DJO Global announces third-quarter financial results

DJO Global recently announced its financial results for the third quarter of 2015.

Items from the announcement included a 1.8% year-over-year decrease in net sales to $300 million. According to a company release, this decline was attributed to changes in foreign currency exchange rates compared with the same period in 2014, which lead to an $11.2 million decrease in net sales for the company.

Other highlights included an adjusted EBITDA of $68.9 million (a 2.1% year-over-year decrease), and a 3.4% year-over-year increase for the adjusted EBITDA on a constant currency basis compared with that of the same quarter last year. Net losses for the company were $177.8 million compared with $21.2 million for the same period in 2014.

“Our Bracing, Surgical and International segments continue to perform well,” Mike Mogul, chief executive officer of DJO Global, said in the release. “Excluding the Recovery Sciences segment, aggregate net sales from our other business segments for the third quarter of 2015 increased by 8.7% compared to net sales for the third quarter of 2014. The challenging coverage and reimbursement environment, however, has continued to drive the Recovery Sciences business downward, primarily due to lower sales of Empi products. As a result of these ongoing challenges and despite our actions to improve this business over the past few years, we do not expect the sales and profitability of Empi’s products to return to acceptable levels and therefore have developed a plan to exit the Empi business over the next several months.”

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