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Monthly compilations are available in PDF form.

Quarterly Review

2Q14 Revenue: Tornier

$86.8MM, +10% (U.S. $48.8MM, +7%; ex-U.S. $38.0MM, +13%)

Total Extremities $71.9MM, +9%

  • Upper $53.8MM, +11%
  • Lower $14.4MM, +4%
  • Sports Med/Biologics $3.6MM, -6%

Large Joints/Other $14.9MM, +13%

 

  • Modest price pressure of ~1%
  • Ended 2Q with ~360 U.S. reps total (160 direct); completed training for ~70 reps (at end of 1H14, trained >135 reps)
  • Upper Ex growth led by Aequalis Ascend shoulders; Lower Ex by Salto Talaris ankle, but offset by low sales of foot/ankle fixation due to impact from U.S. sales transition
  • Lower Ex ex-U.S. growth coming in at double-digits, led by total ankle—believes that “our total ankle arthroplasty growth is among the leaders”
  • Ascend Flex conversions to date covering broad range of surgeons, including users from all major competitors, higher-volume shoulder arthroplasty specialists and surgeons who primarily perform hip/knee procedures
  • Reverse threaded base plate should be one of the most successful launches of 2014; launch exceeding initial expectations
  • Developing Blueprint computer-aided surgical planning and glenoid placement tool, built on MS GAP platform; plans to make software more broadly available to customers “in coming quarters”
  • Continuing execution on surgeon training in Japan for Aequalis Reverse Shoulder, off to a strong start
  • On track for Simpliciti shoulder filing for U.S. clearance in early 2015
  • Total Ankle arthroplasty sales growing at double-digits, driven by availability of Salto Talaris XT revision system; bringing new customers who have “more typically performed ankle fusion” and providing access to competitive accounts
  • Will further expand hammertoe offering with radiolucent PEEK Cannulink implant in limited release in 2H14 (full launch in 2015)
  • Additional new products for 2H14 include Nitinol staples, MedialMax lapidus dorsal plate, minimally invasive EdgeLock plates/instruments and line extensions (latter specifically for ex-U.S. market needs)
  • Large Joints supported by Europe launch of new minimally invasive instrumentation for hips and cementless knee
  • Most Large Joint growth associated with regaining customers previously lost due to lack of minimally invasive options and cementless knee
  • 360 U.S. reps, down from 380 in 1Q; direct reps flat at ~160; direct reps 75% dedicated to upper or lower ex, distributor reps >80% dedicated (on track for year-end goal of 85%)