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K2M Reports Third Quarter Revenue Growth Of 20% And Financial Results

Published: Oct 30, 2014

LEESBURG, Va., Oct. 29, 2014 (GLOBE NEWSWIRE) -- K2M Group Holdings, Inc. (Nasdaq:KTWO) today reported financial results for the three months ended September 30, 2014.

Third Quarter Highlights:

  • Total revenue of $47.6 million, up 19.7% year-over-year
  • Domestic revenue of $34.4 million, up 25.1% year-over-year
  • Domestic Complex Spine revenue of $14.6 million, up 28.7% year-over-year
  • International revenue of $13.2 million, up 7.8% year-over-year
  • 510(k) clearance from the U.S. Food and Drug Administration (FDA) and CE Mark for MESA® Hooks
  • Launch of the EVEREST® Minimally Invasive Spinal System at the Society for Minimally Invasive Spinal Surgery (SMISS) Global Forum 2014

"We achieved 20% revenue growth during the third quarter of 2014, fueled by strong performance in the United States overall and more specifically within the Complex Spine procedure category," said President and Chief Executive Officer, Eric Major. "Our Complex Spine business during the third quarter continued its trend of increased market penetration and expansion. These results highlight our ability to increase our share of the $2.6 billion global complex spine and minimally invasive surgery markets and to drive shareholder value creation going forward."

Third Quarter Financial Results

Revenue for the three months ended September 30, 2014 increased $7.8 million, or 19.7%, to $47.6 million, compared to $39.8 million in the same period of the prior year. The increase was largely attributable to $7.0 million in greater sales volume in the United States due to continued expansion of our customer base and a $0.6 million increase in sales in our international distributor markets, primarily Australia and the Netherlands. Foreign currency fluctuations added $0.2 million in revenue in the third quarter of fiscal 2014.

Geographically, revenue in the United States increased $6.9 million, or 25.1% year-over-year, to $34.4 million, and our international revenue increased $0.9 million, or 7.8% year-over-year, to $13.2 million. Third quarter 2014 international revenue increased 6.1% year-over-year on a constant-currency basis.

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