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Tornier Reports Third Quarter 2012 Financial Results
November 5, 2012

Shoulder Products Drive Extremities Constant Currency Growth of 7%

OrthoHelix Acquisition Provides Significant New Growth Opportunity

AMSTERDAM--(BUSINESS WIRE)-- Tornier N.V. (NASDAQ: TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremity specialists, today reported its financial results for the third quarter ended September 30, 2012 and updated its fiscal 2012 financial outlook.

Sales for the third quarter of 2012 were $58.0 million, representing increases of 0.8% as reported and 5.5% in constant currency. Sales for the nine months ended September 30, 2012 totaled $198.5 million, compared to sales of $192.1 million for the same period of 2011, an increase of 3.3% as reported and 7.0% in constant currency. Third quarter sales of Tornier's extremity product categories increased 3.8% as reported and 6.9% in constant currency year over year and represented 84.0% of reported global sales.

Douglas W. Kohrs, President and Chief Executive Officer of Tornier, commented, "We are pleased with the continued growth of our extremities business, led by sales of our reverse shoulder products, which showed strong growth in both our U.S. and international markets. Despite continuous austerity pressures in our European markets, we believe the combined product portfolio of Tornier and OrthoHelix strongly positions Tornier for leadership in both the shoulder and the foot and ankle markets."

The Company's third quarter 2012 adjusted EBITDA, as defined in the GAAP to non-GAAP reconciliation provided later in this release, totaled $4.8 million, or 8.3% of sales. Increased investments in research and development, which totaled 9.1% of sales in the quarter, resulted in a decline of $0.1 million in adjusted EBITDA versus the third quarter of 2011. For the nine months ended September 30, 2012, adjusted EBITDA increased 8.4% to $22.0 million, or 11.1% of sales, compared to $20.3 million, or 10.5% of sales, in the same period last year.

Mr. Kohrs continued, "During the third quarter of 2012, our gross margins improved for the third consecutive quarter and expanded 180 basis points year over year to 72.9%. This increase funded additional research and development investment associated with the pending launch of our Ascend Flex shoulder and additional investment in our U.S. sales organization. Looking towards the remainder of the year, we remain focused on capitalizing on the OrthoHelix acquisition and building value for our shareholders."

Sales and Product Review

Tornier's third quarter 2012 constant currency sales growth of 5.5% was led by its extremity product categories, which together posted constant currency growth of 6.9% over the third quarter of 2011. Within the extremity products group, the upper extremity joints and trauma category grew 7.9% in constant currency over the same quarter in 2011. This growth was led by the Company's shoulder arthroplasty portfolio, including the Aequalis™ Ascend™ and the Simpliciti™ stemless shoulder system, which continued to be highly accepted by surgeons. Tornier's lower extremity joints and trauma category grew 0.1% in constant currency, with solid growth in its ankle arthroplasty line, including the market-leading Salto® ankle arthroplasty system and the innovative Stabilis™ ankle fusion system, which was offset by a decline in fixation and trauma products. The sports medicine and biologics product category posted constant currency sales growth of 8.3% in the third quarter of 2012 year over year, and was led by the Company's Insite®FT bone anchor and newly launched Duo™ Instability System. Sales of the Company's large joints and other product lines experienced a 1.0% decline on a constant currency basis versus the same quarter last year, primarily as a result of procedure declines in France, Spain and Italy.

On a geographic basis, Tornier's third quarter 2012 international constant currency sales increased 6.2% as compared to the third quarter of 2011 and represented 41% of reported global sales. Sales in the United States increased 4.9% and represented 59% of reported global sales.

Outlook

Tornier updated its outlook for the remainder of 2012, taking into account continued U.S. distribution channel initiatives, European market conditions, anticipated new product launch timing and the recently completed acquisition of OrthoHelix. For the fourth quarter of 2012, the Company projects constant currency sales to be in the range of $77 to $80 million, inclusive of anticipated OrthoHelix sales of $7 to $8 million, representing constant currency growth of 11.5% to 15.9% over fourth quarter 2011 sales. Based on recent currency exchange rates, fourth quarter 2012 reported sales are projected to be in the range of $75.8 to $78.8 million, inclusive of anticipated OrthoHelix sales, representing reported growth of 10% to 14% over fourth quarter 2011 sales. Fourth quarter 2012 extremities product category sales, inclusive of anticipated OrthoHelix sales, are expected to grow 16% to 20% in constant currency. The Company projects adjusted EBITDA, as described in the GAAP to non-GAAP reconciliation provided later in this release, inclusive of OrthoHelix operations, for the fourth quarter of 2012 to be in the range of $9 to $11 million, or 12% to 14% of reported sales. OrthoHelix is expected to have a minor impact on adjusted EBITDA in the fourth quarter.

