Boston, MA 08/11/2014 (wallstreetpr) – Tornier NV (NASDAQ:TRNX) posted strong set of financial results for the second quarter. The revenues came higher at $86.9 million as compared to $78.1 million in 2Q2013. It was up 9.5% in constant currency.
The revenue from the extremities product categories rose to $71.9 million as compared to $65.6 million in the prior-year period. It was a rise of 8.8% in terms of constant currency. The revenue from the large joints and other product lines rose 13.2% in constant currency to $14.9 million as compared to second quarter of 2013. The adjusted EBITDA came at $6.1 million as compared to $7.3 million in the 2Q2013.
The Revenue Guidance
The stocks of Tornier rallied after the company posted the strong guidance for the third quarter. Tornier NV (NASDAQ:TRNX) expects the revenue in constant currency to come in the range of $69 to $73 million. It will be a growth of 3.4% to 9.4% as compared to third quarter of 2013. In terms of current currency exchange rates, the third quarter revenue is expected to come in the range of $70 to $74 million. It will be a rise of 4.8% to 10.8% over the third quarter last year.
The revenue from the extremities product category is expected to come in the range of $60 to $63 million. It will be a growth of 5.4% to 10.6% over the third quarter last year. The adjusted EBITDA for the third quarter is expected to come in the range of $2 to $4 million.
The Management View
President and CEO, Dave Mowry said that the company is delighted with the progress of U.S. sales force transition and training. The adoption of the Aequalis Ascend Flex shoulder system and strong international performance led to the double digit growth in extremities product category. The strong second quarter reflects the strength coming in from the geographic expansion and the new products development activity.
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