Luna Innovations Names Gene Nestro as Chief Financial Officer
27 Novembro 2019 - 10:00AM
Business Wire
Luna Reaffirms Guidance
Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in
advanced fiber optic-based technology, today announced that Gene
Nestro will join the company effective December 2, 2019 and will be
named as Chief Financial Officer (CFO). Mr. Nestro will succeed
current CFO Dale Messick, who has agreed to assist the company
through mid-2020 to ensure a smooth transition. Mr. Nestro will
lead Luna’s Finance organization and represent Luna in
communications with investors, lenders and rating agencies. As a
member of the Company’s executive team, Mr. Nestro will report to
President and CEO Scott A. Graeff.
Mr. Nestro is a senior global finance executive whose experience
includes Securities and Exchange Commission reporting, diverse
corporate and operational roles across multiple industries, and
implementing global data and financial systems to improve
efficiency. Mr. Nestro comes to Luna from Cree, Inc. (NASDAQ:
CREE), where he held the position of Vice President, Corporate
Finance. Prior to Cree, Mr. Nestro worked in senior finance
positions at TE Connectivity (NYSE: TEL), Arthur Anderson, LLP and
Ernst & Young, LLP. Mr. Nestro has served on the Boards of
several community athletic associations.
Mr. Graeff said, “We are very pleased that an executive with
Gene’s skills, global experience and proven leadership is joining
our management team. Gene’s deep expertise and diverse background,
particularly in financial strategic planning, as well as his
operational experience, make him an excellent choice as our new
CFO. We announced a strong third quarter last month, at which time
we raised annual guidance, and we are reaffirming that guidance
today. Luna is poised for continued robust growth, and Gene will
play a key role in driving our continued global growth and
profitability. We look forward to welcoming him to the Luna
team.”
Mr. Nestro said, “I am excited to begin a new chapter with Luna
and help one of the leading technology companies extend its track
record of performance. On a personal note, my family and I look
forward to becoming very involved with the Roanoke, Virginia
community.”
Mr. Graeff thanked Mr. Messick for his thirteen plus years of
service to Luna. “Dale has been a great finance partner and has
contributed significantly to Luna’s success over the years,
including helping us to navigate through periods of change so that
we could emerge as a leader in fiber optic-based technology. I
thank Dale for his dedication to Luna and his support of a smooth
transition, and I wish him all the best in future endeavors.”
Mr. Messick said, “With the progress that we’ve made, and Luna’s
stable financial platform, the time is right for my transition. It
has been a privilege to work with the exceptional people on the
Luna team, and I consider myself fortunate to have worked here. I’m
very proud of everything we have accomplished, and I look forward
to the new opportunities that await me.”
Reaffirmation of 2019 Full-Year
Outlook:
Luna is reaffirming the 2019 outlook provided on its
third-quarter fiscal 2019 earnings call:
- Total revenues in the range of $69 million to $70 million for
full fiscal 2019; and
- Adjusted EBITDA in the range of $8.2 million to $8.6 million
for full fiscal 2019.
Luna is not providing an outlook for net income, which is the
most directly comparable generally accepted accounting principles
("GAAP") measure to Adjusted EBITDA, because changes in the items
that Luna excludes from net income to calculate Adjusted EBITDA,
such as share-based compensation, tax expense, and significant
non-recurring charges, among other things, can be dependent on
future events that are less capable of being controlled or reliably
predicted by management and are not part of Luna's routine
operating activities.
The outlook above does not include any future acquisitions,
divestitures, or unanticipated events.
Non-GAAP Financial
Measures
In evaluating the operating performance of its business, Luna’s
management considers Adjusted EBITDA, which excludes certain
charges and credits that are required by GAAP. Adjusted EBITDA
provides useful information to both management and investors by
excluding the effect of certain non-cash expenses and items that
Luna believes may not be indicative of its operating performance,
because either they are unusual and Luna does not expect them to
recur in the ordinary course of its business, or they are unrelated
to the ongoing operation of the business in the ordinary course.
Adjusted EBITDA should be considered in addition to results
prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results.
About Luna
Luna Innovations Incorporated (www.lunainc.com) is a leader in
optical technology, providing unique capabilities in
high-performance, fiber optic-based, test products for the
telecommunications industry and distributed fiber optic-based
sensing for the aerospace and automotive industries. Luna is
organized into two business segments, which work closely together
to turn ideas into products: a Technology Development segment and a
Products and Licensing segment. Luna’s business model is designed
to accelerate the process of bringing new and innovative
technologies to market.
Forward-Looking
Statements
The statements in this release that are not historical facts
constitute “forward-looking statements” made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties. These statements include
Luna's expectations regarding its projected 2019 financial results
and outlook and continued global growth and profitability.
Management cautions the reader that these forward-looking
statements are only predictions and are subject to a number of both
known and unknown risks and uncertainties, and actual results,
performance, and/or achievements of Luna may differ materially from
the future results, performance, and/or achievements expressed or
implied by these forward-looking statements as a result of a number
of factors. These factors include, without limitation, failure of
demand for Luna's products and services to meet expectations,
failure of target market to grow and expand, technological and
strategic challenges and those risks and uncertainties set forth in
Luna’s Form 10-Q for the quarter ended September 30, 2019, and
Luna's other periodic reports and filings with the Securities and
Exchange Commission ("SEC"). Such filings are available on the
SEC’s website at www.sec.gov and on Luna’s website at
www.lunainc.com. The statements made in this release are based on
information available to Luna as of the date of this release and
Luna undertakes no obligation to update any of the forward-looking
statements after the date of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20191127005151/en/
Investor Contacts: Jane Bomba Luna Innovations
Incorporated Phone: 303-829-1211 Email: IR@lunainc.com
Sally J. Curley Luna Innovations Incorporated 614-530-3002
IR@lunainc.com
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