AMSTERDAM, Aug 06, 2013 (GLOBE NEWSWIRE via COMTEX) — Tornier N.V. TRNX +22.53% , a global medical device company focused on providing surgical solutions to orthopaedic extremities specialists, reported today its financial results for the second quarter ended June 30, 2013.
Revenue for the second quarter of 2013 reached $78.1 million compared to second quarter 2012 revenue of $66.0 million, an increase of 18.4% as reported and 17.9% in constant currency. Revenue for the six months ended June 30, 2013 totaled $160.8 million, compared to revenue of $140.5 million for the same period of 2012, an increase of 14.5% as reported and 14.2% in constant currency. Revenue for the second quarter and six months ended June 30, 2013 included $7.9 million and $16.3 million of revenue from the acquisition of OrthoHelix Surgical Designs, Inc., respectively.
Second quarter 2013 revenue of Tornier’s extremities product categories totaled $65.6 million compared to $53.2 million for the prior year period, an increase of 23.2% as reported and 23.1% in constant currency. For the six months ended June 30, 2013, revenue of Tornier’s extremities product categories was $132.9 million compared to $111.4 million for the prior year period, an increase of 19.3% as reported and 19.2% in constant currency. Giving pro forma effect to the OrthoHelix acquisition to include OrthoHelix revenue in the prior year period, Tornier’s 2013 second quarter constant currency revenue growth was 7.0%, and extremities product constant currency revenue increased 9.2%. Pro forma constant currency revenue growth for the six months ended June 30, 2013 was 4.2%, and extremities product constant currency revenue increased 6.4%.Dave Mowry, President and Chief Executive Officer of Tornier, commented, “We are very pleased with the revenue growth acceleration of our upper extremity product category in the second quarter, which was aided by the successful early launch of the Ascend Flex shoulder product. Recently, we launched the first OrthoHelix product in international markets and are very excited about the opportunity for further global footprint expansion for our lower extremities category. We also made significant progress transitioning our domestic field sales organization to representatives that are dedicated to either the upper or lower extremity product categories.”The Company’s second quarter 2013 adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $7.3 million, or 9.4% of reported revenue, compared to $7.0 million, or 10.5% of revenue, in the same quarter of the prior year, an increase of 5.5%. For the six months ended June 30, 2013, adjusted EBITDA decreased 3.8% to $16.5 million, or 10.2% of reported revenue, compared to $17.1 million, or 12.2% of revenue a year ago.Mr. Mowry added, “With a modest acceleration in constant currency growth recorded in the second quarter, we began to see improvement in some key operating metrics. Our gross margin, as adjusted, improved when compared to both the year-ago and immediately preceding quarters. In addition, we strengthened our balance sheet with the proceeds of our underwritten public offering in May and ended the quarter with $58.7 million in cash and equivalents and $30 million in available revolving credit.”
On a geographic basis as compared to the second quarter of 2012, Tornier’s international revenue increased 10.6% as reported and 9.6% in constant currency, representing 42% of reported global revenue. Revenue in the United States increased by 24.6% and represented 58% of reported global revenue. Giving pro forma effect to the OrthoHelix acquisition to include OrthoHelix revenue in the second quarter of 2012, revenue in the United States increased by 5.3%.
About Tornier
Tornier is a global medical device company focused on serving extremities specialists who treat orthopaedic conditions of the shoulder, elbow, wrist, hand, ankle and foot. The Company’s broad offering of over 100 product lines includes joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets. Since its founding approximately 70 years ago, Tornier’s “Specialists Serving Specialists” philosophy has fostered a tradition of innovation, intense focus on surgeon education, and commitment to advancement of orthopaedic technology stemming from its close collaboration with orthopaedic surgeons and thought leaders throughout the world. For more information regarding Tornier, visit www.tornier.com.