For several years, our board of directors had been considering various strategic alternatives in anticipation of the potential impact should drug-eluting stents come to market. In the latter part of 2000, the board considered various opportunities to sell NOVT to strategic buyers, merge with potential partners or acquire other technologies, which could leverage our distribution and organizational strengths. Throughout 2001 and 2002, the board considered more than 70 companies after organizing a team composed of several board members and senior managers to screen opportunities. During this period, the board also considered various development projects within NOVT and the likelihood of successful introduction of new products derived from such projects into the market. Our business and revenues began a steady and rapid decline during 2003 due to, we believe, the approval by the Food and Drug Administration (“FDA”) in April 2003 and subsequent market release of drug-eluting stents. In anticipation of this new product technology, our management and board of directors accelerated our exploration and review of various strategic opportunities and alliances available to us, as well as restructuring activities, shortly after the appointment in October 2002 of Mr. Alfred J. Novak as our President and Chief Executive Officer. In April 2003, we engaged a financial advisor to assist us in our review of the strategic alternatives that were available to us and to assist us in our bid for a medical device company that was offered for sale. We were unsuccessful in our bid and we allowed our engagement with this financial advisor to expire. In addition, in anticipation of the impact of drug-eluting stents upon our business, we engaged during 2003 in a restructuring of our organization and significantly reduced our workforce over the course of three separate staff reductions. As a result, by the end of 2003, nearly 30% of our workforce had been terminated. Our cost reduction program continued into the first and second quarters of 2004 and included, among other things, the consolidation of all our U.S. operations into a single building. Specifically, at the end of the first quarter of 2004, we implemented a reduction in force, eliminating 84 positions across all functions. These steps lowered annual operating costs by approximately $6,000,000. During the first quarter of 2004, approximately 59 of the individuals left NOVT, with the remaining individuals leaving during the second and third quarters. In February 2005, we announced that we were reducing our remaining U.S. workforce in the first quarter of 2005 by 52 employees, from 81 employees, and terminating the 16 employees we had at that time outside the U.S. in accordance with their contracts and the relevant country’s employment regulations.
![Novt logo](/files/LOGO/1012131-NOVT.png)
Company profile
Ticker
NVTP
Exchange
Website
CEO
Matthijs Glastra
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Varian Medical Systems • CONMED • Integer • Masimo • Natus Medical • LivaNova • BioPlus Acquisition • QT Imaging • Outset Medical • FONAR ...
Former names
Novoste Corp, Novoste Corp
SEC CIK
Corporate docs
IRS number
592787476
Latest filings (excl ownership)
8-K
Other Events
14 Aug 06
15-12G
Securities registration termination
11 Aug 06
8-K
Entry into a Material Definitive Agreement
1 Jun 06
10QSB
2006 Q1
Quarterly report (small business)
11 May 06
8-K
Entry into a Material Definitive Agreement
6 Apr 06
10-K
2005 FY
Annual report
31 Mar 06
8-K
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard
27 Mar 06
8-K
Entry into a Material Definitive Agreement
23 Mar 06
SC 14F1
Statement regarding change in majority of directors
21 Mar 06
DFAN14A
Additional proxy materials by non-management
20 Mar 06
Latest ownership filings
No filings