Medical device company NuVasive Inc. (NUVA) - Get NuVasive, Inc. Report said Monday it has promoted Jason M. Hannon to president and chief operating officer. Hannon succeeds Patrick S. Miles who has been named vice chairman.
San Diego-based NuVasive, which focuses on spinal technology, has previously been mentioned by analysts as among the medical device companies that could emerge as takeout candidates and also among the firms that could participate in industry consolidation.
The company's prospects as a target for the likes of Johnson & Johnson Inc. (JNJ) - Get Johnson & Johnson Report , Medtronic plc (MDT) - Get Medtronic Plc Report , Stryker Corp. (SYK) - Get Stryker Corporation Report and Smith & Nephew plc (SNN) - Get Smith & Nephew Plc Report , among others, came on the heels of Zimmer Biomet Holdings Inc.'s (ZBH) - Get Zimmer Biomet Holdings, Inc. Report $1 billion deal for LDR Holding Corp. (LDRH) in June.
Hannon will be in charge of the company's global products and services, including product management and development as well as operational duties, including manufacturing, customer fulfillment and quality engineering.
Hannon will continue to oversee international operations. He has served as executive vice president of the company's international operations since July 2015.
An 11-year company veteran, he has led areas such as strategy, corporate development, legal and regulatory.
He joined NuVasive as 2005 as vice president of legal affairs. He then became senior vice president of corporate development and general counsel. From January 2010 to July 2015, he served as executive vice president of corporate development and the company's general counsel.
Prior to joining NuVasive, Hannon was with San Francisco-based law firm Heller Ehrman LLP, where he worked on corporate acquisitions, private and public financings and Sarbanes Oxley implementation, as well as securities and other regulatory filings. A June 2005 press release by NuVasive announcing Hannon's hiring noted that while Hannon was at Heller Ehrman, then known as Heller Ehrman White & McAuliffe LLP, he worked closely with NuVasive and advised the company on its 2004 initial public offering.
For his part, Miles will serve as NuVasive's vice chairman, a role in which his focus will include enhancing the company's plans for the future of spine surgery and supporting technology development. Miles will continue to be actively involved in supporting the company's spine solution research and development efforts, according to the announcement.
Also on Monday, NuVasive reiterated the full-year guidance it announced in July. The company expects to post 2016 revenue of around $962 million, non-GAAP diluted earnings per share of about $1.64 and non-GAAP operating profit margin of about 16%.
Shares of NuVasive closed at $64.73 on Tuesday, down 1.6%. Shares are up nearly 20% year to date.
On the M&A front, NuVasive's recent deals include its $98 million purchase of patient monitoring company Biotronic NeuroNetwork in a transaction completed in July. In March, NuVasive acquired Brazilian distributor Mega Surgical for an undisclosed sum. In February, NuVasive completed its acquisition of Ellipse Technologies, a maker of noninvasive magnetically adjustable implant systems, for up to $410 million.
--Sarah Pringle contributed to this report.