San Diego medical technology company DJO Global posted a bump in net sales in the second quarter at its subsidiary DJO Finance LLC while repeatedly emphasizing an operations transformation plan.
DJO Finance’s net sales were reported at $294.7 million, a 0.6 percent year-over-year increase. Net loss came to $34.4 million, compared with $23.3 million in the prior year period.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) was $63.5 million.
The company stated its transformation plan is on track to achieve a 7 to 10 percent annual cost reduction by the end of 2018, and it’s expected to deliver $15 million in annual savings over the next four quarters.
“Our results for the second quarter, and for the first half, of the year are ahead of our annual operating plan and reflect the hard work our team has contributed to growing the business while transforming our operations,” said Brady Shirley, DJO’s president and CEO, in a news release.