DJO Global Inc, Vista, Calif, announces the financial results for its public reporting subsidiary, DJO Finance LLC (DJOFL), for the third quarter that ended September 30.
According to the results, the company reports that its net sales grew 3.2% quarter over quarter to $287.0 million.
In terms of growth, the company notes that its Bracing & Vascular segment grew 0.9%, its Recovery Sciences segment grew 5%, its Surgical segment grew 8.5% (28% organic growth), and its International segment grew 3.5% (4.7% constant currency growth).
In addition, the company reported a net loss attributable to DJOFL of $22.6 million, compared to a net loss of $177.8 million for the third quarter of 2015.
Adjusted EBITDA for the third quarter of 2016 was $63.3 million, or 22.1% of net sales, reflecting a decrease of 0.2% as reported when compared with Adjusted EBITDA of $63.4 million, or 22.8% of net sales, for the third quarter of 2015. For the 12 months ended September 30, 2016, including cost savings programs currently underway of $13.8 million, Adjusted EBITDA was $258.5 million, or 22.2% of LTM net sales, explains a media release from the company.
“During the third quarter, we had strong revenue growth in our Surgical, Recovery Sciences and International segments, offset by slower growth in our Bracing & Vascular segment,” says Mike Mogul, DJO’s president and chief executive officer, in the release.
“The Vascular business was impacted negatively, as we restored service in the quarter following challenges integrating that business into our Oracle ERP system. We also initiated the restructuring of our business units, in which we will fold our Recovery Sciences segment into our other business units, in order to streamline our costs and our operating model,” he adds.
[Source(s): DJO Global Inc, Business Wire]