Amsterdam-based Tornier reported $86.9 million in second quarter revenue in 2014, an 11 percent increase over the same period last year.
Here are eight quick facts from the financial report:
1. Extremity product revenue grew 9.7 percent in the second quarter to $71.9 million, compared to the same period last year. Large joints and other product lines reported a 13.2 percent increase to $14.9 million.
2. The company's second quarter adjusted EBITDA was $6.1 million, or 7 percent of reported revenue. Last year, adjusted EBITDA was $7.3 million, 9.4 percent of revenue in the second quarter. The numbers reflect the company's United States sales force transition, geographic expansion and new product development.
3. There were lower sales in the foot and ankle fixation products, which the United States sales force transition negatively impacted. International revenue increased 167 percent and represented 43.8 percent of reported global revenue.
4. Sports medicine and biologics revenue was down 5.9 percent to $3.7 million.
5. The company projects third quarter revenue to reach $70 million to $74 million, which would be a 4.8 percent to 10.8 percent growth from the previous year. Extremities revenue is expected to reach $273 million to $279 million, which would be a 5.8 percent to 8.2 percent increase over the same period last year.
6. The company reported operating loss at $7.9 million, slightly lower than the $8.3 million reported last year. The operating loss for the six-months end was $12.9 million, relatively flat when compared with 2013.
7. The Aequalis Ascend Flex platform has continued positive feedback from new and longer-term customers. "Our targeted marketing strategy and defined cadence of sales activities designed to attract and convert competitive customers has proven, thus far, to be a successful market building strategy and contributed to our strong shoulder sales growth in the quarter," according to President, CE and Executive Director David H. Mowry, in a conference call reported by Seeking Alpha.
8. Mr. Mowry also discussed the company's emerging partnership with the Japanese Shoulder Society to expand Aequalis Reversed Shoulder use in the country with new market building efforts and training programs.