Here are eight key notes on the company’s financial report:
1. Net sales were up 6.1 percent to $308 million in the fourth quarter. For the full year, net sales jumped 2.4 percent to $1.1 billion. The full year net sales were unfavorably impacted by foreign currency exchange rates aggregating $46.9 million compared to 2014.
2. Adjusted fourth quarter EBITDA was up 3.8 percent to $68.9 million; full year adjusted EBITDA was up 3.7 percent to $239.9 million.
3. International net sales hit $79.1 million for the fourth quarter, increasing 8.4 percent over the same period last year excluding the foreign currency exchange rate impact. The full year international net sales were up 5.5 percent to $296.3 million. The increase is primarily due to stronger sales in direct markets, especially Germany, France and Spain.
4. Surgical implant net sales grew 54.6 percent in the fourth quarter, reaching $42.2 million. In the full year, the surgical implant sales were up 34.7 percent to $134.8 million. The company’s shoulder, knee and hip product lines drove the growth in addition to assets acquired from Biomet.
5. The company reported fourth quarter net loss at $49.6 million, up significantly from $7.4 million net loss in the fourth quarter of 2014. N-cash items, non-recurring items and other adjustments significantly impacted the net loss.
6. For the full year, DJOFL reported $349.9 million, up significantly from $90 million in 2014.
7. DJO reported a $48.9 million cash balance as of Dec. 31, 2015, and $119.5 million of available liquidity under the $150 million revolving credit facility.
8. DJO plans on 6 percent to 8 percent full year revenue growth in 2016. The adjusted EBITDA is expected to grow 8 percent to 10 percent, including future cost reductions.
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