The Company projects 2012 constant currency sales to be in the range of $282.5 to $285.5 million, inclusive of anticipated OrthoHelix sales of $7 to $8 million, representing constant currency growth of 8.2% to 9.3%. Based on recent currency exchange rates, 2012 reported sales are projected to be in the range of $274 to $277 million, inclusive of anticipated OrthoHelix sales, representing reported growth of 5% to 6% over 2011 sales. Sales of the Tornier extremities product categories in 2012, inclusive of anticipated OrthoHelix sales, are expected to grow 10.8% to 11.8% in constant currency. The Company projects 2012 adjusted EBITDA to be in the range of $31 to $33 million, or 11% to 12% of reported sales, inclusive of the anticipated impact of OrthoHelix operations.

Anticipated facilities consolidation charges announced in the Company's press release on April 13, 2012 and anticipated fourth quarter charges relating to the acquisition and integration of OrthoHelix are excluded from projected 2012 adjusted EBITDA. The Company anticipates that substantially all of the facility consolidation charges, estimated to be $6.5 to $7.0 million, will be recorded in 2012, of which $1.2 to $1.7 million are expected to be recorded in the fourth quarter of 2012. The facility consolidation and acquisition and integration charges will be recorded as special charges within operating expenses and, thereby, excluded from adjusted EBITDA.

Please refer to the current report on Form 8-K filed by Tornier with the Securities and Exchange Commission today for definitions of non-GAAP financial measures used in this release and to the tables provided in this release for reconciliations of our non-GAAP financial measures to the most directly comparable GAAP measure.

Earnings Call Information

Tornier will host a conference call today at 4:30 p.m. Eastern time to discuss its third quarter 2012 financial results and its updated outlook for 2012. The conference call will be available to interested parties through a live audio webcast available through the Company's website at www.tornier.com. Those without internet access may join the call from within the U.S. by dialing 1-877-673-5355; outside the U.S., dial +1-760-666-3805.

A telephone replay will be available for two weeks following the call by dialing 1-855-859-2056 for domestic participants and +1-404-537-3406 for international participants. When prompted, please enter the replay pin number 44525161. For those who are not available to listen to the live webcast, the call will be archived for one year on Tornier's website.

Forward-Looking Statements

Statements contained in this release that relate to future, not past, events are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations of future events and often can be identified by words such as "expect," "should," "project," "anticipate," "intend," "will," "may," "believe," "could," "would," "continue," "outlook," "guidance," "future," other words of similar meaning or the use of future dates. Examples of forward-looking statements in this release include Tornier's financial guidance for the fourth quarter of 2012 and for the full year 2012, Tornier's anticipated leadership in both the shoulder and the foot and ankle markets, anticipated facilities consolidation charges and the timing of such charges, and anticipated fourth quarter charges as a result of Tornier's acquisition and integration of OrthoHelix. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Tornier's actual results to be materially different than those expressed in or implied by Tornier's forward-looking statements. For Tornier, such uncertainties and risks include, among others, Tornier's future operating results and financial performance, fluctuations in foreign currency exchange rates, the effect of global economic conditions, the European sovereign debt crisis, and austerity measures, risks associated with Tornier's international operations and expansion, risks associated with Tornier's recent acquisition of OrthoHelix and the new credit facility agreement, the timing of regulatory approvals and introduction of new products, physician acceptance, endorsement, and use of new products; the effect of regulatory actions, changes in and adoption of reimbursement rates, potential product recalls, competitor activities, the effect of changes in Tornier's distribution channels and the costs and effects of litigation and changes in tax and other legislation. More detailed information on these and other factors that could affect Tornier's actual results are described in Tornier's filings with the U.S. Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. Tornier undertakes no obligation to update its forward-looking statements.

