Accellent Inc. (Accellent) has reported net sales of $525.5 million for the year-end 2008, up 11.4%, compared with the net sales of $471.7 million in the previous year-end. It has also reported a net loss of $13.3 million for the year-end 2008, compared with the net loss of $274.9 million in the previous year-end.
“During the fourth quarter of 2008 we generated year over year revenue growth for the fifth consecutive quarter and increased our Adjusted EBITDA 13.4% from the same period a year ago. For the full year, we grew our revenue 11.4% and Adjusted EBITDA 20.1%,” said Robert Kirby, president and CEO of Accellent. “Throughout 2008, the hard work and commitment of our team drove positive results and established a framework for continuous improvement.”
Fourth Quarter 2008 Financial Results
Net sales increased 3.6% to $126.0 million in the fourth quarter of 2008 compared with $121.7 million in the fourth quarter of 2007. Income from operations was $16.2 million in the fourth quarter of 2008, compared to a $156.3 million loss from operations in the fourth quarter of 2007. Our net loss was $3.5 million in the fourth quarter of 2008, compared with a net loss of $176.9 million in the fourth quarter of 2007.
During the fourth quarter of 2007 we recorded an impairment charge of $168.9 million, which is reflected in both the loss from operations and the net loss for that quarter. Adjusted EBITDA for the fourth quarter of 2008 was $25.4 million, or 20.2% of net sales, compared to Adjusted EBITDA of $22.5 million, or 18.5% of net sales, in the fourth quarter of 2007.
Year Ended December 31, 2008 Financial Results
Income from operations was $59.4 million in 2008, compared with a $200.7 million loss from operations in 2007. Our net loss was $13.3 million in 2008 compared with a net loss of $274.9 million in 2007.
During 2007 we recorded impairment charges of $251.3 million related to the impairment of goodwill and other intangible assets, which are reflected in both the loss from operations and net loss for that year.
Adjusted EBITDA in 2008 was $104.0 million, or 19.8% of net sales, compared to Adjusted EBITDA of $86.6 million, or 18.4% of net sales, in 2007.
Accellent is a US-based provider of fully integrated outsourced manufacturing and engineering services to the medical device industry in the cardiology, endoscopy, drug delivery, neurology and orthopaedic markets.