Tornier Announces Preliminary Fourth Quarter And Full Year 2013 Revenue
The following excerpt is from the company's SEC filing
AMSTERDAM, The Netherlands (January 13, 2014) Tornier N.V. (NASDAQ: TRNX), a global medical device company focused on providing surgical
solutions to orthopaedic extremity specialists, announced today preliminary fourth quarter and full year 2013 revenue results. The Company expects revenue for the fourth quarter of 2013 to be in the range of $83 to $84 million, representing growth
compared to the year-ago quarter of between 5.1% and 6.3% as reported and 3.8% to 5.1% in constant currency. For the full year 2013, the Company expects revenue to be in the range of $310.5 to $311.5 million, representing growth of between 11.9% and
12.3% as reported and 11.1% to 11.5% in constant currency. Giving pro-forma effect to Torniers fourth quarter 2012 acquisition of OrthoHelix Surgical Designs, Inc., to include OrthoHelix revenue for the full year 2012, full year 2013 constant
currency revenue growth is expected to be between 3.3% and 3.7%.
Tornier also announced that over 85% of Torniers U.S. revenue is now under a new
distribution agreement or transitioned to a direct sales model, positioning the Company to achieve a U.S. sales organization with representatives that are focused on either upper or lower extremity products. As a result of the transitions, including
two December distributor separations, over 50% of the Companys U.S. revenue is now represented by direct sales representatives.
President and Chief Executive Officer of Tornier, said, We are encouraged that we have completed the first phase of our U.S. sales force transition. Our focus is now on building new sales teams in territories where we separated from the
distributor and completing the training and optimization of our sales representatives. We continue to expect revenue in the first half of 2014 to be impacted by our transition efforts. We believe the transition will position us to leverage our sales
force and broad product portfolio to drive above market extremities revenue growth and margin expansion over the long term.
Tornier plans to report
its full financial results and provide more detail for its fourth quarter and full year of 2013, as well as to issue 2014 guidance after the market close on Thursday, February 20, 2014, to be followed by its quarterly conference call at 4:30
p.m. eastern time that day.
by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Torniers actual results to be materially different than those expressed in or
implied by Torniers forward-looking statements. For Tornier, such uncertainties and risks include, among others, Torniers future operating results and financial performance; changes in Torniers arrangements with its distributors
and independent sales agencies, including the alignment for either dedicated upper or lower extremities sales representatives, and transition to direct selling models in certain geographies and territories; the possible success and disruption to
future revenue from Torniers recently completed agreements to transition to dedicated upper and lower extremity sales forces in the U.S.; fluctuations in foreign currency exchange rates; the effect of global economic conditions; the European
sovereign debt crisis and austerity measures; risks associated with Torniers international operations and expansion; 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, product recalls; competitor activities; risks associated with Torniers acquisition of OrthoHelix and subsequent integration activities; Torniers
leverage and access to credit under its credit agreement; and changes in tax and other legislation. More detailed information on these and other factors that could affect Torniers actual results are described in Torniers filings with the
U.S. Securities and Exchange Commission, including its most recent quarterly report on Form 10-Q. Tornier undertakes no obligation to update its forward-looking statements.
Tornier is a global medical
device company focused on serving extremities specialists, including orthopaedic and podiatric surgeons, who treat orthopaedic conditions of the shoulder, elbow, wrist, hand, ankle and foot. The Companys 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, Torniers 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.
supplement Torniers consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), Tornier uses non-GAAP financial measures from time to time, including 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. Non-GAAP financial measures have
limitations as analytical tools and should not be considered in isolation or as a substitute for Torniers financial results prepared in accordance with GAAP.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here. Tornier N.V. next reports earnings on February 17, 2014.
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