MICHAEL P. SIMPSON JOINS SMALL BONE INNOVATIONS AS PRESIDENT AND CEO
Anthony G. Viscogliosi named Executive Chairman
NEW YORK, NY: February 22, 2012 – Small Bone Innovations, Inc. (SBi), a leading, privately held orthopedics company focused exclusively on arthroplasty and joint-related trauma technologies and treatments for the small bones and joints, has appointed Michael P. Simpson as President and Chief Executive Officer, effective February 21, 2012.
Mr. Simpson's appointment enables Anthony G. Viscogliosi, SBi's Founder, Chairman and CEO since its formation in 2004, to step up to the new position of Executive Chairman. Mr. Simpson held several senior executive positions during his nine year career at Orthofix, Inc., a unit of Orthofix International NV (NASDAQ: OFIX).
Mr. Viscogliosi said: "SBi's revenues, excluding discontinued products, have been growing at a compound average annual growth rate of 27 percent during the period 2006-2011, achieving critical mass in terms of balance sheet, revenues, product portfolio and a distribution network serving 41 countries. Having established and secured this platform for continuing growth and profitability, SBi's Board of Directors and I decided that we had reached the point where an executive seasoned in growing a critical mass platform into a larger scale business should now be recruited as our CEO with a mission to ensure continued growth by leveraging our portfolio of market leading products."
"Michael P. Simpson is a great choice to seize this opportunity, based on his track record at Orthofix. He is a deeply experienced professional in the orthopedics industry who understands the extremities implant market and the demand for evidence-based medicine in terms of pain elimination and joint preservation," he added.
During Mr. Simpson's career as a division President at Orthofix, an orthopedic devices company with $575 million-plus revenues in 2011, he managed the global development and distribution internationally of the product portfolio, including foot and ankle technologies, with full P&L responsibility.
Mr. Simpson will report to the Executive Chairman and the SBi Board of Directors, and become a member of both SBi's Operating and Executive Committees. As President and CEO, all officers of the company will report to him in support of his primary task of generating continued success and profitability from SBi's global sales and operations.
"SBi has an enviable record of essentially redefining the small bone and joint sector by introducing innovative arthroplasty and joint-related trauma technologies such as the market leading STAR™ Total Ankle Replacement and the line of RingFIX™ lower limb products designed to treat patients with diabetic foot complications. This unique platform offers an opportunity to leverage my skills and experience to help SBi extend its penetration of the rapidly growing $3.3 billion small bone and joint market," Mr. Simpson said.
Note to editors: Michael P. Simpson is not related to Michael J. Simpson who served as SBi's President and COO from 2005 through 2008. Data on the Small Bone and Joint market estimate for 2011 from Viscogliosi Brothers, LLC.
About Small Bone Innovations, Inc.
Small Bone Innovations, Inc. (SBi) was founded in 2004 by Viscogliosi Brothers, LLC (VB), the New York-based merchant banking firm that specializes in the musculoskeletal/orthopedics sector. SBi was the first company to focus purely on small bones & joints by integrating established companies and professionals in the field. It offers a broad, clinically proven portfolio of products and technologies to treat trauma and diseases in the small bones & joints. SBi has facilities in New York, NY, Morrisville, PA, Péronnas, France, Donaueschingen, Germany, and Kuala Lumpur, Malaysia and has sold its products in 41 countries.
This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting SBi's business including increased competition; the ability of SBi to expand its operations and to attract and retain qualified professionals; technological obsolescence; general economic conditions; and other risks.