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January 13, 2014
07:40 EDTTRNXTornier reports preliminary Q4 revenue $83M-$84M, consensus $76.21M.
Tornier announced preliminary Q4 revenue results. The company expects revenue for Q4 to be in the range of $83M-$84M, representing growth compared to the year-ago quarter of between 5.1%-6.3% as reported and 3.8%-5.1% in constant currency. Giving pro-forma effect to Tornier's 4Q12 acquisition of OrthoHelix Surgical Designs, to include OrthoHelix revenue for the full year 2012, full year 2013 constant currency revenue growth is expected to be between 3.3%-3.7%. Tornier also announced that over 85% of Tornier's U.S. revenue is now under a new distribution agreement or transitioned to a direct sales model, positioning the company to achieve a U.S. sales organization with representatives that are focused on either upper or lower extremity products. As a result of the transitions, including two December distributor separations, over 50% of the company's U.S. revenue is now represented by direct sales representatives.
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