DJO Global today released its 4th quarter and full fiscal year 2016 earnings today, with losses growing for the quarter, but down compared to the previous year
The San Diego, Calif.-based company posted losses of $202 million on sales of $296.5 million for the 3 months ended Dec. 31, seeing sales shrink 3.7% while losses grew 309.2% compared with the same period the prior year.
DJO Global posted losses of $285.7 million for the full year, on sales of $1.2 billion. Sales grew 3.7% compared to fiscal year 2015, while losses shrunk 16% from $340.1 million the prior year.
The company posted adjusted EBITDA of $59.5 million for its 4th quarter, down 13.6% from $68.9 million. For the full year, adjusted EBITDA was $244.9 million, just below the $249 million posted in 2015.
“We saw continued growth across our global business in 2016. That is a testament to DJO’s strong brand recognition, great products and rapid growth in our Surgical Implant business, as well as a talented team of employees. Looking forward, we recognize that we need to make a step change improvement in our business to strengthen our long-term financial performance. Today we are taking bold steps to transform our business by focusing on four core priorities – liquidity, profitability, customer experience and growth. When this transformation is complete, we will look very different than we do today. We will balance our priorities of improved liquidity, profitability, customer experience and above-market growth through a more efficient and effective organization. While these actions will take time to implement, we are executing them with the appropriate sense of urgency, led by an experienced leadership team, including numerous new additions who have specific transformation expertise. I’m excited about our vision for the future and I am confident that the steps we are taking today will position us to deliver sustainable value to our customers, our shareholders and our employees in the years to come,” prez & CEO Brady Shirley said in a press release.