About Tornier

Tornier is a global medical device company focused on serving extremities specialists who treat orthopaedic conditions of the shoulder, elbow, wrist, hand, ankle and foot. The Company's broad offering of over 100 product lines includes joint replacement, trauma, sports medicine, and biologic products to treat the extremities, as well as joint replacement products for the hip and knee in certain international markets. Since its founding approximately 70 years ago, Tornier's "Specialists Serving Specialists" philosophy has fostered a tradition of innovation, intense focus on surgeon education, and commitment to advancement of orthopaedic technology stemming from its close collaboration with orthopaedic surgeons and thought leaders throughout the world. For more information regarding Tornier, visit www.tornier.com.

Use of Non-GAAP Financial Measures

To supplement Tornier's consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), Tornier uses certain non-GAAP financial measures in this release. Reconciliations of the non-GAAP financial measures used in this release to the most comparable U.S. GAAP measures for the respective periods can be found in tables later in this release immediately following the detail of revenue by geography. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for Tornier's financial results prepared in accordance with GAAP.

 
Tornier N.V.
Consolidated Statements of Operations
(in thousands, except per share data)
                   
      Three Months Ended   Nine Months Ended
      (unaudited)   (unaudited)
      September 30, 2012   October 2, 2011   September 30, 2012

 

October 2, 2011
Revenue   $ 58,015     $ 57,556     $ 198,487     $ 192,149  
Cost of goods sold     15,730       16,650       54,944       54,708  
Gross profit     42,285       40,906       143,543       137,441  
        72.9 %     71.1 %     72.3 %     71.5 %
Operating expenses                
  Selling, general and administrative     38,524       37,937       124,157       119,895  
  Research and development     5,260       4,309       16,329       14,608  
  Amortization of intangible assets     2,730       2,741       8,013       8,448  
  Special charges     6,503       56       9,413       188  
  Total operating expenses     53,017       45,043       157,912       143,139  
                   
Operating (loss)     (10,732 )     (4,137 )     (14,369 )     (5,698 )
                   
Other income (expense)                
  Interest income     70       145       304       415  
  Interest expense     (481 )     (524 )     (1,430 )     (3,761 )
  Foreign currency transaction (loss)     (326 )     (228 )     (195 )     (81 )
  Loss on extinguishment of debt     -       -       -       (29,475 )
  Other non-operating income     56       993       54       1,009  
                   
Loss before income taxes     (11,413 )     (3,751 )     (15,636 )     (37,591 )
Income tax (expense) benefit     (268 )     2,114       (1,305 )     9,116  
                   
Consolidated net loss   $ (11,681 )   $ (1,637 )   $ (16,941 )   $ (28,475 )
                   
Net loss per share                
  Basic and diluted   $ (0.29 )   $ (0.04 )   $ (0.43 )   $ (0.75 )
                   
Weighted average ordinary shares outstanding                
  Basic and diluted     39,708       39,150       39,537       37,882  
                                   
 
Tornier N.V.
Condensed Consolidated Balance Sheets
(in thousands)
             
        September 30, 2012   January 1, 2012
        (unaudited)    
Assets          
  Current assets        
    Cash and cash equivalents   $ 58,499   $ 54,706
    Accounts receivable, net     42,704     45,908
    Inventories     81,368     79,883
    Deferred income taxes and other current assets     21,803     18,375
    Total current assets     204,374     198,872
             
  Instruments, net     48,528     49,347
  Property, plant and equipment, net     35,893     33,353
  Goodwill and intangibles, net     225,800     228,209
  Deferred income taxes and other assets     2,148     1,919
  Total assets   $ 516,743   $ 511,700
             
Liabilities and shareholders' equity        
  Current liabilities        
    Short-term borrowing and current portion of long-term debt   $ 25,966   $ 18,011
    Accounts payable     10,044     12,020
    Accrued liabilities and deferred income taxes     38,974     35,443
    Total current liabilities     74,984     65,474
             
  Other long-term debt     21,084     21,900
  Deferred income taxes and other long-term liabilities     24,016     22,866
  Total liabilities     120,084     110,240
             
