All,
Bioventus held its CAB (Council on Advancement of Biologics) Meeting this past Saturday in Chicago. It was a terrific event attended by a very strong group of key opinion leaders in spine and neurosurgery from around the US. An essential aspect of product development is gaining direct customer feedback on our product portfolio and direction. This has been the focus of the annual CAB meeting and this meeting also included an introduction to the combination of the Bioventus Bone Graft Substitutes portfolio of products with the Misonix BoneScalpel product line.
It was amazing to see play out in real time what many of us have believed for a while now that the market opportunity is significant and the synergy of this combination in spine is real and profound. The surgeons on the council all agreed the “New Bioventus” made strong strategic sense and will allow the further market penetration of both technology platforms due to the synergy of the platforms, larger combined sales and marketing effort as well as the ability to drive further product education on a consistent basis. The emphasis of being agnostic to spine hardware and the ability to appeal to all surgeon customers regardless of their spinal implant allegiance was also brought up as a critical factor. Importantly, this exemplifies our strategy of going deeper with the customers we have today.
Well done to the entire team in attendance! This included; Andrew Hosmer, Larry Boyd, Price St. Hilaire, Emanuele Nocco, Vineeth Varghese, and our BoneScalpel guru Chris Ballor. A BoneScalpel lab was completed on sight with sawbones and above is a picture of the lab and you may recognize some people;).
I especially want to recognize the leadership, dedication and success of David Osgood. David’s work in developing the CAB and the respect he has earned with these key opinion leaders is significant for Bioventus. David’s level of professionalism and approach to this event is best in class and the company is fortunate to have David driving our HCP interactions which are always done with the most professional and compliant approach. Well done David and thank you for your leadership!
Also, see this press release announcing a CFO transition at Bioventus.
Here are the key facts regarding this press release and the CFO transition plan;
- I sincerely thank Greg Anglum for his work, dedication and many accomplishments over the past five years as we achieved some major milestones from a financial perspective including our successful IPO earlier this year.
- Greg will continue in his role as CFO and full time employee with nearly the same reporting relationships in the Finance and IT organizations until we find our new CFO. A search is underway with the recruiting firm Spencer Stuart. We expect the new CFO role to be filled sometime early next year.
- Greg’s role during this period will be internally focused and Investor Relations will report to me until the new CFO is appointed.
- It is very important to note that the transition of the CFO role at this time has no financial or any other implications for Bioventus and we reiterate our external guidance we gave during our earnings call last week.
- This announcement also has no implications on our strategy, our focus on double digit growth and our key areas of focus going forward. I am very confident Bioventus will find a new CFO that will be a strong cultural fit and one that will work with me, the executive team as well as our talented Finance and IT team as we continue to take Bioventus forward to new and greater heights in our growing and expanding organization!
As a reminder, we will discuss our significant Q3 results announced this past week during our Town Hall meeting on Wednesday November 17, along with other updates from around our business.
I hope you have a terrific week and keep reaching for the stars!
Best Regards,
Ken