LEESBURG, Va., Aug. 4, 2015 (GLOBE NEWSWIRE) -- K2M Group Holdings, Inc. (Nasdaq:KTWO) (the "Company" or "K2M"), a global medical device company focused on designing, developing and commercializing innovative and proprietary complex spine and minimally invasive technologies and techniques, today reported financial results for the second quarter ended June 30, 2015.
Second Quarter Financial Summary:
- Total reported revenue of $56.4 million, up 18.7% year-over-year. Total revenue increased 20.2% year-over-year on a constant currency basis.
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Domestic revenue of $41.4 million, up 24.7% year-over-year
- U.S. Complex Spine growth of 23.6% year-over-year
- U.S. Minimally Invasive Surgery (MIS) growth of 34.5% year-over-year
- U.S. Degenerative growth of 22.3% year-over-year
- International revenue of $14.9 million, up 4.5% year-over-year. International revenue increased 9.3% year-over-year on a constant currency basis.
Second Quarter Highlights:
- Michael A. Turpin joined the Company's Board of Directors and Audit Committee.
- On July 2, 2015, the Company announced the U.S. commercial launch of the MESA® 2 Deformity Spinal System, the Company's next-generation pedicle screw system designed to address the most complex spinal pathologies.
"K2M's financial performance in the second quarter reflects both a solid start to deformity season, where we posted nearly 24% growth year-over-year in sales of our complex spine products, and the continued positive market response to our ongoing focus on introducing innovative spinal products to meet the needs of our surgeon customers around the world," said President and Chief Executive Officer, Eric Major. "We are extremely proud of the 20% constant currency revenue growth performance we have reported over the first half of fiscal 2015, fueled by the powerful combination of increasing productivity of our sales force, new product introductions and the expansion of our surgeon customer base around the world."
Second Quarter Financial Results
Total revenue for the second quarter ended June 30, 2015 increased 20.2% year-over-year on a constant currency basis. Total reported revenue increased $8.9 million, or 18.7%, to $56.4 million, compared to $47.5 million in the same period of the prior year. The increase was largely attributable to greater sales volume from new surgeons in the United States, contributions from U.S. surgeons upgrading to newer product offerings, and, to a lesser extent, growth in our international distributor markets and a domestic stocking order.
Geographically, revenue in the United States increased $8.2 million, or 24.7% year-over-year, to $41.4 million, and international revenue increased $0.6 million, or 4.5% year-over-year, to $14.9 million. Foreign currency exchange impacted second quarter international revenue by approximately $0.6 million, representing approximately 480 basis points of growth year-over-year.
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