Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Wright Medical Group N.V. | a12-5689_18k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
TORNIER REPORTS 2011 FINANCIAL RESULTS AND PROVIDES 2012 OUTLOOK
Fourth Quarter Sales and Adjusted EBITDA Exceeded Guidance
2012 Outlook Includes Double-Digit Constant Currency Extremities Growth
AMSTERDAM, The Netherlands, February 23, 2012 — Tornier N.V. (NASDAQ: TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremity specialists, reported its financial results for the fourth quarter and full year 2011 and provided its outlook for financial results in 2012.
As previously reported, sales for the fourth quarter of 2011 reached $69.0 million compared to fourth quarter 2010 sales of $61.3 million, increases of 12.7% as reported and 12.4% in constant currency. Also previously reported were full year 2011 sales of $261.2 million compared to 2010 sales of $227.4 million, increases of 14.9% as reported and 12.0% in constant currency. Fourth quarter 2011 sales of Tornier’s extremity product categories increased 17.5% as reported and 17.1% in constant currency over the prior year’s fourth quarter and represented 79% of reported global sales.
Douglas W. Kohrs, President and Chief Executive Officer of Tornier, commented, “We are pleased that our fourth quarter extremity product sales growth was the strongest of the year with each of our extremity lines recording double digit growth. This balanced growth across our extremity product portfolio can be attributed to our continued global focus on product innovation and commercialization.”
The Company’s fourth quarter 2011 adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $8.3 million or 12.1% of sales, compared to $5.2 million or 8.5% of sales in the same quarter of the prior year, an increase of 60%. Adjusted EBITDA for the full year 2011 reached $28.6 million or 11.0% of sales, compared to $18.6 million or 8.2% of sales in 2010, representing an increase of 53%.
Mr. Kohrs continued, “We are pleased with the continued expansion in our adjusted EBITDA margin both for the fourth quarter and for the full year. This significant earnings improvement, along with efficient working capital management, resulted in positive operating cash generation for both the quarter and the year. Looking ahead, we will continue to improve operating efficiencies while growing the business faster than the market in all our product categories.”
Sales and Product Review
Tornier’s fourth quarter 2011 constant currency sales growth of 12.4% was led by its extremity product line categories which together posted constant currency growth of 17.1% over the fourth quarter of 2010. Within the extremity products group, fourth quarter constant currency growth of the upper extremity category was 18.3%, led by the continued strength of shoulder arthroplasty products including the Aequalis Ascend™, the Aequalis® reverse, and the
CortiLoc™ glenoid. Further positive contribution came from the launch of the Simpliciti™ stemless shoulder system in additional European markets. Tornier’s lower extremity joints and trauma category grew 12.5% in constant currency with strong sales from both the market-leading Salto® ankle arthroplasty system and the Stabilis™ ankle fusion system. The sports medicine and biologics product category posted fourth quarter constant currency sales growth of 13.1% led by the Company’s Piton® bone anchors and ArthroTunneler® anchor-less bone tunneling system. Several new market expanding sports medicine and biologic products underwent initial clinical evaluation in the fourth quarter including the Insite®FT bone anchor line and the Duo™ shoulder instability system. Sales of Tornier’s large joints product category declined by 2.2% in the quarter, in line with expectations, as a result of lower shipments to distributors serving new international markets entered in 2010.
On a geographic basis as compared to the fourth quarter of 2010, Tornier’s international sales increased 13.0% as reported and 12.3% in constant currency, representing 46% of global sales. Sales in the United States increased by 12.5% and represented 54% of global sales.
Outlook
The Company projects 2012 constant currency sales in the range of $282 to $290 million, representing constant currency growth of 8% to 11% over 2011 sales. Based on recent currency exchange rates, 2012 reported sales are projected in the range of $276 to $284 million, representing reported growth of 6% to 9% over 2011 sales. Sales of the Tornier extremities product categories in 2012 are expected to grow 10% to 13% in constant currency. The Company projects 2012 adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, of $35.5 to $41.5 million or 13% to 14.5% of reported sales, representing growth of 24% to 45% over 2011.
