11.09.12
Cadence Names CEO, Announces Share Repurchase Plan
Cadence Inc. has appointed Alan Connor as its new CEO. Connor has been serving as president since April 2011, and will succeed Peter Harris in April 2013 following a six-month transition period. Harris will continue as board chairman.
Prior to joining Cadence in 2011, Connor built a solid career in the medical device industry. His experience includes various executive management roles within large and medium-sized companies such as MicroAire, Medrad Inc., Arthur Andersen LLP, and Westinghouse Electric Corporation. He also has experience building strong organizations and customer relationships while improving operating efficiencies. Connor earned an M.B.A. with concentrations in marketing and finance from the University of Pittsburgh’s Joseph M. Katz Graduate School of Business, and a bachelor of science degree in industrial engineering from Penn State University in University Park, Pa.
“We have a very special team of highly motivated employees who remain focused on creating new manufacturing technologies to enable new product innovation,” said Connor. “I look forward to working closely with our employees, Peter and the board through our next phase of growth.”
“We’re excited to have Alan lead our growing efforts for development and expansion in this market environment,” said Harris. “This promotion is the result of a two-year succession planning process. Alan’s personal efforts have been instrumental in our recent success and I look forward to his ongoing leadership as we pursue our vision.”
The company also announced plans to spend up to $4 million dollars to repurchase its own shares. Funds used to purchase shares will come from a combination of operating cash flow and existing debt facilities. Cadence spokesman Ken Cleveland told Medical Product Outsourcing that the repurchase plan stems from a company belief in the value of its shares, and that company prospects are good. “Investing spare capital in the company makes sense right now,” Cleveland said.
Cadence’s revenue jumped 34 percent in the first nine months of 2012 and its income skyrocketed 72 percent. Earnings per share ended at $1.76 as of Sept. 30, a 52 percent increase compared with the first nine months of 2011. Earnings before interest, taxes, depreciation and amortization were up 46 percent compared with last year.
Cadence is a contract manufacturing company focused on medical technologies for minimally invasive devices. The firm is headquartered in Staunton, Va.
Accuray Appoints New CEO
Euan S. Thomson, former president, CEO, and board director of radiation oncology company Accuray Inc., resigned from his position on Oct. 12. Assuming the role is Joshua H. Levine, who also is acting as a consultant for the company.
Thomson joined Accuray in March 2002 as CEO, was appointed president in September 2002, and served on the board of directors. During his tenure, Thomson expanded the radiosurgery market with the company’s flagship product, the CyberKnife system (a robotic radiosurgery system). He took the company public in February 2007 and orchestrated the 2011 acquisition of TomoTherapy, which added the TomoTherapy system (a 3-D conformal radiation therapy and intensity-modulated radiation therapy system) to the firm’s product portfolio, thereby expanding its presence in the radiation therapy market.
Thomson thanked the company and its customers in a statement for “their support and encouragement over the last 10 years as [they] changed the way people think about treating cancer patients.”
“Euan was instrumental in growing Accuray’s installed base from approximately five to more than 642 systems and growing the company from approximately 75 to over 1,100 employees,” said Louis J. Lavigne Jr., board chairman. “With the acquisition of TomoTherapy, we are now ready for the next stage of growth. Capitalizing on the progress made by Euan, the board attracted Joshua Levine, who the board believes is an experienced, commercially oriented CEO with diverse global healthcare experience necessary to lead the company to the next level of success.”
Levine formerly was CEO of Mentor Corporation. He led the company through a strategic transformation and was instrumental in securing its sale to a franchise of Johnson & Johnson in January 2009; most recently Levine was CEO of Immucor Corporation until its October 2011 acquisition by TPG Capital. Levine holds a Bachelor of Arts degree in communications from the University of Arizona and has completed executive management programs at the Stanford University Graduate School of Business in Stanford, Calif., and the University of Pennsylvania Wharton School in Philadelphia, Pa.
“Accuray has a history of technical innovations in the radiation oncology field that have helped support the personalized clinical needs of cancer patients and the radiation oncologists who treat them,” said Levine. “I look forward to working with all of Accuray’s employees to help build growth that produces value for all of the company’s constituents—shareholders, customers, and employees alike.”
Accuray Inc., based in Sunnyvale, Calif., develops, manufactures and sells technology designed to deliver radiosurgery, stereotactic body radiation therapy, intensity modulated radiation therapy, image guided radiation therapy, and adaptive radiation therapy.
Thoratec Names New CFO
The board of directors at Pleasanton, Calif.-based Thoratec Corporation has named Taylor C. Harris as vice president and chief financial officer (CFO).
Harris joined Thoratec in 2010 as senior director of investor relations and business development. Prior to Thoratec, he worked at JPMorgan Chase & Co. for more than a decade in several capacities, including as a vice president in the firm’s healthcare investment banking and equity research departments. In these roles, Harris covered the medical device sector as an investment research analyst and advised healthcare companies on various strategic and capital markets transactions. Harris holds a B.A. in physics and economics from the University of North Carolina at Chapel Hill.
