医療従事者の為の最新医療ニュースや様々な情報・ツールを提供する医療総合サイト

Acelity L.P. Inc. Reports First Quarter Financial Results for 2015

2015年04月30日 AM04:58
このエントリーをはてなブックマークに追加


 

SAN ANTONIO

Acelity L.P. Inc.:

Financial Highlights

  • Revenue of $444.1 million, up 0.3% from the prior-year period and 4.2% on a constant currency basis
  • Adjusted EBITDA from continuing operations1 of $165.8 million, grew 7.7% versus the prior-year period and 10.5% on a constant currency basis, achieving an Adjusted EBITDA margin of 37.3%
  • Loss from continuing operations improved to $4.5 million compared to $47.1 million in the prior-year period

Operational Highlights

  • Celebrated the 20th anniversary of Acelity’s revolutionary V.A.C.® Therapy technology with record level of seasonally adjusted units in use
  • Launched two innovative product offerings: Nanova™, an advanced wound dressing enhanced by NPWT, and the industry-first iOn Healing™ mobile application designed to provide wound care clinicians with a suite of tools to improve customer support and increase productivity
  • Won arbitration with Vital Needs (“VNI”); the arbitration panel found that KCI has no liability for any of the claims asserted by VNI
  • Successfully amended senior secured credit facility to provide enhanced financial flexibility

Joe Woody, President and Chief Executive Officer, commented, “twenty years ago, we introduced the revolutionary V.A.C.® Therapy System which transformed the wound care landscape. This innovative technology has become the treatment of choice around the world, supported by more published clinical evidence than any other form of NPWT on the market and has treated more than 9 million wounds worldwide.”

“Our strong performance in the first quarter was driven by our North American Advanced Wound Therapeutics devices business, which delivered double-digit growth and achieved the highest seasonally adjusted volumes in the history of the Company. We are well positioned to build on this successful expansion of our core market, adapt to new payment models in the U.S. and abroad, and reduce the total overall cost of care. These operational successes, coupled with our relentless focus on balancing cost control with execution, position the Company to drive long-term value creation as a leading, globally diversified healthcare company.”

Results of the first quarter ended March 31, 2015

Acelity revenue for the first quarter of 2015 was $444.1 million, up from the prior-year period by 0.3% as reported and 4.2% on a constant currency basis.

  • Advanced Wound Therapeutics (“AWT”) revenue was $337.3 million, up 2.0% as reported and 6.7% on a constant currency basis, compared to the prior-year period. Growth in AWT revenue was fueled primarily by increased NPWT volumes during the quarter, double-digit focus product growth led by sales of Prevena™, and strong growth in our international markets as we increased our market penetration globally.
  • Regenerative Medicine revenue was $104.2 million, down 2.3% as reported and 1.0% on a constant currency basis, compared to the prior-year period. The decline was primarily due to lower volumes associated with hernia repair procedures, partially offset by mid-single digit growth in breast reconstruction and strong growth in international markets.

Adjusted EBITDA from continuing operations for the first quarter of 2015 increased 7.7% to $165.8 million from $154.0 million in the prior-year period and increased 10.5% on a constant currency basis. The growth rate of Adjusted EBITDA from continuing operations was negatively impacted by 2.8% due to unfavorable movements in foreign exchange rates. Growth in Adjusted EBITDA was attributable to strong revenue as well as expense savings associated with our integration and business optimization efforts. Our loss from continuing operations for the first quarter of 2015 was $4.5 million, compared to $47.1 million in the prior-year period.

Woody concluded, “Acelity is executing on a plan to achieve breakthrough performance in 2015, building off two consecutive quarters of revenue growth. We plan to reinvest in our business globally and expand our product portfolio through investments in innovation and complementary acquisitions to further accelerate growth and market penetration.”

