The top news at the 2023 annual meeting of the North American Spine Society was Alphatec Spine, Inc.’s announcement that two of the most accomplished spine company executives—Keith Valentine, who was one third of the triad that built NuVasive, Inc. into a billion dollar sales company and David Demski, who was president, CEO and a key leader of the team that built Globus Medical, Inc. into a billion dollar sales company—have joined the other third of NuVasive’s triad, Pat Miles, to lead Alphatec—the top market share gainer for three of the last four years.
It is Spine’s Dream Team.
Of course, there is a back story.
Newton’s third law states that for every action in nature there is an equal and opposite reaction. If object A exerts a force on object B, object B also exerts an equal and opposite force on object A.
Mr. Demski was chief executive officer of Globus Medical, until August 2022, when he tendered his resignation. Demski had played such a critical role in Globus’s remarkable sales growth and steady stream of innovations—notably the Excelsius system for robotic assisted spine surgery—that the industry’s initial reaction to his resignation was disbelief.
Whatever Demski’s reason for leaving, it was clear he was leaving his corporate home of 19 years, not the industry. Indeed, Mr. Demski, it seems, has been itching to tie his skates back on and get back to body checking competitors against the boards.
Then, just six weeks ago, September 12, 2023, Orthofix fired, for cause, three highly regarded spine industry executives, first among them: Keith Valentine.
The exact reason for Orthofix Board’s unanimous decision has never been revealed—which, to this writer, seemed analogous to performing an amputation but without disclosing the diagnosis. Still, contours of that decision clearly pointed to a failure in judgement and leadership on the part of the now former execs.
People who’ve known all three fired executives, speaking on and off the record, uniformly voiced support and disbelieve at the implied causes for such a public dismissal.
Again, no details for these dismissals have ever been publicly disclosed.
At 2023 NASS, a reaction was delivered.
Pat Miles Steps Up
Pat Miles, chief executive officer of Alphatec, the top market share gainer in spine for three of the past four years, announced that Alphatec was appointing Dave Demski to its board of directors and that Keith Valentine had been appointed Special Advisor to the Board.
In Alphatec’s press announcement, CEO Miles said: “A defining element of the ATEC turnaround has been our willingness to act boldly when a door of opportunity opens.”
“While conglomerateurs and capitulants continue to form awkward alliances, ATEC has emerged as the most clinically focused spine-only company.”
The word “conglomerateur” (as in entrepreneur—and perhaps distinct from “entrepreneur” as used in Mr. Miles’s context) means someone who heads or forms a conglomerate. It was a not-too-subtle reference to Globus Medical’s acquisition of NuVasive and Mr. Demski’s subsequent resignation.
The word “capitulant,” a noun, refers to a person who capitulates or surrenders.
Mr. Miles went on to say, in the press release, “”I want to address one matter, clearly and directly.”
“We are aware of the recent negative commentary directed at Keith by his former employer. Years ago, I too was the target of a very public assault. During that time, I was blessed to be supported by friends who knew me best, and who rejected the accusations of strangers.”
It is worth noting that Mr. Miles sued NuVasive, and the two parties spent years in litigation. Pat Miles won his case.
“I have known Keith for 30 years—I know his imperfections, but I also know his heart. He is beloved by many in our industry and his impact on spine care over the years is undeniable. Keith has made it clear he is ready to devote his considerable energy to making ATEC better, and I am thrilled to have him join our effort.”
Finally, explaining why he supported both Dave Demski’s and Keith Valentine’s appointment to Alphatec’s board, Mr. Miles said: “Our success is due to our relentless pursuit to improve spine care, and certainty that people and know-how will always differentiate ATEC. Dave and Keith bring with them a combined 50 years’ experience leading some of spine’s most successful organizations. I admired Dave’s accomplishments from a distance as he ran Globus over the years. As I have come to know him better, I have no question that the addition of his influence will make us a better company.”
