), a provider of surface modification and drug delivery
technologies to the healthcare industry, recently revealed that
it has appointed Andy LaFrence as the chief financial officer
(CFO) and Vice President of finance. He will take over the reins
effective February 12, 2013. LaFrence will replace Timothy Arens,
the current interim CFO at SurModics.
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Going forward, Timothy Arens will assume responsibility as the
Vice President of corporate development and strategy. He will be
responsible for framing strategies and assessing growth
opportunities for the Medical Device and In Vitro Diagnostics
segments at Surmodics. We note that SurModics currently operates
through these two divisions.
The new CFO will be responsible for leading the entire financial
activities at SurModics. His will be in charge of activities,
such as controlling, financial planning and analysis, treasury,
tax, audit and investor relations.
LaFrence, a certified public accountant, brings with him more
than 20 years of experience to SurModics pertaining to finance
and capital markets. LaFrence has donned many important roles in
his illustrious career. Previously, he was the CFO of CNS
Therapeutics (now a wholly owned subsidiary of
)). Prior to that, he acted as an audit partner at KPMG, where he
concentrated on supporting public and private, high-growth
medical technology, pharmaceutical and biotechnology entities.
Taking into account LaFrence's vast experience in the finance and
capital markets, he can easily be labeled as a veteran in that
field. LaFrence's comprehensive sector know-how and expertise is
expected to be beneficial to SurModics.
We have a long-term Neutral recommendation on SurModics. Also, it
holds a short-term Zacks #3 Rank (Hold). However,
), which operates in the same industry as SurModics, appears to
be better- positioned. The stock carries a Zacks #2 Rank