NuVasive (NUVA) CEO Lukianov Resigns; Prelim. Q1 Revs Top Expectations

NuVasive (NASDAQ: NUVA) announced that Greg Lucier, a member of the Company's Board of Directors since 2013, has been appointed to serve as Chairman of the Board and Interim Chief Executive Officer. This appointment follows Alex Lukianov's resignation as Chief Executive Officer and a member of the Company's Board.

Jack R. Blair, Lead Independent Director of the NuVasive Board, said, "The results of an independent investigation overseen by the Board of Directors revealed that Alex had not complied with certain of the Company's expense reimbursement and personnel policies. Although the amounts involved appear to be immaterial to the Company's financial results, his actions in this regard were not representative of the high standards by which NuVasive operates. We believe this leadership transition is appropriate and in the best interests of the Company and all of our stakeholders. We appreciate the positive contributions Alex has made to the Company and wish him well in his future endeavors."

Mr. Blair continued, "NuVasive has a talented and deep team which has helped to establish the strong operating and financial foundation we have in place. We are pleased that Greg has agreed to work alongside this team and serve as Chairman and Interim CEO. Greg's knowledge of our Company and his record of executive leadership at companies in complementary industries make him the ideal choice to serve in these roles.

"As a director since 2013, Greg has gained a solid understanding of NuVasive's strategy, business and priorities moving forward. As the former Chairman and CEO of Life Technologies and a General Electric executive before that, Greg also brings extensive experience in growing companies into globally competitive organizations, particularly within the healthcare and biotechnology markets. Together with our dedicated senior management team, we are confident that Greg's leadership will ensure a smooth transition," Mr. Blair concluded.

Mr. Lucier said, "I look forward to working with the NuVasive Board and management team in this expanded role. I have great confidence in the Company's senior management team, strategic direction and opportunities that lie ahead. NuVasive benefits from an experienced team, which shares a commitment to improving patient outcomes by providing our surgeon customers with the most innovative procedural offerings. The Company's strengths have enabled NuVasive to become the #3 player in the global spine market. Going forward, we will remain focused on market share-taking strategies that have been responsible for driving double-digit revenue growth. At the same time, we will continue to leverage meaningful scale and efficiencies in our business, which are translating to both accelerated profit growth and strong free cash flow. All of us at NuVasive are committed to executing against our strategic priorities to ensure we build on our record of growth and value creation."

First Quarter 2015 Revenue

The Company today announced that it anticipates first quarter 2015 revenue will be in excess of $190 million, including more than $2 million of currency headwinds, and remains on track for 2015 profitability goals. The Company will announce complete financial and operating results on its first quarter 2015 performance and review its guidance for the full year 2015 when it reports first quarter 2015 results.

*** The Street was looking for Q1 revs of $189.3 million.

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