DJO Global Inc., a medical device company in San Diego, announced financial results for the fourth quarter and full 2015 year.
Net sales are up, with $308 million for the fourth quarter of 2015 compared with $290 million for the same period the prior year. The company reported $1.11 billion in net sales for the full 2015 year, compared with $1.09 billion in 2014.
DJO reported a net loss of $49.6 million for the fourth quarter, a significant jump from the $7.4 million net loss in the same period of 2014. The company reported a $340.9 million net loss of the full 2015 year, compared with a net loss of $90.5 million in 2014.
The loss is primarily attributed to the company exiting its Empi business, a move DJO announced last November.
“The challenging coverage and reimbursement environment has continued to drive the Recovery Sciences business downward, primarily due to lower sales of Empi products,” said Mike Mogul, DJO Global’s CEO, in a statement last year. “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.”
As the company adjusts to the change, Mogul is confident in DJO’s outlook.
“During the fourth 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,” Mogul said. “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 Global is a private company with public debt.