AMSTERDAM, The Netherlands, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Tornier N.V. (Nasdaq:TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremity specialists, reported today its financial results for the second quarter ended June 29, 2014.
Revenue for the second quarter of 2014 was $86.9 million compared to second quarter 2013 revenue of $78.1 million, an increase of 11.2% as reported and 9.5% in constant currency.
Second quarter 2014 revenue of Tornier's extremities product categories totaled $71.9 million compared to $65.6 million in the same quarter a year ago, an increase of 9.7% as reported and 8.8% in constant currency. Second quarter revenue of the Company's large joints and other product lines was $14.9 million, an increase of 13.2% in constant currency over the same quarter in 2013.
Dave Mowry, President and Chief Executive Officer of Tornier, commented, "I am pleased with the progress we have continued to make in Phase 2 of our U.S. sales force transition and training. This progress, combined with ongoing adoption of our market leading Aequalis Ascend Flex shoulder system and solid international performance, resulted in strong financial results in the second quarter, including double-digit upper extremities growth."
The Company's second quarter 2014 adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, was $6.1 million, or 7.0% of reported revenue, compared to $7.3 million, or 9.4% of revenue, in the same quarter of the prior year.
Mr. Mowry added, "Our second quarter EBITDA reflects the ongoing U.S. sales force transition, geographic expansion and new product development activity. We believe these investments will enhance our long-term growth potential. While some risk remains in the transition process, our results through the first half of the year give us more confidence in the execution of Phase 2 and we have increased our full year financial guidance accordingly."
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