SAN DIEGO, CA -- (Marketwired) -- 03/07/16 --
NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced today that it has entered into a definitive agreement to acquire Mega Surgical, the exclusive distributor of NuVasive products in Brazil. The acquisition of Mega Surgical is a key milestone on the Company's journey to transform healthcare with game-changing technologies and reinforces NuVasive's spine leadership and global presence. The transaction is expected to close during the first quarter 2016, subject to customary closing conditions. Terms of the transaction were not disclosed.
Jason M. Hannon, Executive Vice President, International, said, "We are pleased to announce the acquisition of our international distributor, Mega Surgical, in Brazil, which will offer NuVasive direct engagement in an important international market with untapped potential. This acquisition will provide us with new growth opportunities in this key Latin American market, along with direct access to a large, growing market for accelerated share-taking in new segments, including a new opportunity to compete in Brazil's large public healthcare market. Additionally, it will allow for direct contact with surgeons and key opinion leaders throughout the country where direct relationships are a preferred method of doing business. Together, we'll be an even stronger company with an established presence in Brazil and resources to drive growth."
Gregory T. Lucier, NuVasive's Chairman and Chief Executive Officer, said, "Our acquisition of Mega Surgical in Brazil represents another step forward in expanding our direct global presence, while gaining better visibility and reducing the volatility that this important international market has had to our past financial results. As we continue our focus on driving international growth and scale, we are off to a strong start for the year in many key markets around the globe. We are gaining momentum from the plans we initiated in the second half of 2015 to refocus market penetration efforts around our competitive and highly differentiated XLIF™ and iGA™ technology platforms. Despite tougher comparisons expected in the first quarter 2016, we have a high degree of confidence in the underlying strength and expected performance of our international business for the full year 2016."
Headquartered in Rio de Janeiro, Brazil, with a satellite office in São Paulo, Mega Surgical was founded in 1996 as an implantable medical device distribution company. It has partnered with NuVasive since 2008, and is currently the exclusive distributor of NuVasive products in Brazil.
NuVasive is an innovative global medical device company that is transforming spine surgery with minimally disruptive surgical products and procedurally-integrated solutions for the spine. NuVasive has emerged from a small startup to become the #3 player in the $9 billion global spine market and remains focused on market share-taking strategies as the Company continues on its path to become the industry's leading spine company. NuVasive offers a comprehensive spine portfolio of more than 90 unique products developed to improve spine surgery and patient outcomes. The Company's principal procedural solution is its Maximum Access Surgery, or MAS®, platform for lateral spine fusion. MAS was designed to provide safe, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.
NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements about the timing of the anticipated acquisition and the potential benefits and impact of the anticipated acquisition, as well as statements regarding expected performance in 2016. The forward-looking statements contained herein are based on the current expectations and assumptions of NuVasive and not on historical facts. The following important factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the satisfaction of conditions to closing the agreement; the risk that the businesses will not be integrated successfully; unexpected variations in market growth and demand for the combined company's products and technologies; and the risk that benefits from the acquisition may not be fully realized or may take longer to realize than expected. Additional risks and uncertainties that may affect future results are described in NuVasive's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
Source: NuVasive, Inc.