“Over the past few years, Taylor has effectively driven a broad range of initiatives at Thoratec, demonstrating strong leadership, business knowledge and strategic vision,” said Gary Burbach, president and CEO. “We are confident that Taylor will make increasingly valuable contributions to Thoratec in the CFO role, as we continue to grow our markets and expand our global business.”
Burbach also expressed gratitude to Roxanne Oulman, the company’s vice president of finance, who has been serving as interim CFO since her predecessor David Smith resigned in June 2011.
“We appreciate Roxanne shepherding the company’s financial functions through this transition period,” he said. “Thanks to her leadership, we have been able to maintain absolute confidence in our financial and accounting operations while we engaged in a robust process to recruit a CFO.”
Thoratec’s product portfolio focuses on mechanical circulatory support for patients with advanced heart failure.
Endologix Appoints New VP of Clinical Affairs
Irvine, Calif.-based Endologix Inc. has named Charles Love as its new vice president of clinical affairs. Love will be responsible for overseeing all of the company’s U.S. and international clinical trials, and will report to John McDermott, president and CEO. Janet Fauls, previously vice president of regulatory and clinical affairs, will maintain responsibility for overseeing regulatory affairs as the company prepares for multiple upcoming potential regulatory milestones for its product pipeline.
“Charles Love has more than 20 years of experience with medical devices in product development, regulatory strategy and clinical trial design,” said McDermott. “His extensive experience will be a valuable asset as we continue to advance our new product pipeline, including the U.S. clinical trials for the Ventana Fenestrated System and the Nellix EndoVascular Aneurysm Sealing System. We look forward to Love joining our management team as we continue to expand our product portfolio and gain share in the AAA [abdominal aortic aneurysm] market.”
Prior to joining Endologix, Love served as vice president of clinical and regulatory compliance at CircuLite Inc., a privately held medical device company developing disruptive solutions for the treatment of chronic heart failure. He also has served as a consultant and held management- level clinical affairs, regulatory and strategic development positions for a variety of medical device companies, including Medtronic Inc., CoreValve, nContact Inc., Ventracor Limited, and Converge Medical Inc. His experience also includes senior management positions at Ramus Medical Technologies and Autogenics. He currently serves on the board of directors for Loma Vista Medical in Burlingame, Calif., and is on the technical advisory board for Dexteritie Surgical.
Love received a B.A. in biology from Westmont College in Montecito, Calif. He also completed undergraduate work in engineering at Gonzaga University in Spokane, Wash., and completed management programs at the University of California and Stanford University.
Endologix makes treatments for aortic disorders. Currently, the Nellix EndoVascular Aneurysm Sealing System is not approved in the United States. The Ventana Fenestrated System is an investigational device in the United States and internationally.
Cadence Inc. has appointed Alan Connor as its new CEO. Connor has been serving as president since April 2011, and will succeed Peter Harris in April 2013 following a six-month transition period. Harris will continue as board chairman.
Prior to joining Cadence in 2011, Connor built a solid career in the medical device industry. His experience includes various executive management roles within large and medium-sized companies such as MicroAire, Medrad Inc., Arthur Andersen LLP, and Westinghouse Electric Corporation. He also has experience building strong organizations and customer relationships while improving operating efficiencies. Connor earned an M.B.A. with concentrations in marketing and finance from the University of Pittsburgh’s Joseph M. Katz Graduate School of Business, and a bachelor of science degree in industrial engineering from Penn State University in University Park, Pa.
“We have a very special team of highly motivated employees who remain focused on creating new manufacturing technologies to enable new product innovation,” said Connor. “I look forward to working closely with our employees, Peter and the board through our next phase of growth.”
“We’re excited to have Alan lead our growing efforts for development and expansion in this market environment,” said Harris. “This promotion is the result of a two-year succession planning process. Alan’s personal efforts have been instrumental in our recent success and I look forward to his ongoing leadership as we pursue our vision.”
Alan Connor |
Cadence’s revenue jumped 34 percent in the first nine months of 2012 and its income skyrocketed 72 percent. Earnings per share ended at $1.76 as of Sept. 30, a 52 percent increase compared with the first nine months of 2011. Earnings before interest, taxes, depreciation and amortization were up 46 percent compared with last year.
Cadence is a contract manufacturing company focused on medical technologies for minimally invasive devices. The firm is headquartered in Staunton, Va.
Accuray Appoints New CEO
Euan S. Thomson, former president, CEO, and board director of radiation oncology company Accuray Inc., resigned from his position on Oct. 12. Assuming the role is Joshua H. Levine, who also is acting as a consultant for the company.
Thomson joined Accuray in March 2002 as CEO, was appointed president in September 2002, and served on the board of directors. During his tenure, Thomson expanded the radiosurgery market with the company’s flagship product, the CyberKnife system (a robotic radiosurgery system). He took the company public in February 2007 and orchestrated the 2011 acquisition of TomoTherapy, which added the TomoTherapy system (a 3-D conformal radiation therapy and intensity-modulated radiation therapy system) to the firm’s product portfolio, thereby expanding its presence in the radiation therapy market.