For the first quarter of 2012, the Company projects constant currency sales in the range of $75 to $77 million, representing constant currency growth of 8% to 11% over first quarter 2011 sales. Based on recent currency exchange rates, first quarter 2012 reported sales are projected in the range of $74 to $76 million, representing reported growth of 6% to 9% over first quarter 2011 sales. First quarter 2012 extremities product category sales are expected to grow 10% to 13% in constant currency. The Company projects adjusted EBITDA for the first quarter of 2012 of $9.5 to $11 million or 13% to 14% of reported sales.
Earnings Call Information
Tornier will host a conference call today at 5:30 p.m. eastern time to discuss its fourth quarter 2011 financial results and its initial outlook for 2012. The conference call will be available to interested parties through a live audio webcast available through the Company’s website at www.tornier.com. Those without internet access may join the call from within the U.S. by dialing 1-877-673-5355; outside the U.S., dial +1-760-666-3805.
A telephone replay will be available for two weeks following the call by dialing 1-855-859-2056 for domestic participants and +1-404-537-3406 for international participants. When prompted, please enter the replay pin number 47132348. For those who are not available to listen to the live webcast, the call will be archived for one year on Tornier’s website.
Forward-Looking Statements
Statements contained in this release that relate to future, not past, events are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations of future events and often can be identified by words such as “expect,” “should,” “project,” “anticipate,” “intend,” “will,” “may,” “believe,” “could,” “would,” “continue,” “outlook,” “guidance,” other words of similar meaning or the use of future dates. Examples of forward-looking statements in this release include Tornier’s financial guidance for the first quarter of 2012 and for the full year 2012 and its intent to improve operating efficiencies and grow its business. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Tornier’s actual results to be materially different than those expressed in or implied by Tornier’s forward-looking statements. For Tornier, such uncertainties and risks include, among others, Tornier’s future operating results and financial performance, fluctuations in foreign currency exchange rates, the effect of global economic conditions and the European debt crisis, the timing of regulatory approvals and introduction of new products, physician acceptance, endorsement, and use of new products; the effect of regulatory actions, changes in and adoption of reimbursement rates, potential product recalls, competitor activities and the costs and effects of litigation and changes in tax and other legislation. More detailed information on these and other factors that could affect Tornier’s actual results are described in Tornier’s filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Tornier undertakes no obligation to update its forward-looking statements.
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 90 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.
Use of Non-GAAP Financial Measures
To supplement Tornier’s consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), Tornier uses certain non-GAAP financial measures in this release. Reconciliations of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in tables later in this release immediately following the detail of revenue by geography. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Tornier’s financial results prepared in accordance with GAAP.
Contact:
Carmen Diersen
Chief Financial Officer
952-426-7646
cdiersen@tornier.com
Doug Kohrs
President and Chief Executive Officer
952-426-7606
dkohrs@tornier.com
Tornier N.V.
Consolidated Statements of Operations
(in thousands, except per share data)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
January 1, 2012 |
|
January 2, 2011 |
| ||||
|
Revenue |
|
$ |
69,042 |
|
$ |
61,265 |
|
$ |
