DJO Global swung to black ink during the fourth quarter, thanks to a nearly $70 million gain from last year’s tax reforms, which also helped pare its full-year losses by some 88%.
The privately held, San Diego-based medical device maker posted profits of $61.2 million on sales of $312.2 million for the three months ended Dec. 31, 2017, for a 5.3% top-line increase over Q4 2016, when losses were -$202.1 million.
Full-year losses were down -87.5% to -$36.0 million on sales growth of 2.7% to $1.19 billion, DJO said.
“Our team delivered outstanding fourth-quarter and full-year operating results,” president & CEO Brady Shirley said in prepared remarks. “We had continued double digit growth in the fourth quarter from our innovative surgical products, strong performance in our international business segment and realization of cost improvement from our broader business transformation. At 14% adjusted EBITDA growth in 2017, we delivered not only our best performance in many years, but also believe we delivered a top performance in the orthopedic market. I am proud of the DJO team and happy to see their dedication and hard work pay off in 2017. We are excited to enter 2018 with a strong dedication to continued discipline and an opportunity to begin to invest in growth for the future.”
“With our transformation initiatives, we have greatly improved the foundation of our company both operationally and financially, producing the strongest adjusted EBITDA growth for the company in many years,” added CFO & COO Mike Eklund. “There is certainly more work to do, but I am pleased with the team’s achievement thus far and as confident as ever in our ability to continue improving operating metrics and profitability again in 2018.”