AUSTIN, Texas, Nov, 2013 (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 third quarter and nine months ended September 30, 2013.
Total revenue for the third quarter of 2013 increased 29.8% to $27.2 million, compared to $20.9 million for the third quarter of 2012. LDR’s revenue from exclusive technology products grew 36.7% to $22.9 million in the third quarter of 2013, while revenue from traditional fusion products increased 2.2% to $4.3 million. Revenue from LDR’s exclusive lumbar products in the third quarter increased 57%, compared with the third quarter of 2012, in part due to the FDA approval of the Avenue L Lateral lumbar fusion interbody device that was introduced in the United States in September 2012. Additionally, revenue from the Company’s exclusive cervical products grew 27% in the third quarter of 2013, compared with the third quarter of 2012.
Gross profit for the third quarter of 2013 was $23.1 million and gross margin was 84.9%, compared to a gross profit of $17.4 million and a gross margin of 82.9% for the third quarter of 2012. Gross margin was favorably impacted by a higher mix of exclusive technology products and geographic distribution.
For the nine months ended September 30, 2013, LDR’s total revenue was $79.6 million, an increase of 21%, compared to $66.0 million for the same period a year ago. For this same period, revenue from LDR’s exclusive technology products grew 25.4% to $65.4 million, while revenue from traditional fusion products increased 3.2% to $14.2 million.
Gross profit for the nine months ended September 30, 2013 was $67.1 million and gross margin was 84.2%, compared to a gross profit of $55.2 million and a gross margin of 83.8% for the same period in 2012. Gross margin was favorably impacted by a higher mix of exclusive technology products and geographic distribution.
Christophe Lavigne, President and Chief Executive Officer of LDR Holding, commented, “We are pleased with our accomplishments to date, marked by the FDA Premarket Approval (PMA) in August 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. Based on results of an FDA pivotal clinical trial which enrolled 575 patients, Mobi-C® is the only cervical disc technology to demonstrate overall clinical superiority as compared to two-level traditional fusion. This is an outstanding accomplishment for LDR which validates our research and development strategies and our commitment to provide highly innovative products to surgeons and patients around the world. We look forward to leveraging our clinical and commercial knowledge based on over 17,000 Mobi-C® implantations completed in international markets to date.”
On a geographic basis, for the third quarter of 2013, LDR’s revenue in the United States increased 29.8% to $20.1 million, compared to $15.5 million in the third quarter of 2012, and represented 73.8% of total revenue. LDR’s international revenue increased 29.8% for the third quarter of 2013 to $7.1 million, representing 26.2% of total revenue.
For the nine months ended September 30, 2013, LDR’s revenue in the United States increased 23.0% to $57.5 million, compared to $46.7 million for the same period a year ago. International revenue increased 15.1% to $22.2 million, compared to $19.3 million for the same period a year ago.
Net loss for the third quarter of 2013 totaled $8.0 million, or $1.68 per share, which included $4.7 million in noncash expenses associated with the revaluation of warrants leading up to the IPO, compared to a net loss of $3.1 million, or $0.66 per share, for the same quarter a year ago. After reflecting the increase in shares outstanding and other transactions that resulted from the Company’s IPO, pro forma net loss for the third quarter of 2013 totaled $6.8 million, or $0.29 per pro forma diluted share.
For the nine months ended September 30, 2013, net loss totaled $12.8 million, or $2.72 per diluted share, which included $5.6 million in noncash expenses associated with the revaluation of warrants leading up to the IPO, compared to a net loss of $7.3 million, or $1.58 per diluted share, for the same period a year ago. After reflecting the increase in shares outstanding and other transactions that resulted from the Company’s IPO, pro forma net loss for the nine months ended September 30, 2013, totaled $9.4 million, or $0.40 per pro forma diluted share.
Adjusted EBITDA for the third quarter of 2013 was $(0.1) million, compared to an adjusted EBITDA of $(0.3) million for the third quarter of 2012. For the nine months ended September 30, 2013, adjusted EBITDA was $1.5 million, compared to an adjusted EBITDA of $0.6 million for the same period a year ago.
Mr. Lavigne added, “We believe that our highly differentiated technologies that focus on surgeon and patient needs, our participation in some of the fastest growing segments of the spine market and our investments in sales and marketing infrastructure enhance LDR’s competitive position and growth profile.”
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 VerteBRIDGE® fusion and Mobi® non-fusion technology platforms and are designed for applications in the cervical and lumbar spine. These technologies 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. LDR recently 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.