Expects 2015 Revenue of $77-$84 Million
Expects 2015 EBITDA of $6.2-$8.0 Million
NASHVILLE, Tenn., Jan. 9, 2015 (GLOBE NEWSWIRE) -- Symmetry Surgical Inc. (Nasdaq:SSRG) announced today revenue and EBITDA guidance for 2015. The following forward-looking estimates regarding 2015 guidance reflect current market conditions and foreign currency rates. Actual results may differ materially, and the Company refers you to forward-looking statements located at the end of the press release. For the full year 2015, the Company expects revenue to be in the range of $77 to $84 million. The Company expects full year 2015 EBITDA to be in the range of $6.2 to $8.0 million.
Thomas J. Sullivan, Symmetry Surgical's President and Chief Executive Officer, said, "In 2015, despite the expected ongoing sluggish hospital spending environment, our goal is to achieve year-over-year revenue growth and stronger EBITDA increases. Our growth will be driven by improved execution in our existing business and new product launches, as well as upside potential from the recent neoSurgical distribution agreement. We also expect to generate solid free cash flow, which will enable us to further invest in our growth strategies."
Mr. Sullivan added, "In the fourth quarter of 2014, our primary focus was the creation of a standalone Symmetry Surgical business, which we achieved on December 5th. Since that time, we have begun implementation of several initiatives to position the business for improved revenue growth, which I look forward to outlining over the coming year. While we still have work to do, we expect our fourth quarter results to reflect continued progress against the backdrop of a constrained hospital spending environment in the U.S. and Europe."
The Company's fiscal year ends on the Saturday closest to December 31, which resulted in the inclusion of a 53rd week in fiscal year 2014 and a 14th week in the fiscal fourth quarter 2014. Due to the timing of the year-end holiday, the Company believes that the effect of the additional week on sales for the quarter was somewhat minimized. Preliminary, unaudited revenue for the fourth quarter 2014 is expected to be in the range of $20.0 to $20.4 million. For the full year 2014, reported revenue is expected to be in the range of $81.5 to $81.9 million, which includes $2.7 million of revenue related to the New Wave Surgical product line, which was acquired by a third party in the first quarter and no longer sold by Symmetry Surgical after April 30, 2014. Excluding the impact of the loss of the New Wave Surgical product line, full year 2014 revenue is expected to be in the range of $78.8 to $79.2 million.
The financial estimates presented above are preliminary and remain subject to management's final review and audit by the Company's independent registered accounting firm. The Company intends to report complete fourth quarter and full year 2014 financial results in February. Details regarding the timing of the release of those results, as well as details of a conference call and publicly available webcast, will be announced in a subsequent press release.
About Symmetry Surgical Inc.
Symmetry Surgical is dedicated to developing and delivering high-quality, innovative surgical instruments that meet clinicians' needs and improve patients' lives. Our team collaborates with healthcare providers around the world to provide medical devices that exceed our customers' expectations and provide solutions for today's needs and tomorrow's growth. Our rich and diverse history creates one of the industry's most comprehensive surgical instrument portfolios, which includes our well-known brands such as BOOKWALTER®, GREENBERG®, RILEY™, OLSEN™, ULTRA™, QUAD-LOCK®, FLASHPAK®, RAPIDCLEAN®, OPTI-LENGTH®, CLASSIC® and CLASSIC PLUS®. Symmetry Surgical is headquartered in Nashville, TN. For more information, please visit www.symmetrysurgical.com.
Forward-Looking Statement
This press release includes statements that express our opinions, expectations, beliefs, plans, objectives and assumptions regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "expects," "may," "will," "should," "seeks," "projects," "approximately," "intends," "plans," "estimates" or "anticipates," or, in each case, their negatives or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, including risks and uncertainties relating to performance or outcomes which could differ materially from our current expectations. Unless required by applicable law, Symmetry Surgical undertakes no obligation to update or revise any such forward-looking statements whether as a result of new information, future events or otherwise. We refer you to the "Risk Factors" section in the Company's Form S-4 Registration Statement filed with the Securities and Exchange Commission on October 31, 2014, and the amendments related to it, as well as the Company's other filings, all of which are available on the SEC's Web site at www.sec.gov.