Financial Position

Total cash at March 31, 2015 was $250.5 million. During the first quarter of 2015, Acelity generated cash of $102.3 million from operations, used cash of $15.0 million in investing activities and used cash of $13.2 million in financing activities. On March 10, 2015, we entered into Amendment No. 6 to our Senior Secured Credit Facility (“Amendment No. 6”). As a result of Amendment No. 6, the financial covenants were amended to remove the interest coverage ratio in its entirety and to set the total leverage ratio for any test period to be no greater than 8.25:1.00. In addition, Amendment No. 6 resulted in an increase to the nominal interest rates of each term loan under our senior secured credit facility by 50 basis points.

As of March 31, 2015, total long-term debt outstanding was $4.800 billion and our Net Leverage Ratio2 was 6.1x.

Company Structure

Acelity is a non-operating holding company whose business is comprised of the operations of wholly-owned subsidiaries that commercialize our advanced wound therapeutics and regenerative medicine products. Our advanced wound therapeutics business is conducted by KCI and its subsidiaries, including Systagenix, and our regenerative medicine business is conducted by LifeCell. Acelity is controlled by investment funds advised by Apax Partners and controlled affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board and certain other co-investors. Unless otherwise noted in this report, the terms “we,” “our” or “Company,” refer to Acelity and its subsidiaries, collectively.

Non-GAAP Financial Information

Within this document, we have presented 1) Adjusted EBITDA from continuing operations, as defined in our senior secured credit agreement and 2) supplemental revenue and EBITDA data to exclude the impact of foreign currency fluctuations on a non-GAAP basis.

These non-GAAP financial measures do not replace the presentation of our GAAP results. We have provided this supplemental non-GAAP information because it may provide meaningful information regarding our results on a basis that better facilitates an understanding of our results of operations which may not be otherwise apparent under GAAP. Management uses this non-GAAP financial information, along with GAAP information, for reviewing the operating results of its business segments and for analyzing potential future business trends. In addition, we believe some investors may use this information in a similar fashion. A reconciliation of certain GAAP selected financial information for the periods presented to the non-GAAP selected financial information provided is included herein.

1Adjusted EBITDA from continuing operations excludes the operations of our previously divested SPY ELITE® business and the impact of merger-related expenses, foreign currency gains or losses, business optimization expenses and other expenses specified in the reconciliation within this release.

2 The Net Leverage Ratio represents Net Debt divided by Consolidated EBITDA for the last twelve months. Net Debt consists of total indebtedness including capital leases and other financing obligations, less cash and cash equivalents up to the greater of$300.0 million or 40% of Consolidated EBITDA for the last twelve months. Consolidated EBITDA, as defined in our senior secured credit agreement, represents Adjusted EBITDA from continuing operations plus “run rate” cost savings.

   

ACELITY L.P. INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(dollars in thousands)

(unaudited)

 
Three months ended March 31,
2015     2014     % Change
Revenue:
Rental $ 172,839 $ 164,977 4.8 %
Sales 271,211   277,658   (2.3 )
Total revenue 444,050 442,635 0.3
 
Rental expenses 78,178 84,649 (7.6 )
Cost of sales 73,414   81,390   (9.8 )
Gross profit 292,458 276,596 5.7
 
Selling, general and administrative expenses 147,763 175,612 (15.9 )
Research and development expenses 14,678 17,490 (16.1 )
Acquired intangible asset amortization 45,877   50,689   (9.5 )
Operating earnings 84,140 32,805 156.5
 
Interest income and other 147 95 54.7
Interest expense (104,726 ) (102,195 ) 2.5
Foreign currency gain 19,400 236
Derivative instruments loss (3,348 ) (3 )
Loss from continuing operations before income tax expense (benefit) (4,387 ) (69,062 ) (93.6 )
Income tax expense (benefit) 144   (22,002 )
Loss from continuing operations (4,531 ) (47,060 ) (90.4 )
Earnings from discontinued operations, net of tax   677  
Net loss $ (4,531 ) $ (46,383 ) (90.2 )%
 
       

ACELITY L.P. INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands)

