Gladney Takes Over Lanx

Dan Gladney is Lanx, Inc.’s new leader. Has the company finally put its CEO house in order?

The company announced on December 15 that Norwest Equity Operating Partner, Dan Gladney, has agreed to become the company’s new CEO. We called to make sure. This ends the curious episode earlier in the year when former Medtronic executive Michael DeMane had been announced as the new CEO. Shortly after the initial announcement, the company said DeMane would not be the new CEO.

Lanx CFO Steve Deitsch told OTW, “While the DeMane situation certainly was newsworthy for Lanx in 2010, I would submit that the bigger story for Lanx is the rapid growth and market share gains experienced over the last few years. Lanx has one of the highest, if not the highest, sales CAGR (compounded annual growth rates) in spine since 2008 and is one of the top three privately held spinal implant companies (and is profitable).”

Deitsch said that during 2010 Lanx was led by recently added management team members, and medical device industry veterans: Jon Scott, Interim President (Medtronic), Lance DeNardin SVP of Sales and Marketing (Medtronic), himself (Zimmer), and Peter Williams, VP of HR. “Jon has an operations background and was formerly Interim GM for MDT’s surgical navigation business. Lance for the last several years was SVP of Sales for MDT. I spent seven years with Zimmer, most recently as VP of Finance, Global Reconstructive & Operations, ” added Deitsch.

Dan Gladney

Gladney has more than 25 years of experience in the medical device industry, founding and leading companies in the orthopedic and cardiology sectors. As an operating partner at Norwest, Gladney evaluated and executed new investment opportunities and add-on acquisitions within the healthcare products, services, and distribution industry sectors.

He is Founder and Chairman of DGIMED ORTHO, a company focused on developing Orthopedic Trauma Implant products. Gladney also co-founded Heartleaflet Technologies, a high-tech cardiovascular device start-up developing a percutaneous aortic heart valve system, which was acquired by Bracco s.P.a.

In addition, Gladney served as Chairman, CEO, and President of Compex Technologies, a public company in the orthopedic and health and wellness electro therapy industry which was acquired by Encore Medical Corporation. While at Compex, he repositioned and restructured the company, completed several acquisitions, and drove top line growth from an average of 5% per year to 15% in a declining market. Prior to Compex, Gladney served as President and CEO of Acist Medical Systems, a cardiovascular device start-up that was acquired by Bracco s.P.a. Gladney has also worked with Baxter and The Kendall Company, and was named as one of the “Top 40 CEOs to Watch in 2004” by The Business Journal.

Lanx in 2011

Lanx has a suite of fusion products, including the flagship Aspen Spinous Process Fixation System. Deitsch added, “With thousands of successful Aspen implantations in the U.S. and in Europe, Aspen is the clear leader in the spinous process fixation market. In addition, Lanx is currently conducting a prospective, randomized clinical trial for Aspen.” The company is scheduled to launch half a dozen new products in 2011.

Jeffrey Thramann, M.D., Co-founder and Chairman of Lanx, said, “His [Gladney’s] specific operating experience as Chief Executive of several emerging medical technology companies and public company experience makes him an ideal fit for our organization.”

“In short, ” Deitsch told OTW, “Lanx has a proven product portfolio, experienced management team, interesting product pipeline and a new CEO with deep device experience.” Gladney will take his new post on January 10, 2011.