As NuVasive Reports Q1 Results, CFO Plans Retirement

San Diego, Calif.-based NuVasive Inc. has instituted some C-suite changes.

Michael Lambert plans to retire from his role as chief financial officer (CFO) later this year. Quentin Blackford, the spine firm’s current executive vice president of finance, accounting and investor relations, will replace him.

Lambert has been NuVasive’s CFO since November 2009. His retirement, effective July 31, is for personal and family reasons, according to a statement released by the company.

Lambert plans to stay actively employed with NuVasive through March 31, 2015, to assist with Blackford’s transition. While still onboard, Lambert will focus on driving ongoing initiatives relating to expanding operating margin and process efficiencies.

Blackford, who has been in his present position since February, will become CFO on Aug. 1. He has nearly 15 years of financial experience within medical device organizations. Blackford joined NuVasive in 2009 as corporate controller, later serving as vice president of finance and then senior vice president of finance and investor relations. His experience in the medical device industry includes multiple roles at Zimmer Holdings Inc.

He is a certified public accountant and obtained Bachelor of Science degrees in accounting and business administration from Grace College.

“I am extremely excited about Quentin’s promotion to chief financial officer, a position for which we have been grooming him for several quarters,” said Alex Lukianov, chairman and CEO. “Michael Lambert has been a critical and trusted member of our team for almost five years, and I look forward to his continued contributions. Our succession planning efforts have provided a strong foundation for this transition as Michael and Quentin have been working closely together for several years to identify and implement the levers of our expanding profitability. I am confident that Quentin will continue this progress.”

For the first quarter of 2014 (ended March 31), the company reported revenue of $177.5 million, an 11.3 percent increase over the $159.5 million for the first quarter 2013. Net loss for the quarter was $18.5 million compared with a profit of $851,000 for the same period last year.