Tim Hoffmann joined Icelandic medical device company Embla Medical in 2021, and three years later he was recognized with the Rising Star Award at the Business Journal’s 17th annual CFO of the Year Awards at the Irvine Marriott.
It was in those three years that Hoffmann and Embla, which has an office in Irvine, witnessed steady growth in profitability. The global mobility company reported about $800 million in annual revenue and was valued at $1.8 billion when Hoffmann, a former championship-winning volleyball player at University of California, Los Angeles, was recognized by the Business Journal.
Embla has continued to grow in the past year as they provide prosthetics and other mobility-related products for amputees and disabled persons (Nasdaq: EMBLA).
Hoffmann said Össur, Embla’s parent company, underwent significant organizational changes since last year’s awards ceremony. Hoffmann’s role has also changed, shifting from Embla’s CFO for the Americas to the top financial executive for the parent company’s global initiatives.
Össur, headquartered in Iceland, transitioned from a regional business unit model, focusing on the Americas, Europe and emerging markets, to a global business unit.
Shifting to a global business unit model, however, gives Össur greater opportunity to focus on its three core specialties: bracing and supports, chronic solutions and patient care.
The Embla executive added his company experienced “high single-digit revenue growth” over the past year.
“We’ve consistently delivered strong results on the top line and are trying to draw profitable growth,” Hoffmann told the Business Journal.
The company operating out of Irvine recently reported 6% sales growth for the full year of 2024, driven by its patient care and prosthetics/neuro orthotics segments.
Hoffmann said the Americas account for more than half of Össur’s revenues.
“It is still our biggest and most important market,” Hoffmann said.
Accessing end users in emerging markets in Asia and Africa is where Embla and Össur hope to expand in the coming years, Hoffmann added.
