AUSTIN, Texas, Aug. 5, 2015 (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 second quarter ended June 30, 2015.
Second Quarter 2015 Revenue Highlights
- Total revenue in the second quarter of 2015 increased 19.4% to $41.5 million, compared to $34.8 million in the second quarter of 2014. On a constant currency basis, total revenue grew 25.5%.
- Revenue from exclusive technology products in the second quarter of 2015 grew 25.8% to $38.2 million, compared to $30.4 million in the second quarter of 2014. On a constant currency basis, exclusive technology products revenue grew 30.1%.
- Revenue in the United States increased 26.4% to $33.3 million in the second quarter of 2015, compared to $26.3 million in the second quarter of 2014, and represented 80.2% of total revenue.
- International revenue decreased 2.3% during the second quarter of 2015 to $8.2 million compared to $8.4 million in the second quarter of 2014. On a constant currency basis, international revenue increased 22.6%.
Revenue from sales of the Company’s exclusive cervical products grew 36.5%, or 41.5% on a constant currency basis, in the second quarter of 2015 to $28.6 million, compared with $21.0 million in the second quarter of 2014, due principally to the growth from sales of the Mobi-C®cervical disc. Additionally, revenue from LDR’s exclusive lumbar products in the second quarter increased 2.0%, or 4.8% on a constant currency basis, to $9.6 million, compared with $9.4 million in the second quarter of 2014. Along with growth in the Company’s non-fusion products, led by Mobi-C, sales of LDR’s VerteBRIDGE® fusion products for both the cervical and lumbar spine continued to grow, in part, because surgeons who were trained on the use of Mobi-C were introduced to the VerteBRIDGE exclusive technology product lines for use in surgical cases where fusion is appropriate.
Christophe Lavigne, President and Chief Executive Officer of LDR, commented, “I am pleased to announce that in June 2015, we received 510(k) clearance from the FDA for our Avenue® T posterior transforaminal interbody fusion cage. Avenue T is our first posterior interbody solution for the lumbar spine incorporating VerteBRIDGE Plating Technology.” He added, “We believe that Avenue T, along with our other current and planned exclusive lumbar technologies, enables a new vision for the instrumented surgical treatment of the degenerative lumbar spine. The Minimal Implant Volume concept, or MIVo, is a new surgical philosophy, which, in the lumbar spine, extends the benefits of VerteBRIDGE to new applications. We believe this approach may allow surgeons to reduce the volume of spinal implant hardware by 45% to 60% as compared to traditional pedicle screw constructs, reduce the trauma and soft tissue disruption through a minimally invasive surgical approach and preserve surgical revision options if necessary in the future. The MIVo approach avoids the use of pedicle screws through the combination of the benefits of the primary stability provided by VerteBRIDGE Plating Technology with less invasive additional posterior stabilization such as our InterBRIDGE® interspinous fusion device.”
Gross profit for the second quarter of 2015 was $34.7 million and gross margin was 83.6%, compared to gross profit of $28.9 million and gross margin of 83.1% for the second quarter of 2014. The improvement in gross margin is due to geographic mix and better freight rate management, partially offset by royalties due to product mix.
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