Orthofix appoints Massimo Calafiore as President and Chief Executive Officer
Value-building Medical Device Executive with 20 years of experience driving market-leading growth in orthopedics and spine companies
Global leader with extensive M&A expertise and commercial and operational experience in key Orthofix geographies
LEWISVILLE, Texas, November 28, 2023–(BUSINESS WIRE)–Orthofix Medical Inc. (NASDAQ:OFIX), a leading global spine and orthopedics company, today announced that Massimo Calafiore has been named incoming President and Chief Executive Officer. Mr. Calafiore is currently Chief Executive Officer of LimaCorporate SpA, a global orthopedic company, and his appointment at Orthofix is expected to become effective in early 2024, following the completion of the previously announced acquisition of LimaCorporate by Enovis Corporation (NYSE: ENOV). At that time, it is expected that Mr. Calafiore will also join the Orthofix Board of Directors.
“The Board of Directors has unanimously decided that Massimo is the right choice to lead Orthofix given his exceptional track record in delivering value creation and his extensive knowledge of the medical device industry, particularly within orthopedics and spine,” said Catherine Burzik, Chairman of the Board of Directors. of Board and Interim CEO of Orthofix. “Throughout his career, Massimo has demonstrated his ability to unlock value opportunities for multi-segment, global companies. He has successfully driven the sales and commercial activities to achieve both industry-leading profitability and growth. Importantly, he has proven experience in integrating companies and building high-performing teams.”
“Having worked in orthopedics and spine throughout my career, I know Orthofix well and have long admired the company and its talented team,” said Mr. Calafiore. “I was attracted to Orthofix because of the many growth opportunities created by its unique, broad portfolio and high-quality distributor relationships. I am also impressed by 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 leverage Orthofix’s significant profitable growth potential and enhance shareholder value.”
Mr. Calafiore is an experienced global business leader with an excellent track record at multiple companies in the orthopedics and spine industry. Throughout his career, he has demonstrated a commitment to operational excellence, ethical integrity and DE&I values.
He has been CEO of LimaCorporate since September 2022. During this time, Mr. Calafiore has strengthened and reimagined the company’s strategy and culture priorities, with a focus on nurturing, mentoring and retaining talent. His leadership resulted in consecutive quarter-over-quarter above-market growth; best-in-class EBITDA margins; and a substantial improvement in employee engagement and retention. On September 25, 2023, LimaCorporate announced its sale to Enovis Corporation for €800 million.
Before joining LimaCorporate, he was Executive Vice President and Chief Commercial Officer of NuVasive, Inc. and delivered consecutive quarter-over-quarter above-market growth across all core geographies, including US, APAC, EMEA and Japan, and successfully launched multiple products globally, becoming fundamental to NuVasive’s portfolio offering.
Early in his tenure at NuVasive, Mr. Calafiore served as President of NuVasive Specialized Orthopedics (formerly Ellipse Technologies). In this role, he helped further integrate the Ellipse business with NuVasive, delivering multiple quarters of accelerated revenue growth with above-average margin expansion. NuVasive Specialized Orthopedics is today a major player in complex trauma and limb reconstructions for adults and children, a market segment in which Orthofix is also a recognized leader.
Earlier in his career, Mr. Calafiore worked for Waldemar Link GmbH & Co. KG and has held various leadership roles across multiple business segments, including orthopedics, lower extremity and spine. He oversaw the sales of the STAR Ankle to Small Bone Innovations and the PCM Cervical disc to NuVasive.
He has 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 informed the Board of Directors that she has elected not to seek re-election as a member of the Board of Directors at the 2024 Annual Meeting.
Ms. Burzik said, “It is an honor to serve as interim CEO and work closely with the great employees at Orthofix. The organization is on solid foundations and I will be pleased to hand the business over to Massimo’s highly capable hands and plan to work closely with him in the coming months to ensure a seamless transition.”
The Board of Directors engaged Heidrick & Struggles, a leading global executive search firm, to assist in the search process.
About Orthofix
Orthofix is a leading global spine and orthopedics company with a comprehensive portfolio of biologics, innovative spine hardware, bone growth therapies, specialty orthopedic solutions and a leading surgical navigation system. The products are distributed in approximately 68 countries around the world.
The company is headquartered in Lewisville, Texas with corporate 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, manufacturing 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 press release may contain 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 similar terminology. Orthofix cautions you that statements in this press release that are not descriptions of historical facts are forward-looking statements based on the company’s current expectations and assumptions. Any forward-looking statement contained in this press 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, but are not limited to: the ability of newly launched products to perform as designed and intended and to meet the needs of surgeons and patients, including due to 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 on which they are made. Orthofix does not intend to revise or update any forward-looking statement contained in this press release to reflect events or circumstances occurring after the date of this press release, except as may be required by law.
Contacts
Media relations
Denise Landry
DeniseLandry@orthofix.com
214.937.2529
Investor Relations
Louisa Smith, Gilmartin Group
IR@orthofix.com
