RTI Surgical Holdings, Inc.® Bolsters Spine Business with Key Senior Leadership Appointments
DEERFIELD, Ill., June 10, 2020 (GLOBE NEWSWIRE) — RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical implant company, today announced two senior leadership appointments to support its transition to a pure-play global spine company. Scott Durall will join RTI as Chief Commercial Officer, and Bryan Cornwall will join RTI as Executive Vice President, Research and Clinical Affairs, both effective June 15, 2020. Durall and Cornwall bring to RTI decades of commercial, operational and scientific expertise, and will support the Company’s ongoing focus on becoming a leader in the global spine market following the close of the pending the sale of the OEM business.
Durall has more than 30 years of experience as a medical device sales and commercial leader. His extensive track record in driving growth, improving surgeon engagement and managing national accounts will help further commercialize RTI’s sales channels in the U.S. Scott joins RTI from Earlens where he was Executive Vice President of Sales. Previously, he spent 10 years at NuVasive serving as Executive Vice President of Strategic Sales and Operations, Vice President of Commercial Strategy and Area Sales Vice President. Scott began his medical device career at U.S. Surgical Corporation progressing to Sales Director, and then spent 10 years with Boston Scientific as an accomplished leader in corporate sales.
Cornwall brings his 25 years of clinical operations and research experience in the medical device industry to RTI from the University of San Diego’s Shiley-Marcos School of Engineering, where he was an Associate Professor of Mechanical Engineering. His experience driving innovation through scientific competence within the spine industry, combined with his strong surgeon relationships, will aid the continued development of RTI’s global spine portfolio with a focus on clinical differentiation. He is well-published with more than 24 peer-reviewed publications, 24 U.S. patents and eight book chapters. Cornwall previously held leadership roles in his 12-plus-year tenure at NuVasive, including President SOLAS & NSF, Senior Vice President of Clinical Operations & Research, Senior Vice President of Research & Clinical Resources, and Vice President of R&D, as well as leadership roles at MacroPore Biosurgery and DePuy-ACE.
RTI continues to strengthen its spine leadership team following the recent appointment of Terry Rich as President, Global Spine, in December 2019.
“Adding two proven and well-respected leaders like Scott and Bryan to RTI strengthens our world-class spine team and gives us the know-how to enhance our position as a top-ten industry player,” said Terry Rich, President, Global Spine, RTI. “Having previously worked with both Scott and Bryan, I know firsthand they have what it takes for us to accelerate innovation, advance patient care and improve outcomes. I look forward to the positive and lasting impact they will have on all our stakeholders as we prepare to go all in on spine.”
“After tripling the size of our spine business over the last five years, we are now moving to the next phase of our journey as we prepare to become a global, pure-play spine company,” said Camille Farhat, President and CEO, RTI. “As we do, I am confident we will remain a leading partner of choice for independent surgeons and distributors with our high-growth product platforms, our clinically differentiated innovation, our channel effectiveness, and now our high-caliber leadership team. Today, we have solidified the foundational elements to enable our exciting future in spine.”
About RTI Surgical Holdings, Inc.
RTI Surgical Holdings is a leading global surgical implant company providing surgeons with safe biologic, metal and synthetic implants. Committed to delivering a higher standard, RTI’s implants are used in sports medicine, plastic surgery, spine, orthopedic and trauma procedures and are distributed in over 50 countries. RTI has four manufacturing facilities throughout the U.S. and Europe. RTI is accredited in the U.S. by the American Association of Tissue Banks and is a member of AdvaMed. For more information, please visit www.rtix.com. Connect with us on LinkedIn and Twitter.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management’s beliefs and certain assumptions made by our management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements are not guarantees of future performance and are based on certain assumptions including general economic conditions, as well as those within the Company’s industry, and numerous other factors and risks identified in the Company’s Form 10-K for the fiscal year ended December 31, 2019 and other filings with the SEC. Our actual results may differ materially from the anticipated results reflected in these forward-looking statements. Important factors that could cause actual results to differ materially from the anticipated results reflected in these forward-looking statements include risks and uncertainties relating to the following: (i) the risk of potential litigation or regulatory action arising from the internal investigation and its findings or from the failure to timely file the Form 10-K; (ii) the identification of control deficiencies, including material weaknesses in internal control over financial reporting and the impact of the same; (iii) potential reputational damage that the Company may suffer as a result of the ultimate findings of the investigation; (iv) the Company’s ability to develop a plan to regain compliance with the continued listing criteria of the Nasdaq Stock Market, Nasdaq’s acceptance of such plan, and the Company’s ability to execute such plan and to continue to comply with the applicable listing standards within the available cure period; (v) the risk that the filing of the Form 10-Q for the first quarter of 2020 will take longer than currently anticipated; (vi) general worldwide economic conditions and related uncertainties; (vii) the anticipated impact of the COVID-19 novel coronavirus pandemic and the Company’s attempts at mitigation; (viii) the failure by the Company to identify, develop and successfully implement immediate action plans and longer-term strategic initiatives; (ix) our ability to continue production; (x) the reliability of our supply chain; (xi) our ability to meet obligations under our debt or material agreements; (xii) the duration of decreased demand for our products; (xiii) our ability to recall employees; (xiv) whether or when the demand for procedures will increase; (xv) the Company’s access to adequate operating cash flow, trade credit, borrowed funds and capital to fund its operations and pay its obligations as they become due, including the impact of adverse trends or disruption in the global credit and equity markets; (xvi) our financial position and results, total revenue, product revenue, gross margin, and operations; (xvii) the risk that the Company may be unable to obtain shareholder approval for the proposed transaction or that the Company or the Buyer may be unable to obtain regulatory approvals required for the proposed transaction, or required regulatory approvals may delay the proposed transaction; (xviii) the risk that a condition to the closing of the proposed transaction may not be satisfied; (xix) the risk that the occurrence of an event that could give rise to termination of the definitive agreement; (xx) the risk that shareholder litigation in connection with the proposed transaction may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (xxi) the timing to consummate the proposed transaction; (xxii) the effect of the announcement or disruption from the proposed transaction making it more difficult to retain and hire key personnel and maintain relationships with customers, suppliers and other third parties; (xxiii) the diversion of management time and attention on the proposed transaction; (xxiv) the effect and timing of changes in laws or in governmental regulations; and (xxv) other risks described in our public filings with the SEC. These factors should be considered carefully and undue reliance should not be placed on the forward-looking statements. Each forward-looking statement in this communication speaks only as of the date of the particular statement. Copies of the Company’s SEC filings may be obtained by contacting the Company or the SEC or by visiting RTI’s website at www.rtix.com or the SEC’s website at www.sec.gov. We undertake no obligation to update these forward-looking statements except as may be required by law.
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