 
March 31,
2015
December 31,
2014
Assets: (unaudited)
Current assets:
Cash and cash equivalents $ 250,509 $ 183,541
Accounts receivable, net 365,124 370,483
Inventories, net 182,457 178,222
Deferred income taxes 70,515 63,025
Prepaid expenses and other 28,337   27,563  
Total current assets 896,942 822,834
 
Net property, plant and equipment 277,653 288,048
Debt issuance costs, net 72,094 77,896
Deferred income taxes 30,466 31,692
Goodwill 3,378,298 3,378,298
Identifiable intangible assets, net 2,352,814 2,397,251
Other non-current assets 4,709   4,694  
 
$ 7,012,976   $ 7,000,713  
 
Liabilities and Equity:
Current liabilities:
Accounts payable $ 55,946 $ 51,827
Accrued expenses and other 395,514 343,484
Current installments of long-term debt 25,385 25,721
Income taxes payable 9,981 1,305
Deferred income taxes 103,135   113,658  
Total current liabilities 589,961 535,995
 
Long-term debt, net of current installments and discount 4,774,787 4,815,290
Non-current tax liabilities 33,845 33,300
Deferred income taxes 799,334 792,157
Other non-current liabilities 165,909   163,258  
Total liabilities 6,363,836 6,340,000
Equity:
General partner’s capital
Limited partners’ capital 666,285 670,787
Accumulated other comprehensive loss, net (17,145 ) (10,074 )
Total equity 649,140   660,713  
 
$ 7,012,976   $ 7,000,713  

<td class="bwpadl0 bwnowrap bwpadr0 bwvertalignb bw

Related Posts Plugin for WordPress, Blogger...
 

同じカテゴリーの記事 

  • ADCセラピューティクスが当社の新規抗体薬物複合体ADCT-402の第I相中間データを発表
  • Vedanta Biosciences Granted Four New U.S. Patents Expanding Coverage for Compositions and Methods of Use for Therapeutics Based on Microbiome-Derived Bacterial Consortia
  • Daiichi Sankyo and Puma Biotechnology Announce Research Collaboration with Major Cancer Center in HER2-Mutated Cancer
  • 武田和Seattle Genetics呈报3期ECHELON-1临床试验的阳性数据,该试验评估ADCETRIS® (brentuximab vedotin)用于晚期霍奇金淋巴瘤的一线治疗
  • ADCセラピューティクスが当社の新規抗体薬物複合体ADCT-301の第I相中間データを発表
  •  
    ACELITY L.P. INC. AND SUBSIDIARIES

    Condensed Consolidated Statements of Cash Flows

    (in thousands)

    (unaudited)

        Three months ended March 31,
    2015     2014
    Cash flows from operating activities:
    Net loss $ (4,531 ) $ (46,383 )
    Adjustments to reconcile net loss to net cash provided by operating activities:
    Amortization of debt issuance costs and discount 9,968 9,668
    Depreciation and other amortization 66,331 82,029
    Amortization of fair value step-up in inventory 6,680
    Provision for bad debt 1,827 4,101
    Equity-based compensation expense 535 941
    Deferred income tax benefit (11,971 ) (44,674 )
    Unrealized gain on derivative instruments (315 ) (4,076 )
    Unrealized loss (gain) on revaluation of cross currency debt (32,429 ) 241
    Change in assets and liabilities:
    Decrease in accounts receivable, net 5,362 20,806
    Increase in inventories, net (3,666 ) (7,302 )
    Decrease (increase) in prepaid expenses and other (774 ) 17,546
    Increase in accounts payable 4,363 6,473
    Increase in accrued expenses and other 56,048 31,799
    Increase in tax liabilities, net 11,525   4,997  
    Net cash provided by operating activities 102,273   82,846  
     
    Cash flows from investing activities:
    Additions to property, plant and equipment (10,491 ) (10,801 )
    Increase in inventory to be converted into equipment for short-term rental (3,356 ) (2,240 )
    Dispositions of property, plant and equipment 678 377
    Businesses acquired in purchase transactions, net of cash acquired (4,613 )
    Increase in identifiable intangible assets and other non-current assets (1,821 )