UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Tornier on 4Q12 Results
In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Tornier (NASDAQ: TRNX), but slightly lowered its price target from $23.00 to $22.00.
BMO Capital Markets noted, “TRNX announced 4Q12 results, provided reasonable 2013 guidance, and announced that David Mowry was appointed the permanent CEO (as we had anticipated). In the 4Q12, revenue of $79.0 million (up 14.5%, up 16% ex-fx, up 4.4% organic), included Upper Extremity and Trauma sales of $45.8 million (up 5.5%; up 6.4% ex-fx), Lower Extremity and Trauma sales of $6.8 million (down 3.4%, down 2.6% ex-fx), OrthoHelix sales of $8 million, Sports Medicine and Biologics sales of $4.2 million (up 3.8%; up 4.8% ex-fx), and Large Joints and Other sales of $14.3 million (down 2.1%; up 1.7% ex-fx). Adjusted EBITDA of $11.0 million bested the consensus' $9.9 million. EPS of negative $0.02 compares to the consensus' loss of $0.06.”
Tornier closed on Thursday at $16.30.
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