DJO Global today released its 3rd quarter earnings, seeing losses pared down 87% while sales grew just over 3%.
The San Diego, Calif.-based company posted losses of $22.5 million on sales of $287 million for the 3 months ended September 30.
That equates to an 87.3% drop in losses while sales grew 3.2% compared with the same period in 2015.
Adjusted EBITDA for the 3rd quarter was $63.3 million, down a meager 0.2% compared with the company’s performance in the same quarter last year.
“During the third quarter, we had strong revenue growth in our Surgical, Recovery Sciences and International segments, offset by slower growth in our Bracing & Vascular segment. The Vascular business was impacted negatively, as we restored service in the quarter following challenges integrating that business into our Oracle ERP system. We also initiated the restructuring of our business units, in which we will fold our Recovery Sciences segment into our other business units, in order to streamline our costs and our operating model,” prez & CEO Mike Mogul said in a press release.
DJO Global reported divisional growth as well, seeing 8.5% growth in the surgical division, 5% in recovery sciences and 0.9% in bracing and vascular. International sales grew approximately 3.5%, the company reported.
“We also initiated the restructuring of our business units, with Recovery Sciences being folded into our other business units, in order to streamline our costs and our operating model. This restructuring addresses many of the stranded costs left from last year’s Empi discontinuation and will simplify our operating structure and costs,” Mogul said in prepared remarks.
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