LDR had huge increases in United States revenue, as well as global revenue, for the third quarter of 2014.
Here are 10 key conccepts from the company's financial report.
1. Total revenue was up 32 percent year-over-year, reaching $35.9 million for the quarter. Exclusive technology products revenue was up 41.8 percent to $32.1 million.
2. United States revenue represented 78.2 percent of overall company revenue, and also grew significantly in the quarter. The U.S. revenue jumped 40 percent to $28 million while the international revenue was up 9.6 percent reaching $7.8 million.
3. The company's Avenue L lateral lumbar fusion interbody device growth drove the quarter. Nonfusion products were led by the Mobi-C and the VerteBRIDGE fusion products for the lumbar and cervical spine grew because surgeons trained in the Mobi-C are being introduced to the company's fusion line for appropriate procedures.
4. LDR's Mobi-C disc replacement is growing fast and the company has the only FDA-cleared disc for two-level procedures. "Our PMA approval provides us with a strong competitive advantage and serves as a high barrier to entry for any potential competitors due to the lengthy multi-year PMA process for both clinical trials and FDA review," said LDR President and CEO Christophe Lavigne. "We are capitalizing on our 'first mover' advantage by investing in sales and marketing, physician education and training, and the establishment of a reimbursement group via our Horizon 2016 initiative."
5. Gross profit was $29.4 million for the quarter, up from $23.1 million in the same period last year.
6. Gross margin decreased from 84.9 percent last year in the third quarter to 82 percent this year. The decrease is primarily due to increased inventory reserves assosciated with inventory build-up for product launches and enhancements.
7. LDR had a $2 million net loss, equaling $0.08 per share. This is significantly lower than the net loss last year in the third quarter, which was $8 million.
8. The adjusted EBITDA for the third quarter was $200,000, compared to $500,000 for the third quarter last year.
9. Cash for the quarter was $83 million, and cash equivalents is $104 million in working capital. The company has $23 million in debt.
10. LDR increased its revenue growth guidance for the full year to 23 percent to 24 percent growth over last year, placing them in the $137 million to $138 million range. The previous guidance was 20 percent to 21 percent growth.
10. LDR increased its revenue growth guidance for the full year to 23 percent to 24 percent growth over last year, placing them in the $137 million to $138 million range. The previous guidance was 20 percent to 21 percent gorwth.