Wound care and regenerative medicine company Acelity reported its Q2 earnings this week, beating its revenue and sales marks the same quarter last year.
The San Antonio, Texas-based company said it brought in $461.6 million this quarter, beating last year’s revenue by a meager 0.5%.
The company significantly pared losses, bringing them down to $17.6 million from $153.8 million last year, totaling an 88.5% reduction since 2014.
“We delivered a strong financial performance in the 2nd quarter, reflecting the power of Acelity’s growing global scale, innovative product portfolio and robust sales and service infrastructure. On a consolidated basis, we delivered another consecutive quarter of year over year revenue growth. We have extended our leading position in North America and have also generated strong growth in emerging markets with double-digit increases across Latin America, China and India. In addition, we successfully introduced new products including Nanova, Tielle and Revolve as well as negotiated future sales channels and distributors,” CEO Joe Woody said in a press release.
Acelity said saw revenue from its advanced wound therapeutics devices grow significantly as well, led by significant volume increases compared to 2014.
“Looking ahead, we believe we have the right strategies in place to ensure a resilient platform for sustainable growth. We continue to invest in innovation, further penetration within emerging markets, and development of markets served by our focus products in order to generate long-term value creation,” Woody said.
Last week, Acelity won a 5-year National Blanket Purchase Agreement with the Department of Veterans Affairs to supply it with negative pressure wound therapy supplies and devices. Through the deal, Acelity will supply the VA with devices that help promote wound healing for acute and chronic wounds.