  Shareholders' equity     396,659     401,460
             
  Total liabilities and shareholders' equity   $ 516,743   $ 511,700
           
 
Tornier N.V.
Consolidated Statements of Cash Flow
(in thousands)
                     
        Three Months Ended   Nine Months Ended
        (unaudited)   (unaudited)
                     
        September 30, 2012   October 2, 2011   September 30, 2012   October 2, 2011
Cash flows from operating activities                
  Consolidated net loss   $ (11,681 )   $ (1,637 )   $ (16,941 )   $ (28,475 )
                     
  Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities
    Depreciation and amortization     7,051       7,147       21,398       21,038  
    Impairment of fixed assets     79       -       1,028       -  
    Lease termination costs     731       -       731      
    Non-cash foreign currency (gain) loss     (594 )     (216 )     (217 )     387  
    Deferred income taxes     305       (2,828 )     (147 )     (8,993 )
    Share-based compensation     1,712       1,831       5,108       4,741  
    Non-cash interest expense and discount amortization     -       -       -       2,040  
    Inventory obsolescence     857       1,348       2,913       3,814  
    Loss on extinguishment of debt     -       -       -       29,475  
    Incentive related to new facility lease     703       -       703       -  
    Other non-cash items affecting earnings     190       (683 )     1,441       (347 )
                     
  Changes in operating assets and liabilities                
    Accounts receivable     4,817       3,123       4,533       (534 )
    Inventories     (1,598 )     (4,335 )     (3,474 )     (11,015 )
    Accounts payable and accruals     (3,847 )     (5,460 )     (3,429 )     (3,449 )
    Other current assets and liabilities     (142 )     261       (1,317 )     3,556  
    Other non-current assets and liabilities     (763 )     (55 )     (1,194 )     (1,277 )
  Net cash provided by (used in) operating activities     (2,180 )     (1,504 )     11,136       10,961  
                     
Cash flows from investing activities                
  Acquisition-related cash payments     433       (418 )     (3,656 )     (2,053 )
  Additions of instruments     (1,474 )     (6,586 )     (9,245 )     (15,042 )
  Purchases of property, plant, and equipment from lease incentives     (1,020 )     -       (1,020 )     -  
  Purchases of property, plant and equipment     (3,162 )     (2,296 )     (6,866 )     (3,772 )
  Net cash (used in) investing activities     (5,223 )     (9,300 )     (20,787 )     (20,867 )
                     
Cash flows from financing activities                
  Change in short-term debt     6,298       8,579       9,350       (8,185 )
  Repayments of long-term debt     (4,282 )     (2,443 )     (8,233 )     (6,458 )
  Proceeds from issuance of long-term debt     136       1,242       5,172       4,751  
  Deferred financing costs     -       (102 )     -       (2,731 )
  Repayment of notes payable     -       -       -       (116,108 )
  Issuance of ordinary shares     937       2,907       7,108       171,215  
  Net cash provided by financing activities     3,089       10,183       13,397       42,484  
                     
Effect of currency exchange rates on cash and cash equivalents     1,389       (3,264 )     47       (1,568 )
                     
Increase (decrease) in cash and cash equivalents     (2,925 )     (3,885 )     3,793       31,010  
                     
Cash and cash equivalents at beginning of period     61,424      

59,733

      54,706       24,838  
                     
Cash and cash equivalents at end of period   $ 58,499     $

55,848

    $ 58,499     $ 55,848  
                 
 
Tornier N.V.
Selected Revenue Information
(in thousands)
                             
        Three Months Ended   Nine Months Ended
        (unaudited)       (unaudited)    
        September 30, 2012   October 2, 2011   Percent change   September 30, 2012   October 2, 2011   Percent change
Revenue by product category                        
  Upper extremity joints and trauma   $ 39,429   $ 37,690   4.6 %   $ 129,434   $ 120,640   7.3 %
  Lower extremity joints and trauma     5,815     5,943   -2.2 %     19,333     19,023   1.6 %
  Sports medicine and biologics     3,487     3,329   4.7 %     11,363     10,769   5.5 %
    Total extremities     48,731     46,962   3.8 %     160,130     150,432   6.4 %
  Large joints and other     9,284     10,594   -12.4 %     38,357     41,717   -8.1 %
  Total   $ 58,015   $ 57,556   0.8 %   $ 198,487   $ 192,149   3.3 %
                             
