Austin, TX, May 7, 2014 (GLOBE NEWSWIRE) — AUSTIN, Texas, May 7, 2014 – LDR Holding Corporation (NASDAQ: LDRH), a global medical device company focused on designing and commercializing novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders, today reported its financial results for the first quarter of 2014.
First Quarter 2014 Revenue Highlights
• Total revenue for the quarter ended March 31, 2014 increased 20.2% to $31.1 million, compared to $25.8 million for the quarter ended March 31, 2013.
• Revenue for the first quarter of 2014 from exclusive technology products grew 26.9% to $26.5 million, compared to $20.9 million for the first quarter of 2013.
• Revenue in the United States increased 24.6% to $23.2 million in the quarter, compared to $18.6 million in the first quarter of 2013, and represented 74.6% of total revenue.
• International revenue increased 9.0% during the first quarter of 2014 to $7.9 million, representing 25.4% of total revenue.
In the first quarter of 2014, LDR’s revenue from exclusive technology products grew 26.9% to $26.5 million while revenue from traditional fusion products decreased 7.9% to $4.6 million. Revenue from sales of the Company’s exclusive cervical products grew 34.0% in the first quarter of 2014 to $17.7 million, compared with $13.2 million in the first quarter of 2013, due principally to the growth of Mobi-C. Additionally, revenue from LDR’s exclusive lumbar products in the first quarter increased 14.8% to $8.8 million compared with $7.7 million in the first quarter of 2013, led by revenue growth of the Avenue L lateral lumbar fusion interbody device. Along with growth in LDR’s non-fusion products led by Mobi-C, LDR’s VerteBRIDGE fusion products for both the cervical and lumbar lines continues to grow, in part, because surgeons who are trained to use Mobi-C can be introduced to the balance of LDR’s exclusive technology product lines for use in surgical cases where fusion is appropriate.
Christophe Lavigne, President and Chief Executive Officer of LDR, commented, “Our exclusive technology products grew at a strong rate again this quarter, aided by the availability of Mobi-C in the U.S. market, and higher revenues in both our cervical and lumbar product lines. We were very pleased that the American Medical Association granted a Category 1 CPT code for two-level cervical disc replacement, effective January 1, 2015. This is an important milestone for LDR as it will provide surgeons with certainty as to the payment rate for the two-level procedures they perform and will facilitate Mobi-C reimbursement. We are gratified by the strong interest among spine surgeons in education and training sessions for Mobi-C, the first and only cervical disc replacement device to receive FDA approval to treat both one-level and two-level cervical disc disease. We are continuing to train surgeons to use Mobi-C and are actively working with their hospitals to finalize the access and pricing necessary to conduct their initial cases. In the sales area, the availability of Mobi-C and its superiority claim has been quite attractive to independent sales agencies which otherwise do not have access to cervical disc replacement devices.”
Gross profit for the first quarter of 2014 was $25.8 million and gross margin was 83.1%, compared to a gross profit of $21.5 million and gross margin of 83.4% for the first quarter of 2013.
Net loss for the first quarter of 2014 totaled $3.5 million, or $0.15 per share, compared to a net loss of $1.9 million, or $0.41 per share, for the same quarter a year ago.
Adjusted EBITDA for the first quarter of 2014 was $(1.0) million compared to an adjusted EBITDA of $0.7 million for the first quarter of 2013.
Mr. Lavigne added, “Our exclusive technology products uniquely meet patient and surgeon needs and represent a significant sales opportunity in today’s spine marketplace. We are continuing to take full advantage of this opportunity through investments in surgeon training and education, our reimbursement and corporate organizations, and our sales and marketing infrastructure. We expect these investments will enhance LDR’s growth profile and long-term competitive position.”