Thomson thanked the company and its customers in a statement for “their support and encouragement over the last 10 years as [they] changed the way people think about treating cancer patients.”
“Euan was instrumental in growing Accuray’s installed base from approximately five to more than 642 systems and growing the company from approximately 75 to over 1,100 employees,” said Louis J. Lavigne Jr., board chairman. “With the acquisition of TomoTherapy, we are now ready for the next stage of growth. Capitalizing on the progress made by Euan, the board attracted Joshua Levine, who the board believes is an experienced, commercially oriented CEO with diverse global healthcare experience necessary to lead the company to the next level of success.”
Levine formerly was CEO of Mentor Corporation. He led the company through a strategic transformation and was instrumental in securing its sale to a franchise of Johnson & Johnson in January 2009; most recently Levine was CEO of Immucor Corporation until its October 2011 acquisition by TPG Capital. Levine holds a Bachelor of Arts degree in communications from the University of Arizona and has completed executive management programs at the Stanford University Graduate School of Business in Stanford, Calif., and the University of Pennsylvania Wharton School in Philadelphia, Pa.
“Accuray has a history of technical innovations in the radiation oncology field that have helped support the personalized clinical needs of cancer patients and the radiation oncologists who treat them,” said Levine. “I look forward to working with all of Accuray’s employees to help build growth that produces value for all of the company’s constituents—shareholders, customers, and employees alike.”
Accuray Inc., based in Sunnyvale, Calif., develops, manufactures and sells technology designed to deliver radiosurgery, stereotactic body radiation therapy, intensity modulated radiation therapy, image guided radiation therapy, and adaptive radiation therapy.
Thoratec Names New CFO
The board of directors at Pleasanton, Calif.-based Thoratec Corporation has named Taylor C. Harris as vice president and chief financial officer (CFO).
Harris joined Thoratec in 2010 as senior director of investor relations and business development. Prior to Thoratec, he worked at JPMorgan Chase & Co. for more than a decade in several capacities, including as a vice president in the firm’s healthcare investment banking and equity research departments. In these roles, Harris covered the medical device sector as an investment research analyst and advised healthcare companies on various strategic and capital markets transactions. Harris holds a B.A. in physics and economics from the University of North Carolina at Chapel Hill.
“Over the past few years, Taylor has effectively driven a broad range of initiatives at Thoratec, demonstrating strong leadership, business knowledge and strategic vision,” said Gary Burbach, president and CEO. “We are confident that Taylor will make increasingly valuable contributions to Thoratec in the CFO role, as we continue to grow our markets and expand our global business.”
Burbach also expressed gratitude to Roxanne Oulman, the company’s vice president of finance, who has been serving as interim CFO since her predecessor David Smith resigned in June 2011.
“We appreciate Roxanne shepherding the company’s financial functions through this transition period,” he said. “Thanks to her leadership, we have been able to maintain absolute confidence in our financial and accounting operations while we engaged in a robust process to recruit a CFO.”
Thoratec’s product portfolio focuses on mechanical circulatory support for patients with advanced heart failure.
Endologix Appoints New VP of Clinical Affairs
Irvine, Calif.-based Endologix Inc. has named Charles Love as its new vice president of clinical affairs. Love will be responsible for overseeing all of the company’s U.S. and international clinical trials, and will report to John McDermott, president and CEO. Janet Fauls, previously vice president of regulatory and clinical affairs, will maintain responsibility for overseeing regulatory affairs as the company prepares for multiple upcoming potential regulatory milestones for its product pipeline.
“Charles Love has more than 20 years of experience with medical devices in product development, regulatory strategy and clinical trial design,” said McDermott. “His extensive experience will be a valuable asset as we continue to advance our new product pipeline, including the U.S. clinical trials for the Ventana Fenestrated System and the Nellix EndoVascular Aneurysm Sealing System. We look forward to Love joining our management team as we continue to expand our product portfolio and gain share in the AAA [abdominal aortic aneurysm] market.”
Prior to joining Endologix, Love served as vice president of clinical and regulatory compliance at CircuLite Inc., a privately held medical device company developing disruptive solutions for the treatment of chronic heart failure. He also has served as a consultant and held management- level clinical affairs, regulatory and strategic development positions for a variety of medical device companies, including Medtronic Inc., CoreValve, nContact Inc., Ventracor Limited, and Converge Medical Inc. His experience also includes senior management positions at Ramus Medical Technologies and Autogenics. He currently serves on the board of directors for Loma Vista Medical in Burlingame, Calif., and is on the technical advisory board for Dexteritie Surgical.
Love received a B.A. in biology from Westmont College in Montecito, Calif. He also completed undergraduate work in engineering at Gonzaga University in Spokane, Wash., and completed management programs at the University of California and Stanford University.
Endologix makes treatments for aortic disorders. Currently, the Nellix EndoVascular Aneurysm Sealing System is not approved in the United States. The Ventana Fenestrated System is an investigational device in the United States and internationally.