261,191 |
|
$ |
227,378 |
|
|
Cost of goods sold |
|
20,174 |
|
17,883 |
|
74,882 |
|
63,437 |
| ||||
|
Gross profit |
|
48,868 |
|
43,382 |
|
186,309 |
|
163,941 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating expenses |
|
|
|
|
|
|
|
|
| ||||
|
Sales and marketing |
|
34,970 |
|
33,144 |
|
136,305 |
|
126,809 |
| ||||
|
General and administrative |
|
6,583 |
|
5,723 |
|
25,143 |
|
22,366 |
| ||||
|
Research and development |
|
5,231 |
|
5,182 |
|
19,839 |
|
17,896 |
| ||||
|
Amortization of intangible assets |
|
2,834 |
|
2,772 |
|
11,282 |
|
11,492 |
| ||||
|
Special charges |
|
704 |
|
— |
|
892 |
|
306 |
| ||||
|
Total operating expenses |
|
50,322 |
|
46,821 |
|
193,461 |
|
178,869 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Operating (loss) |
|
(1,454 |
) |
(3,439 |
) |
(7,152 |
) |
(14,928 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
| ||||
|
Interest income |
|
135 |
|
81 |
|
550 |
|
223 |
| ||||
|
Interest expense |
|
(565 |
) |
(5,616 |
) |
(4,326 |
) |
(21,805 |
) | ||||
|
Foreign currency transaction gain (loss) |
|
274 |
|
1,304 |
|
193 |
|
(8,163 |
) | ||||
|
Loss on extinguishment of debt |
|
— |
|
— |
|
(29,475 |
) |
— |
| ||||
|
Other non-operating income (expense) |
|
321 |
|
(301 |
) |
1,330 |
|
43 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loss before income taxes |
|
(1,289 |
) |
(7,971 |
) |
(38,880 |
) |
(44,630 |
) | ||||
|
Income tax (expense) benefit |
|
(692 |
) |
(125 |
) |
8,424 |
|
5,121 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Consolidated net loss |
|
(1,981 |
) |
(8,096 |
) |
(30,456 |
) |
(39,509 |
) | ||||
|
Net loss attributable to non-controlling interest |
|
— |
|
— |
|
— |
|
(695 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net loss attributable to Tornier N.V. |
|
(1,981 |
) |
(8,096 |
) |
(30,456 |
) |
(38,814 |
) | ||||
|
Accretion of non-controlling interest |
|
— |
|
— |
|
— |
|
(679 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net loss attributable to ordinary shareholders |
|
$ |
(1,981 |
) |
$ |
(8,096 |
) |
$ |
(30,456 |
) |
$ |
(39,493 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net loss per share |
|
|
|
|
|
|
|
|
| ||||
|
Basic and diluted |
|
$ |
(0.05 |
) |
$ |
(0.27 |
) |
$ |
(0.80 |
) |
$ |
(1.42 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Weighted average ordinary shares outstanding |
|
|
|
|
|
|
|
|
| ||||
|
Basic and diluted |
|
39,261 |
|
29,568 |
|
38,227 |
|
27,770 |
| ||||
Tornier N.V.
Condensed Consolidated Balance Sheets
(in thousands)
|
|
|
January 1, 2012 |
|
January 2, 2011 |
| ||
|
|
|
(unaudited) |
|
|
| ||
|
Assets |
|
|
|
|
| ||
|
Current assets |
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
54,706 |
|
$ |
24,838 |
|
|
Accounts receivable, net |
|
45,908 |
|
42,758 |
| ||
|
Inventories |
|
79,883 |
|
77,525 |
| ||
|
Deferred income taxes and other current assets |
|
18,375 |
|
28,093 |
| ||
|
Total current assets |
|
198,872 |
|
173,214 |
| ||
|
|
|
|
|
|
| ||
|
Instruments, net |
|
49,347 |
|
42,378 |
| ||
|
Property, plant and equipment, net |
|
33,353 |
|
33,680 |
| ||
|
Goodwill and intangibles, net |
|
228,209 |
|
240,854 |
| ||
|
Deferred income taxes and other assets |
|
1,919 |
|
1,052 |
| ||
|
Total assets |
|
$ |
511,700 |
|
$ |
491,178 |
|
|
|
|
|
|
|
| ||
|
Liabilities and shareholders’ equity |
|
|
|
|
| ||
|
Current liabilities |
|
|
|
|
| ||
|
Short-term borrowing and current portion of long-term debt |
|
$ |
18,011 |
|
$ |
28,392 |
|
|
Accounts payable |
|
12,020 |
|
12,890 |
| ||
|
Accrued liabilities and deferred income taxes |
|
35,443 |
|
34,967 |
| ||
|
Total current liabilities |
|
65,474 |
|
76,249 |
| ||
|
|
|
|
|
|
| ||
|
Notes payable |
|
— |
|
84,261 |
| ||
|
Other long-term debt |
|
21,900 |
|
25,467 |
| ||
|
Deferred income taxes and other long-term liabilities |
|
22,866 |
|
34,962 |
| ||
|
Total liabilities |
|
110,240 |
|
220,939 |
| ||
|
|
|
|
|
|
| ||
|
Shareholders’ equity |
|
401,460 |
|
270,239 |
| ||
|
|
|
|
|
|
| ||
|
Total liabilities and shareholders’ equity |
|
$ |
511,700 |
|
$ |
491,178 |
|
Tornier N.V.
