AUSTIN, Texas, Feb. 17, 2016 (GLOBE NEWSWIRE) — 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 fourth quarter and fiscal year ended December 31, 2015.
Fourth Quarter and Fiscal Year 2015 Highlights
- Total revenue in the fourth quarter of 2015 increased 12.7% to $44.5 million, or 16.2% on a constant currency basis compared to the fourth quarter of 2014.
- For fiscal year 2015, total revenue increased 16.4% to $164.5 million, or 21.3% on a constant currency basis compared to fiscal year 2014.
- Revenue from exclusive technology products in the fourth quarter of 2015 grew 15.9% to $41.6 million, or 18.3% on a constant currency basis compared to the fourth quarter of 2014.
- For fiscal year 2015, revenue from exclusive technology products grew 21.9% to $152.4 million, or 25.4% on a constant currency basis compared to fiscal year 2014.
- Revenue in the United States increased 15.4% to $36.9 million in the fourth quarter of 2015, compared to the fourth quarter of 2014, and represented 82.9% of total revenue.
- For fiscal year 2015, revenue in the United States increased 22.1% to $133.8 million, compared to fiscal year 2014.
- As of December 31, 2015, LDR had $115.1 million in cash and cash equivalents, $148.0 million in working capital (including cash and cash equivalents) and $5.8 million in debt.
Revenue from exclusive cervical products grew 26.0%, or 28.6% on a constant currency basis, in the fourth quarter of 2015 to $32.1 million, compared to the fourth quarter of 2014. For fiscal year 2015, revenue from exclusive cervical products grew 31.9%, or 35.9% on a constant currency basis, to $114.8 million, compared to fiscal year 2014.
The performance during the fourth quarter and full year was primarily driven by the continued strong growth of Mobi-C® and successful cross-selling of ROI-C®, supporting the effectiveness of the Company’s strategy to gain market share in the cervical spine segment.
Christophe Lavigne, President and Chief Executive Officer of LDR, commented, “We finished 2015 with a record quarter in revenue led by strong growth in our exclusive cervical technology products, and a record quarter for Mobi-C. As our results demonstrate, we are increasingly being recognized as a leader in bringing global cervical solutions to surgeons with both non-fusion and fusion technologies. With our exclusive lumbar products, we continued our progress on the clinical evaluation and development of our Minimal Implant Volume (MIVo) products during the fourth quarter, which we believe will support our long-term strategy to penetrate the lumbar market.”
Mr. Lavigne added, “We are pleased that our first two peer-reviewed papers with five-year patient outcome data for our unique Mobi-C technology were recently published. The first, in the Journal of Neurosurgery: Spine, shows a lower rate of subsequent surgeries for Mobi-C versus fusion and the second, in Neurosurgery, demonstrates the cost effectiveness of two-level cervical disc replacement. We are encouraged by these recent developments as both publications add to the growing weight of clinical evidence supporting cervical disc replacement and Mobi-C, in particular. We believe the increasing availability of long-term publications, along with the updated NASS coverage recommendation in support of both one and two-level cervical disc replacement, will drive continued penetration of cervical disc replacement into the estimated $1.2 billion U.S. cervical fusion market.”
Additional Financial Highlights
International revenue increased 1.0% during the fourth quarter of 2015 to $7.6 million, or 19.4% on a constant currency basis compared to the fourth quarter of 2014. For fiscal year 2015, international revenue decreased 3.3% to $30.6 million, or increased 18.5% on a constant currency basis compared to fiscal year 2014.
Gross profit for the fourth quarter of 2015 was $36.6 million and gross margin was 82.3%, compared to gross profit of $32.7 million and gross margin of 82.7% for the fourth quarter of 2014. Gross profit for the year ended December 31, 2015 was $137.2 million and gross margin was 83.4%, compared to a gross profit of $116.8 million and a gross margin of 82.7% for the year ended December 31, 2014.
Net loss for the fourth quarter of 2015 was $4.8 million, or $0.16 per share, compared to a net loss of $3.1 million, or $0.12 per share, for the same quarter a year ago. For the year ended December 31, 2015, net loss totaled $15.9 million, or $0.57 per diluted share, compared to a net loss of $11.0 million, or $0.43 per diluted share, for fiscal year 2014.
Adjusted EBITDA for the fourth quarter of 2015 was $(3.2) million compared to adjusted EBITDA of $(0.7) million for the fourth quarter of 2014. For the year ended December 31, 2015, adjusted EBITDA was $(6.9) million, compared to an adjusted EBITDA of $(0.8) million for fiscal year 2014.
2016 Guidance
Based on LDR’s results for the year ended December 31, 2015, the Company expects revenue for the full year 2016 to be in the range of $187.5 million to $189.5 million, or 14% to 15.2% growth on a reported basis. Changes in foreign exchange rates are expected to negatively impact 2016 reported revenue by approximately 1.0%. This implies revenues, before any foreign exchange impact, in the range of $189.1 million to $191.1 million for the full year 2016 or 15% to 16.2% growth constant currency.
Conference Call
LDR Holding Corporation will host a conference call today at 5:00 p.m. Eastern Time to discuss its fourth quarter and fiscal year 2015 financial results. The conference call will be available to interested parties through a live audio webcast available through LDR’s website at www.ldr.com. Those without internet access may join the call from within the United States by dialing (877) 312-5637; outside the United States, by dialing (253) 237-1149.
For those who are not available to listen to the live webcast, the webcast replay will be archived for 12 months on LDR’s website.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements contained in this press release include the intent, belief or current expectations of LDR and members of its management team with respect to LDR’s future business operations as well as the assumptions upon which such statements are based. Forward-looking statements include specifically, but are not limited to, LDR’s market opportunities, growth, future revenues, future products, market acceptance of its products, sales and financial results and such statements are subject to risks and uncertainties such as the timing and success of new product introductions, physician acceptance, endorsement, and use of LDR’s products, regulatory matters, competitor activities, changes in and adoption of reimbursement rates, potential product recalls, effects of global economic conditions and changes in foreign currency exchange rates. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found in LDR’s Risk Factors disclosure in its Annual Report on Form 10-K, filed on February 20, 2015, and in LDR’s other filings with the SEC. LDR disclaims any responsibility to update any forward-looking statements.
About LDR Holding Corporation
LDR Holding Corporation is a global medical device company focused on designing and commercializing novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders. LDR’s primary products are based on its exclusive Mobi® non-fusion and VerteBRIDGE® fusion technology platforms and are designed for applications in the cervical and lumbar spine. These technologies are designed to enable products that are less invasive, provide greater intra-operative flexibility, offer simplified surgical techniques and promote improved clinical outcomes for patients as compared to existing alternatives. In August 2013, LDR received approval from the U.S. Food and Drug Administration (FDA) for the Mobi-C cervical disc replacement device, the first and only cervical disc replacement device to receive FDA approval to treat both one-level and two-level cervical disc disease. For more information regarding LDR Holding, visit www.ldr.com.
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