Revenue by geography                        
  United States   $ 34,377   $ 32,781   4.9 %   $ 110,647   $ 104,197   6.2 %
  International     23,638     24,775   -4.6 %     87,840     87,952   -0.1 %
  Total   $ 58,015   $ 57,556   0.8 %   $ 198,487   $ 192,149   3.3 %
                           
                     
Tornier N.V.
Reconciliation of Revenue to Non-GAAP Revenue on a Constant Currency Basis
(in thousands)
                         
        Three Months Ended    
        (unaudited)    
        September 30, 2012   October 2, 2011    
        Revenue as reported   Foreign exchange impact as compared to prior period   Revenue on a constant currency basis   Revenue as reported   Percent change on a constant currency basis
Revenue by product category                    
  Upper extremity joints and trauma   $ 39,429   $ 1,225   $ 40,654   $ 37,690   7.9 %
  Lower extremity joints and trauma     5,815     136     5,951     5,943   0.1 %
  Sports medicine and biologics     3,487     119     3,606     3,329   8.3 %
    Total extremities     48,731     1,480     50,211     46,962   6.9 %
  Large joints and other     9,284     1,201     10,485     10,594   -1.0 %
  Total   $ 58,015   $ 2,681   $ 60,696   $ 57,556   5.5 %
                         
Revenue by geography                    
  United States   $ 34,377   $ -   $ 34,377   $ 32,781   4.9 %
  International     23,638     2,681     26,319     24,775   6.2 %
  Total   $ 58,015   $ 2,681   $ 60,696   $ 57,556   5.5 %
                         
                         
        Nine Months Ended    
        (unaudited)    
        September 30, 2012   October 2, 2011    
        Revenue as reported   Foreign exchange impact as compared to prior period   Revenue on a constant currency basis   Revenue as reported   Percent change on a constant currency basis
Revenue by product category                    
  Upper extremity joints and trauma   $ 129,434   $ 3,038   $ 132,472   $ 120,640   9.8 %
  Lower extremity joints and trauma     19,333     338     19,671     19,023   3.4 %
  Sports medicine and biologics     11,363     276     11,639     10,769   8.1 %
    Total extremities     160,130     3,652     163,782     150,432   8.9 %
  Large joints and other     38,357     3,441     41,798     41,717   0.2 %
  Total   $ 198,487   $ 7,093   $ 205,580   $ 192,149   7.0 %
                         
Revenue by geography                    
  United States   $ 110,647   $ -   $ 110,647   $ 104,197   6.2 %
  International     87,840     7,093     94,933     87,952   7.9 %
  Total   $ 198,487   $ 7,093   $ 205,580   $ 192,149   7.0 %
                       
 
Tornier N.V.
Reconciliation of Net Loss to
Non-GAAP Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (EBITDA)
(in thousands)
                   
      Three Months Ended   Nine Months Ended
      (unaudited)   (unaudited)
      September 30, 2012   October 2, 2011   September 30, 2012   October 2, 2011
Revenue, as reported   $ 58,015     $ 57,556     $ 198,487     $ 192,149  
                   
Net loss, as reported   $ (11,681 )   $ (1,637 )   $ (16,941 )   $ (28,475 )
                   
  Interest income     (70 )     (145 )     (304 )     (415 )
  Interest expense     481       524       1,430       3,761  
  Income tax expense (benefit)     268       (2,114 )     1,305       (9,116 )
  Depreciation     4,321       4,406       13,385       12,590  
  Amortization     2,730       2,741       8,013       8,448  
                   
  Subtotal Non-GAAP EBITDA (Loss)     (3,951 )     3,775       6,888       (13,207 )
                   
