinical, and quality teams.

Aviva McPherron, President of Global Operations and Quality at Orthofix Medical Inc. (Photo: Business Wire)

McPherron joins Orthofix from Globus Medical where she served as Senior Vice President, Clinical Services and Integration and was responsible for strategic initiatives to drive growth and enhance profitability. In this role McPherron also led the integration planning and execution for the merger of Globus Medical and NuVasive Inc. Prior to Globus Medical, McPherron served in roles of increasing responsibility for NuVasive Inc., including Chief Transformation Officer where she led the strategy to transform the commercial and operational processes, portfolio, and back-office organization to drive profitability across the company.

“We are pleased to have Aviva join our leadership team,” said Orthofix President and CEO Massimo Calafiore. “Her experience and background will be an asset to our strong operations, clinical, regulatory and quality teams to help drive strategies that deliver operational efficiencies and gross margin improvements, both of which are critical to achieving the value of our merger.”

Prior to Globus Medical and NuVasive Inc., McPherron held a variety of leadership roles across technology and defense industries.

“The merger of Orthofix and SeaSpine has the company well-positioned for growth and success, and I am excited to be joining this talented team,” said McPherron. “I look forward to working with the team to foster better coordination and optimization across the company’s operational processes to ensure the best quality products are available for surgeons and their patients.”

McPherron has a Bachelor of Science in Mechanical Engineering from Stanford University. She serves on the Sharp Healthcare IT Advisory Board and as a member of the San Diego Mesa College Foundation Board.

As an inducement to enter into employment with Orthofix, McPherron was granted (i) performance-based vesting restricted stock units that settle into 59,666 shares of common stock at target achievement, (ii) time-based vesting restricted stock units that settle into 29,833 shares of common stock, and (iii) stock options to purchase 68,638 shares of common stock. The performance-based vesting restricted stock units vest at the end of a three-year performance period based on the Company’s total stockholder return relative to an industry peer group index during such period, while the time-based vesting restricted stock units vest in equal tranches over three years. The stock options vest upon achievement of both service- and performance-based criteria, whichever is the later of (a) the date certain service-based conditions are met (which will be met over three years) and (b) the date that the average closing price of the Company’s common stock over a one-month calendar period has been equal to or great than 150% of the closing price of the Company’s common stock on the grant date. The grants, which were approved by Orthofix’s Board of Directors, were made under standalone inducement award agreements approved pursuant to NASDAQ Marketplace Rule 5635(c)(4).

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 more than 60 countries worldwide. The Company is headquartered in Lewisville, Texas, where it conducts general business, product development, medical education and manufacturing, 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, Maidenhead, UK, Munich, Germany, Paris, France and São 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, 2023, which was filed with the Securities and Exchange Commission (SEC) on March 5, 2024. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240618902092/en/

Media Relations

Denise Landry

DeniseLandry@Orthofix.com

214.937.2529



Investor Relations

Julie Dewey

JulieDewey@Orthofix.com

209.613.6945

Source: Orthofix Medical Inc.

FAQ

Who is the new President of Global Operations and Quality at Orthofix?

Aviva McPherron has been appointed as the new President of Global Operations and Quality at Orthofix.

What prior experience does Aviva McPherron bring to Orthofix?

Aviva McPherron has prior experience at Globus Medical and NuVasive, focusing on clinical services, strategic growth, and operational transformation.

What will Aviva McPherron's role at Orthofix involve?

McPherron will oversee strategy for Orthofix's operations, manufacturing, regulatory, clinical, and quality teams.

How is Aviva McPherron's compensation structured at Orthofix?

McPherron's compensation includes performance-based and time-based restricted stock units, and options to purchase shares contingent on meeting performance and service criteria.

What recent merger positions Orthofix for growth?

The merger of Orthofix and SeaSpine positions the company for growth and operational efficiency.