Consolidated Statements of Cash Flow
(in thousands)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
January 1, 2012 |
|
January 2, 2011 |
| ||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
| ||||
|
Consolidated net loss |
|
$ |
(1,981 |
) |
$ |
(8,096 |
) |
$ |
(30,456 |
) |
$ |
(39,509 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
|
|
| ||||
|
Depreciation and amortization |
|
7,279 |
|
7,196 |
|
28,317 |
|
27,038 |
| ||||
|
Non-cash foreign currency (gain) loss |
|
(89 |
) |
(1,644 |
) |
298 |
|
7,143 |
| ||||
|
Deferred income taxes |
|
(2,626 |
) |
(978 |
) |
(11,619 |
) |
(6,548 |
) | ||||
|
Share-based compensation |
|
1,806 |
|
1,443 |
|
6,547 |
|
5,630 |
| ||||
|
Non-cash interest expense and discount amortization |
|
— |
|
5,013 |
|
2,040 |
|
19,612 |
| ||||
|
Inventory obsolescence |
|
1,182 |
|
1,181 |
|
4,996 |
|
5,212 |
| ||||
|
Change in fair value of warrant liability |
|
— |
|
— |
|
29,475 |
|
— |
| ||||
|
Other non-cash items affecting earnings |
|
161 |
|
954 |
|
(186 |
) |
1,699 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
| ||||
|
Accounts receivable |
|
(4,139 |
) |
(4,450 |
) |
(4,673 |
) |
(3,790 |
) | ||||
|
Inventories |
|
3,076 |
|
(114 |
) |
(7,939 |
) |
(17,349 |
) | ||||
|
Accounts payable and accruals |
|
6,022 |
|
(2,242 |
) |
2,573 |
|
2,348 |
| ||||
|
Other current assets and liabilities |
|
431 |
|
3,548 |
|
3,987 |
|
(307 |
) | ||||
|
Other non-current assets and liabilities |
|
1,083 |
|
1,583 |
|
(194 |
) |
1,710 |
| ||||
|
Net cash provided by (used in) operating activities |
|
12,205 |
|
3,394 |
|
23,166 |
|
2,889 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
| ||||
|
Acquisition-related cash payments |
|
(1,089 |
) |
(336 |
) |
(3,142 |
) |
(2,328 |
) | ||||
|
Additions of instruments |
|
(4,692 |
) |
(3,330 |
) |
(19,734 |
) |
(13,838 |
) | ||||
|
Purchases of property, plant and equipment |
|
(2,827 |
) |
(1,147 |
) |
(6,599 |
) |
(6,687 |
) | ||||
|
Net cash provided by (used in) investing activities |
|
(8,608 |
) |
(4,813 |
) |
(29,475 |
) |
(22,853 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
| ||||
|
Change in short-term debt |
|
(2,328 |
) |
(661 |
) |
(10,513 |
) |
6,468 |
| ||||
|
Repayments of long-term debt |
|
(1,689 |
) |
(2,684 |
) |
(8,147 |
) |
(7,687 |
) | ||||
|
Proceeds from issuance of long-term debt |
|
281 |
|
6,010 |
|
5,032 |
|
11,361 |
| ||||
|
Deferred financing costs |
|
— |
|
(1,858 |
) |
(2,731 |
) |
(3,534 |
) | ||||
|
Repayment of notes payable |
|
— |
|
— |
|
(116,108 |
) |
— |
| ||||
|
Issuance of ordinary shares |
|
362 |
|
13 |
|
171,577 |
|
819 |
| ||||
|
Net cash provided by (used in) financing activities |
|
(3,374 |
) |
820 |
|
39,110 |
|
7,427 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Effect of currency exchange rates on cash and cash equivalents |
|
(1,365 |
) |
(65 |
) |
(2,933 |
) |
(594 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Increase (decrease) in cash and cash equivalents |
|
(1,142 |
) |
(664 |
) |
29,868 |
|
(13,131 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Cash and cash equivalents at beginning of period |
|
55,848 |
|
25,502 |
|
24,838 |
|
37,969 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Cash and cash equivalents at end of period |
|
$ |
54,706 |
|
$ |
24,838 |
|
$ |
54,706 |
|
$ |
24,838 |
|
Tornier N.V.
