Massimo Calafiore, the former chief commercial officer for NuVasive, Inc., responsible for all NUVA product marketing and commercial functions, and the current CEO of Villanova, San Daniele del Friuli, Italy-based LimaCorporate—a supplier of products for total hip and knee arthroplasty, revision cases and other musculoskeletal fixation indications—has accepted the top job at Lewisville, Texas-based Orthofix Medical Inc.
Calafiore’s current company, LimaCorporate, is being bought by Wilmington, Delaware-based Enovis Corporation.
First Reaction – Great Fit – Company to CEO and Vice Versa
Orthofix has operations in Italy, sells products in multiple musculoskeletal markets and has a major investment in spine—all areas where Calafiore has operated at the top ranks of this industry.
At his current post, Calafiore strengthened and reshaped the LimaCorporate’s strategy and culture priorities—resulting in consecutive quarter-over-quarter above-market growth, strong EBITDA margins, and substantial improvement in employee engagement and retention.
On September 25, 2023, roughly one year after Calafiore became CEO, LimaCorporate announced its sale to Enovis Corporation for €800 million.
At NuVasive, Calafiore brought the Ellipse technology (an OTW Best Technology in Spine Award Winner) into the company, delivered multiple quarters of sequential sales growth, profit margin expansion, and made NuVasive a market leader in the complex trauma and limb recon markets for adults and children—one of Orthofix’s primary markets as well.
Before NuVasive, Calafiore rose through the ranks at Waldemar Link GmbH & Co, which developed several legendary orthopedic, lower extremities and spine products. He later oversaw the sale of the STAR Ankle to the Viscogliosi Brothers and Small Bone Innovations Inc. and then the PCM Cervical disc to NuVasive.
Calafiore holds an M.Sc. in Mechanical Engineering from the University of Catania and an MBA from New York University.
Second Reaction – Buyers Seem to Like the Companies He Leads
First, Globus Medical, Inc. bought NuVasive out from under him, now Enovis is buying LimaCorporate.
OTW was able to catch up with Calafiore while he was still in Italy, managing LimaCorporate and its integration into Enovis. We asked him about coming to Orthofix. He said it is the pinnacle of his career—as if everything he did before, was preparing him for this new post.
He is excited. “I like the idea that, at Orthofix, all the levers are in place to build the next billion-dollar medical device company.”
Orthofix was founded decades ago as an Italian fixation business, owned by a British group, and based initially, believe it or not, in the Netherlands Antilles.
Massimo is Italian and has worked in medicine his entire life.
Coming to Orthofix
As he told OTW, “Orthofix has a solid financial platform—strong balance sheet, strong cash flow generating products and, in both SeaSpine and Orthofix proper, excellent product lines and staff.” But more than that, he told OTW, the company has several high cash generating products combined with top of class spine systems—notably 7D imaging, SeaSpine’s industry leading biologic portfolio and its broad range of recon fixation and spinal implants and instrumentation.
Calafiore won’t take the corner office at Orthofix until early 2024, after Enovis completes the purchase of LimaCorporate.
Catherine Burzik, chair of the board of directors and interim CEO of Orthofix, said “Massimo is the right choice to lead Orthofix given his exceptional track record of delivering value creation and his extensive knowledge of the medical device industry, specifically within orthopedics and spine.”
“Throughout his career, Massimo has demonstrated his ability to unlock value opportunities for multi-segmented, global businesses. He has successfully driven sales and commercial operations to achieve both industry leading profitability and growth. Importantly, he has proven experience integrating companies and building high performing teams.”
Burzik, in conjunction with the announcement that Massimo Calafiore will be leading Orthofix, also said that she will be stepping down as Orthofix’s board chair.
Calafiore issued the following statement, ““Having worked in orthopedics and spine throughout my entire career, I know Orthofix well and have long admired the Company and its talented team.”
“I was attracted to Orthofix given the many growth opportunities created by its unique, broad-based portfolio and high-quality distributor relationships. I am also impressed with the innovative solutions Orthofix has developed to meet the needs of surgeons and the patients it serves. At this pivotal time for the Company, I look forward to working with the Board and leadership team to capture Orthofix’s significant profitable growth potential and drive enhanced shareholder value.”
Finally, a word about Calafiore’s management style. It hasn’t changed since his days at Waldemar Link. He is an inclusive style of manager whose strengths are team building and focus—specifically on the three “bests”: best technology, best service, and best culture for employees, patients, surgeons, and last, but never least, shareholders.
