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.”