NuVasive (NUVA) Names New COO, Vice Chair

September 12, 2016 4:06 PM EDT

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NuVasive, Inc. (Nasdaq: NUVA) announced Jason M. Hannon has been promoted to president and chief operating officer. Mr. Hannon will succeed Patrick S. Miles who has been appointed vice chairman of NuVasive, Inc. and will continue to serve as a member of the Company's Board of Directors.

Jason Hannon Named President and Chief Operating Officer

In this newly expanded role, Mr. Hannon will be responsible for leading NuVasive's global products and services, including product management and development, as well as operational duties, including manufacturing, customer fulfillment and quality engineering. Mr. Hannon will continue to oversee international operations working alongside NuVasive's strong international leadership team. In his more than 11 years at NuVasive, Mr. Hannon has led key areas of the Company's business, including strategy, corporate development, legal and regulatory. Since July 2015, Mr. Hannon has served as executive vice president, International.

"Jason has extensive knowledge about our business operations and the markets we serve, as well as strong relationships with our customers," said Gregory T. Lucier, NuVasive's chairman and chief executive officer. "Jason has demonstrated operational acumen as the leader of our international business where he spearheaded a successful revitalization in our global markets with a return to double-digit revenue growth. I am proud of our efforts to develop a deep bench of executive talent, along with a clear succession plan aligned to our long-term strategic goals."

Patrick Miles Named Vice Chairman

In his new capacity as vice chairman, Mr. Miles will focus on enhancing NuVasive's strategic plans for the future of spine surgery, supporting technology development and helping the Company become the ultimate partner to NuVasive customers and patients. He will continue to be actively engaged in supporting the Company's next-generation spine solution research and development efforts.

"Pat is a valuable member of NuVasive's leadership team and we are pleased that he will continue to advance the execution of the Company's strategic priorities as vice chairman. With an experienced team in place and a spine business well positioned for continued profitability and growth, we welcome Pat into his new role to help guide NuVasive forward," said Mr. Lucier.

"I am excited about the future of NuVasive as it continues to lead innovation in spine. I have great respect for the leadership team in place and look forward to partnering with Jason to carry NuVasive's innovation and operational strategies forward," said Mr. Miles.

2016 Financial Guidance

The Company is reiterating its 2016 full year financial guidance announced on July 26, 2016, which includes revenue of approximately $962.0 million, non-GAAP diluted earnings per share of approximately $1.64 and non-GAAP operating profit margin of approximately 16.0%. For additional information, refer to NuVasive's earnings announcement for the quarter ended on June 30, 2016.

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