Losses widen for DJO Global as it exits the Empi distributorship business

Fourth-quarter and full-year losses widened for DJO Global, as it completed the exit of its Empi orthopedic stimulation business.

Losses were -$49.6 million for the 3 months ended Dec. 31, 2015, as sales grew 6.1% to $308.0 million compared with Q4 2014. Full-year losses rose 276.6% to -$340.9 million, on sales growth of 2.4% to $1.11 billion compared with 2014.

Adjusted to exclude 1-time and discontinued items from the Empi exit, earnings before interest, taxes, depreciation and amortization were $68.9 million for the 4th quarter and $249.0 million for the full year.

“During the 4th quarter of 2015, we completed the wind-down of the Empi business and restated the historical financials to reflect Empi as discontinued operations and are pleased to report a strong quarter and full year performance of the rest of our businesses, which comprise DJO Global going forward,” president & CEO Mike Mogul said in prepared remarks. “Full-year 2015 revenue growth of 6.7% and leveraged EBITDA growth of 9.3% with accelerated performance in the 4th quarter shows the underlying strength of our businesses. We continue to see terrific performance in orthopedic implants and in consumer products along with strong better than market performance in our core bracing and international businesses.”

DJO said it expects to post adjusted EBITDA growth of 8% to 10% on constant-currency sales growth of 6% to 8%.

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