  Other non-operating (income) expense     (56 )     (993 )     (54 )     (1,009 )
  Foreign currency transaction (gain) loss     326       228       195       81  
  Share-based compensation     1,712       1,831       5,108       4,741  
  Loss on extinguishment of debt     -       -       -       29,475  
  Inventory step-up from acquisition     310       -       415       -  
  Special Charges                
  Facilities consolidation     2,786       -       5,254       -  
  Acquisition and integration costs     902       -       970       -  
  Distribution channel transition costs     820       -       820       -  
  Management exit costs     -       -       374       -  
  Italy bad debt expense     1,995       -       1,995       -  
  Other     -       45       -       188  
                   
Non-GAAP Adjusted EBITDA   $ 4,844     $ 4,886     $ 21,965     $ 20,269  
                   
Non-GAAP Adjusted EBITDA Margin     8.3 %     8.5 %     11.1 %     10.5 %
                                 
                 
Tornier N.V.
Reconciliation of Net Income (Loss) and Earnings per Share
to Adjusted Net Income (Loss) and Adjusted Earnings per Share
(in thousands)
                   
      Three Months Ended   Nine Months Ended
      (unaudited)   (unaudited)
      September 30, 2012   October 2, 2011   September 30, 2012   October 2, 2011
Net loss, as reported   $ (11,681 )   $ (1,637 )   $ (16,941 )   $ (28,475 )
                   
  Loss on extinguishment of debt, net of tax     -       -       -       21,990  
  Gain on resolution of contingent liability     -       (1,000 )     -       (1,000 )
  Inventory step-up from acquisition, net of tax     250       -       335       -  
  Special Charges                
  Facilities consolidation     2,727       -       4,978       -  
  Acquisition and integration costs     902       -       970       -  
  Distribution channel transition costs     820       -       820       -  
  Management exit costs     -       -       374       -  
  Italy bad debt expense     1,995       -       1,995       -  
  Other     -       45       -       188  
                   
Non-GAAP Adjusted Net loss     (4,987 )     (2,592 )     (7,469 )     (7,297 )
                   
Net loss per share, as reported                
  Basic and diluted   $ (0.29 )   $ (0.04 )   $ (0.43 )   $ (0.75 )
                   
  Loss on extinguishment of debt, net of tax     -       -       -       0.58  
  Gain on resolution of contingent liability     -       (0.03 )     -       (0.02 )
  Inventory step-up from acquisition, net of tax     0.01       -       0.01       -  
  Special Charges                
  Facilities consolidation     0.06       -       0.13       -  
  Acquisition and integration costs     0.02       -       0.02       -  
  Distribution channel transition costs     0.02       -       0.02       -  
  Management exit costs     -       -       0.01       -  
  Italy bad debt expense     0.05       -       0.05       -  
  Other     -       0.00       -       0.00  
                   
Non-GAAP Adjusted Net loss per share                
  Basic and diluted   $ (0.13 )   $ (0.07 )   $ (0.19 )   $ (0.19 )
                   
Weighted average ordinary shares outstanding                
  Basic and diluted     39,708       39,150       39,537       37,882  
                   
                 
Tornier N.V.
Reconciliation of Net Cash Provided by (Used in) Operating Activities
to Non-GAAP Free Cash Flow
(in thousands)
                     
        Three Months Ended   Nine Months Ended
        (unaudited)   (unaudited)
                     
        September 30, 2012   October 2, 2011   September 30, 2012   October 2, 2011
                     
Net cash provided by (used in) operating activities, as reported   $ (2,180 )   $ (1,504 )   $ 11,136     $ 10,961  
                     
  Adjusted for:                
    Cash paid related to Facilities Consolidation     1,632       -       2,595       -  
    Additions of instruments, as reported     (1,474 )     (6,586 )     (9,245 )     (15,042 )
    Purchases of property, plant and equipment, as reported     (4,182 )     (2,296 )     (7,886 )     (3,772 )
    Purchases of property, plant and equipment related to Facilities Consolidation     2,069       -       2,361       -  
                     
Non-GAAP Adjusted free cash flow   $ (4,135 )   $ (10,386 )   $ (1,039 )   $ (7,853 )
                 

 

Tornier N.V.
Shawn McCormick
Chief Financial Officer
952-426-7646
shawn.mccormick@tornier.com
or
Doug Kohrs
President and Chief Executive Officer
952-426-7606
dkohrs@tornier.com

 

Source: Tornier N.V.

 

 

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