Financial

LDR Holding’s (LDRH) CEO Christophe Lavigne on Q4 2015 Results – Earnings Call Transcript

Operator

Good day, ladies and gentlemen, and welcome to the LDR Holdings Corporation Fourth Quarter 2015 Earnings Conference Call. [Operator Instructions]

I would now like to introduce your host for today’s conference, Mr. Matt Norman. Sir, you may begin.

Matt Norman

Good afternoon everyone. This is Matt Norman, Director of Investor Relations at LDR. Thank you for joining us to review LDR Holding Corporation’s financial results for the fourth quarter and full year ended December 31, 2015.

On the call today representing LDR Holding are Christophe Lavigne, President and Chief Executive Officer; Joe Ross, Executive Vice President of Marketing; and Bob McNamara, Executive Vice President and Chief Financial Officer.

Before we start, I want to touch on any forward-looking statements made during the call, including management’s beliefs and expectations about the Company’s future results. Please be aware, they are based on the best available information of the management and assumptions that management believe reasonable. Such statements are not intended to be a representation of future results and are subject to risks and uncertainties. Future results may differ materially from management’s current expectation. We refer all of you to LDR Holding’s annual report on Form 10-K and other filings with the Securities and Exchange Commission with more detailed information on the risks and uncertainties that have a direct bearing on the Company’s operating results, performance and financial conditions.

On this call today we are also going to discuss certain non-GAAP financial measures which we use as supplemental measures of performance. We believe these measure provide useful information to investors in evaluating our operations period over period. For each non-GAAP financial measure that we use on this call, we’ve included a reconciliation of the non-GAAP financial measure to the most directly comparable financial measure in our press release. Please note the non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

With that said, I would now like to turn the call over to Christophe Lavigne, LDR’s President and Chief Executive Officer. Christophe?

Christophe Lavigne

Bon jour and welcome everyone to the call. I am pleased to report LDR’s record revenue for the fourth quarter ending December 31, 2015, reached a record $44.5 million, compared to $39.5 million for the fourth quarter of 2015, representing global growth of 16.2% on a constant currency basis or 12.7% as reported, despite the tough prior-year comparison.

As expected, we once again finished with our strongest quarter of the year, due in part to the positive seasonal benefit provided by Q4 for our business. This growth was led by our exclusive technology products which grew a solid 18.3% on a constant currency basis or 15.9% as reported to $41.6 million. Exclusive technology products represented 93.3% of total revenues compared to 90.7% of revenue in the fourth quarter of 2014.

For the full year ended December 31, 2015, our total revenue was $164.5 million, an increase of 21.3% on a constant currency basis, or 16.4% as reported, compared to $141.3 million for the full year 2014.

Our exclusive technology products generated revenues of $152.4 million, up 25.4% constant currency or 21.9% as reported, versus 2014, and represented over 92.7% of LDR’s 2015 revenues.

Within our exclusive cervical technology portfolio, sales were once again led by strong growth of the Mobi-C cervical disc year over year. We achieved a new record quarter in Q4 2015 with Mobi-C in terms of revenue, number of cases performed, and number of surgeon users. Previously we had taken that Mobi-C was our bestselling product outside the U.S. I am proud to report that in 2015 Mobi-C became our highest revenue-generating product in the U.S. as well, with a growth rate of nearly 80%. We look forward to sharing more details on this subject with the investment community next week at our Analyst Day in New York.

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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