DJO Global today posted second quarter earnings that saw losses continue to shrink and sales continue to grow.
The privately held San Diego-based medical device maker posted losses of $13.7 million on sales of $304.8 million for the three months ended June 30, seeing losses shrink a massive 60.2% while sales grew 3.4% compared with the same period during the previous year.
DJO Global reported that its adjusted EBITDA increased 19% over the same year during the previous quarter, clocking in at $75.6 million.
“We continue to work aggressively toward our profitability goals and are realizing the benefits, with adjusted EBITDA for the quarter increasing 19%, or 3.6 times the growth in revenue, and margins improving about 280 basis points. Our team has worked hard on our transformation initiatives to improve operational efficiency, service levels and customer experience. This quarter’s financial metrics are continued indicators of our success,” CFO Mike Eklund said in a prepared statement.
“We executed well in the second quarter, continuing to deliver sustainable value from our transformation efforts, accelerating new product introductions and overcoming market headwinds on elective procedures. I am encouraged by the momentum in our revenue growth and expanding margins, and continue to anticipate a stronger trajectory for the balance of our fiscal year,” prez & CEO Brady Shirley said in a press release.
In May, DJO Global saw losses shrink and sales rise as a result of internal efforts to transform its business and reduce costs, according to its first quarter earnings release.