LDR reported a third quarter revenue increase with strong Mobi-C and ROI-C sales growth.
Here are six key notes:
1. The total third quarter revenue was up 9.5 percent to $39.3 million. Revenue from exclusive technology products grew 14.5 percent to $36.7 million. Lumbar product revenue decreased 1.4 percent while cervical product revenue was up 21 percent.
2. The United States revenue was up 15 percent to $32.3 million while international revenue declined 10.3 percent to $7 million.
3. LDR's gross profit for the third quarter was $33.2 million and the gross margin was 84.5 percent. The gross margin improved from 82 percent in the third quarter last year mainly due to geographic mix, royalties and inventory reserves offset by increased freight charges.
4. Net loss for the quarter was $2.1 million, or $0.07 per share, slightly higher than the net loss for the same period last year. The company is $2 million in debt.
5. Adjusted EBITDA for the third quarter was negative $1.6 million, compared with $243,000 for the third quarter last year. The company reported $123.5 million in cash and cash equivalents, and $156.4 million in working capital.
6. LDR expects full year growth at 19 percent to 20 percent before the foreign exchange impact. Revenues are expected to reach $168.1 million to $169.5 million for the full year before the foreign exchange impact. The foreign exchange rates are expected to negatively impact full year revenue 4 percent to 5 percent.