Selected Revenue Information
(in thousands)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||||||
|
|
|
(unaudited) |
|
Percent |
|
(unaudited) |
|
Percent |
| ||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
change |
|
January 1, 2012 |
|
January 2, 2011 |
|
change |
| ||||
|
Revenue by product category |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Upper extremity joints and trauma |
|
$ |
43,424 |
|
$ |
36,598 |
|
18.7 |
% |
$ |
164,064 |
|
$ |
139,175 |
|
17.9 |
% |
|
Lower extremity joints and trauma |
|
7,011 |
|
6,223 |
|
12.7 |
% |
26,033 |
|
23,629 |
|
10.2 |
% | ||||
|
Sports medicine and biologics |
|
4,010 |
|
3,523 |
|
13.8 |
% |
14,779 |
|
13,210 |
|
11.9 |
% | ||||
|
Total extremities |
|
54,445 |
|
46,344 |
|
17.5 |
% |
204,876 |
|
176,014 |
|
16.4 |
% | ||||
|
Large joints and other |
|
14,597 |
|
14,921 |
|
-2.2 |
% |
56,315 |
|
51,364 |
|
9.6 |
% | ||||
|
Total |
|
$ |
69,042 |
|
$ |
61,265 |
|
12.7 |
% |
$ |
261,191 |
|
$ |
227,378 |
|
14.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenue by geography |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
United States |
|
$ |
37,299 |
|
$ |
33,165 |
|
12.5 |
% |
$ |
141,496 |
|
$ |
127,762 |
|
10.7 |
% |
|
International |
|
31,743 |
|
28,100 |
|
13.0 |
% |
119,695 |
|
99,616 |
|
20.2 |
% | ||||
|
Total |
|
$ |
69,042 |
|
$ |
61,265 |
|
12.7 |
% |
$ |
261,191 |
|
$ |
227,378 |
|
14.9 |
% |
Tornier N.V.
Reconciliation of Revenue to Non-GAAP Revenue on a Constant Currency Basis
(in thousands)
|
|
|
Three Months Ended |
|
|
| ||||||||||
|
|
|
(unaudited) |
|
|
| ||||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
Percent |
| ||||||||
|
|
|
Revenue as |
|
Foreign |
|
Revenue on a |
|
Revenue as |
|
change on a |
| ||||
|
Revenue by product category |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Upper extremity joints and trauma |
|
$ |
43,424 |
|
$ |
(132 |
) |
$ |
43,292 |
|
$ |
36,598 |
|
18.3 |
% |
|
Lower extremity joints and trauma |
|
7,011 |
|
(8 |
) |
7,003 |
|
6,223 |
|
12.5 |
% | ||||
|
Sports medicine and biologics |
|
4,010 |
|
(27 |
) |
3,983 |
|
3,523 |
|
13.1 |
% | ||||
|
Total extremities |
|
54,445 |
|
(167 |
) |
54,278 |
|
46,344 |
|
17.1 |
% | ||||
|
Large joints and other |
|
14,597 |
|
(7 |
) |
14,590 |
|
14,921 |
|
-2.2 |
% | ||||
|
Total |
|
$ |
69,042 |
|
$ |
(174 |
) |
$ |
68,868 |
|
$ |
61,265 |
|
12.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenue by geography |
|
|
|
|
|
|
|
|
|
|
| ||||
|
United States |
|
$ |
37,299 |
|
$ |
— |
|
$ |
37,299 |
|
$ |
33,165 |
|
12.5 |
% |
|
International |
|
31,743 |
|
(174 |
) |
31,569 |
|
28,100 |
|
12.3 |
% | ||||
|
Total |
|
$ |
69,042 |
|
$ |
(174 |
) |
$ |
68,868 |
|
$ |
61,265 |
|
12.4 |
% |
|
|
|
Twelve Months Ended |
|
|
| ||||||||||
|
|
|
(unaudited) |
|
|
| ||||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
Percent |
| ||||||||
|
|
|
Revenue as |
|
Foreign |
|
Revenue on a |
|
Revenue as |
|
change on a |
| ||||
|
Revenue by product category |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Upper extremity joints and trauma |
|
$ |
164,064 |
|
$ |
(3,170 |
) |
$ |
160,894 |
|
$ |
139,175 |
|
15.6 |
% |
|
Lower extremity joints and trauma |
