Losses for DJO Global widened during the 1st quarter, despite sales growth of more than 3%, but adjusted earnings before interest, taxes, depreciation & amortization climbed 17% for the privately held medical device company.
San Diego-based DJO’s losses grew 4.3% to -$40.0 million on sales growth of 3.4% to $288.4 million for the 3 months ended April 1, compared with the same period last year.
Adjusted to exclude 1-time items (including a $15.8 million restructuring expense), EBITDA were $57.2 million, up 17% compared with Q1 2016, DJO said.
“We are off to a solid start in 2017 with growth across our global business, earnings growing faster than revenue and improvement in our cash flow during the first quarter,” president & CEO Brady Shirley said in prepared remarks. “Our business transformation is underway and we have begun initiatives to improve liquidity, organization effectiveness, procurement optimization, manufacturing, sales and operations planning, and customer and product profitability, and we are beginning to see early positive results of our efforts. There is still a lot of work ahead of us, but I am confident that this transformation positions the company for sustainable long-term financial performance and value creation for all of our stakeholders.”