Net sales up 22.6% to $21.8 million
Expects positive EBITDA and positive cash flow from operations for the fourth quarter; updates 2016 sales guidance
Conference call begins at 11:00 a.m. Eastern Time today
PRINCETON, N.J.--(BUSINESS WIRE)--Derma Sciences, Inc. (Nasdaq:DSCI), a tissue regeneration company focused on advanced wound and burn care, today reported financial and operating results for the three and nine months ended September 30, 2016.
Highlights of the third quarter of 2016 and recent weeks include:
- Completed the sale of the First Aid Division (FAD) including inventory for $9.7 million in cash and a $2.7 million promissory note
- Completed the acquisition of BioD, LLC (BioD), furthering the Company’s commitment to being a leading provider of Advanced Wound Care (AWC) and regenerative medicine products, and raised $2.3 million from certain BioD members and employees
- Named Russell Olsen president of the AWC business segment, which includes the previous Derma Sciences (DS) AWC business plus the expanded human birth tissues and new Surgical Solutions (SS) AWC business, which is comprised of the acquired BioD business
Third quarter 2016 GAAP Results (which include preliminary purchase accounting and non-recurring costs related to the acquisition of BioD and sale of FAD) (all comparisons are with the third quarter of 2015):
