DJO Global Inc. posted a fourth-quarter loss of $202.1 million at its subsidiary DJO Finance LLC, more than quadruple the $49.6 million it reported losing a year earlier, as the medical technology company announced a plan to strengthen its long-term financial performance.
The quarterly loss, $160 million of which was attributed to goodwill impairments related to the company’s anti-cancer and vascular business, came as revenues dipped 3.7 percent year over year, to $296.5 million.
Its fiscal 2016 loss came to $286.3 million, 16 percent less than the $340.9 million it reported losing in 2015. Its year-end revenues were $1.16 billion, 4 percent more than 2015’s $1.11 billion.
The company said it will focus this year on four “core priorities”: liquidity, profitability, customer experience and growth, and that by the end of 2018 it will have reduced its costs by 7 percent to 10 percent.
“When this transformation is complete, we will look very different than we do today,” DJO Global Inc. President and CEO Brady Shirley said in a March 8 news release.
DJO provides products to promote personal mobility, from injury prevention to rehabilitation after surgery.