|
26,033 |
|
(414 |
) |
25,619 |
|
23,629 |
|
8.4 |
% | ||||
|
Sports medicine and biologics |
|
14,779 |
|
(301 |
) |
14,478 |
|
13,210 |
|
9.6 |
% | ||||
|
Total extremities |
|
204,876 |
|
(3,885 |
) |
200,991 |
|
176,014 |
|
14.2 |
% | ||||
|
Large joints and other |
|
56,315 |
|
(2,744 |
) |
53,571 |
|
51,364 |
|
4.3 |
% | ||||
|
Total |
|
$ |
261,191 |
|
$ |
(6,629 |
) |
$ |
254,562 |
|
$ |
227,378 |
|
12.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Revenue by geography |
|
|
|
|
|
|
|
|
|
|
| ||||
|
United States |
|
$ |
141,496 |
|
$ |
— |
|
$ |
141,496 |
|
$ |
127,762 |
|
10.7 |
% |
|
International |
|
119,695 |
|
(6,629 |
) |
113,066 |
|
99,616 |
|
13.5 |
% | ||||
|
Total |
|
$ |
261,191 |
|
$ |
(6,629 |
) |
$ |
254,562 |
|
$ |
227,378 |
|
12.0 |
% |
Tornier N.V.
Reconciliation of Net Loss to
Non-GAAP Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
(in thousands)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
January 1, 2012 |
|
January 2, 2011 |
| ||||
|
Net loss, as reported |
|
$ |
(1,981 |
) |
$ |
(8,096 |
) |
$ |
(30,456 |
) |
$ |
(39,509 |
) |
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest income |
|
(135 |
) |
(81 |
) |
(550 |
) |
(223 |
) | ||||
|
Interest expense |
|
565 |
|
5,616 |
|
4,326 |
|
21,805 |
| ||||
|
Income tax expense (benefit) |
|
692 |
|
125 |
|
(8,424 |
) |
(5,121 |
) | ||||
|
Depreciation |
|
4,445 |
|
4,424 |
|
17,035 |
|
15,546 |
| ||||
|
Amortization |
|
2,834 |
|
2,772 |
|
11,282 |
|
11,492 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Subtotal Non-GAAP EBITDA (Loss) |
|
6,420 |
|
4,760 |
|
(6,787 |
) |
3,990 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other non-operating (income) expense |
|
(321 |
) |
301 |
|
(1,330 |
) |
(43 |
) | ||||
|
Foreign currency transaction (gain) loss |
|
(274 |
) |
(1,304 |
) |
(193 |
) |
8,163 |
| ||||
|
Share-based compensation |
|
1,806 |
|
1,443 |
|
6,547 |
|
5,630 |
| ||||
|
Loss on extinguishment of debt |
|
— |
|
— |
|
29,475 |
|
— |
| ||||
|
Special charges |
|
704 |
|
— |
|
892 |
|
306 |
| ||||
|
Operating expenses from consolidated VIE |
|
— |
|
— |
|
— |
|
594 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-GAAP Adjusted EBITDA |
|
$ |
8,335 |
|
$ |
5,200 |
|
$ |
28,604 |
|
$ |
18,640 |
|
Tornier N.V.
Reconciliation of Net Cash Provided by (Used in) Operating Activities
to Non-GAAP Free Cash Flow
(in thousands)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
(unaudited) |
|
(unaudited) |
| ||||||||
|
|
|
January 1, 2012 |
|
January 2, 2011 |
|
January 1, 2012 |
|
January 2, 2011 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net cash provided by (used in) operating activities, as reported |
|
$ |
12,205 |
|
$ |
3,394 |
|
$ |
23,166 |
|
$ |
2,889 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Adjusted for: |
|
|
|
|
|
|
|
|
| ||||
|
Additions of instruments, as reported |
|
(4,692 |
) |
(3,330 |
) |
(19,734 |
) |
(13,838 |
) | ||||
|
Purchases of property, plant and equipment, as reported |
|
(2,827 |
) |
(1,147 |
) |
(6,599 |
) |
(6,687 |
) | ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-GAAP free cash flow |
|
$ |
4,686 |
|
$ |
(1,083 |
) |
$ |
(3,167 |
) |
$ |
(17,636 |
) |