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Tornier Reports Second Quarter 2013 Results

Stocks in this article: TRNX

  • Achieves Double-Digit Upper Extremity Product Category Growth
  • Improves Non-GAAP Gross Margin Sequentially and Quarter over Quarter to 73.9%
  • Expands OrthoHelix Product Line Reach with First International Sale

AMSTERDAM, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Tornier N.V. (Nasdaq:TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremities specialists, reported today its financial results for the second quarter ended June 30, 2013.

Revenue for the second quarter of 2013 reached $78.1 million compared to second quarter 2012 revenue of $66.0 million, an increase of 18.4% as reported and 17.9% in constant currency. Revenue for the six months ended June 30, 2013 totaled $160.8 million, compared to revenue of $140.5 million for the same period of 2012, an increase of 14.5% as reported and 14.2% in constant currency. Revenue for the second quarter and six months ended June 30, 2013 included $7.9 million and $16.3 million of revenue from the acquisition of OrthoHelix Surgical Designs, Inc., respectively.

Second quarter 2013 revenue of Tornier's extremities product categories totaled $65.6 million compared to $53.2 million for the prior year period, an increase of 23.2% as reported and 23.1% in constant currency. For the six months ended June 30, 2013, revenue of Tornier's extremities product categories was $132.9 million compared to $111.4 million for the prior year period, an increase of 19.3% as reported and 19.2% in constant currency.

Giving pro forma effect to the OrthoHelix acquisition to include OrthoHelix revenue in the prior year period, Tornier's 2013 second quarter constant currency revenue growth was 7.0%, and extremities product constant currency revenue increased 9.2%. Pro forma constant currency revenue growth for the six months ended June 30, 2013 was 4.2%, and extremities product constant currency revenue increased 6.4%.

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