Tornier Announces Preliminary Fourth Quarter Sales Gain of 12.7% and Full Year 2011 Sales Gain of 14.9%

January 9, 2012

Preliminary Fourth Quarter Extremity Product Sales Expand by 17.5%

AMSTERDAM--(BUSINESS WIRE)-- Tornier N.V. (NASDAQ: TRNX), a global medical device company focused on providing surgical solutions to orthopaedic extremity specialists announced preliminary unaudited sales of $69.0 million for the fourth quarter of 2011 compared to sales of $61.3 million for the fourth quarter of 2010, an increase of 12.7%, or 12.4% in constant currency. The company expects to report full year sales of $261.2 million for 2011 compared to sales of $227.4 million for 2010, an increase of 14.9%, or 12.0% in constant currency. Tornier will be discussing its preliminary 2011 revenue results at the JP Morgan Healthcare Conference on January 10, 2012.

Fourth quarter 2011 extremity product category sales are expected to increase 17.5%, or 17.1% in constant currency, over the prior year's fourth quarter, and represent 79% of global sales. Full year 2011 extremity product category sales are expected to increase 16.4%, or 14.2% in constant currency, over 2010, and represent 78% of global sales.

On a geographic basis as compared to the fourth quarter of 2010, Tornier's fourth quarter 2011 US sales are expected to increase 12.5%, and international sales are expected to increase by 13.0%, or 12.3% in constant currency. Full year 2011 US sales are expected to increase 10.7%, and international sales are expected to increase 20.2%, or 13.5% in constant currency, over 2010. For both the fourth quarter and full year 2011, US sales are expected to represent 54% and international sales represent 46% of global sales.

Tornier plans to report its full financial results and provide more details for its fourth quarter and full year 2011 on Thursday, February 23, 2012, after which time the company will hold its quarterly conference call to discuss its financial results.

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," other words of similar meaning or the use of future dates. The statements in this release regarding Tornier's preliminary sales results for fourth quarter and full year 2011 are forward-looking statements. 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 actual reported results for fourth quarter and full year 2011 and Tornier's future operating results and financial performance, fluctuations in foreign currency exchange rates, the effect of global economic conditions and the European debt crisis, 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 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 approximately 90 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.

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.
Selected Preliminary Revenue Information
(in thousands)
						Three Months Ended											Twelve Months Ended
						(unaudited)											(unaudited)
						January 1, 2012				January 2, 2011				Percent change			January 1, 2012				January 2, 2011				Percent change
Revenue by product category
	Upper extremity joints and trauma					$	43,424			$	36,598			18.7	%		$	164,064			$	139,175			17.9	%
	Lower extremity joints and trauma						7,011				6,223			12.7	%			26,033				23,629			10.2	%
	Sports medicine and biologics						4,010				3,523			13.8	%			14,779				13,210			11.9	%
		Total extremities					54,445				46,344			17.5	%			204,876				176,014			16.4	%
	Large joints and other						14,597				14,921			-2.2	%			56,315				51,364			9.6	%
	Total					$	69,042			$	61,265			12.7	%		$	261,191			$	227,378			14.9	%
Revenue by geography
	United States					$	37,299			$	33,165			12.5	%		$	141,496			$	127,762			10.7	%
	International						31,743				28,100			13.0	%			119,695				99,616			20.2	%
	Total					$	69,042			$	61,265			12.7	%		$	261,191			$	227,378			14.9	%

Tornier N.V.
Reconciliation of Preliminary Revenue to Non-GAAP Revenue on a Constant Currency Basis
(in thousands)
						Three Months Ended
						(unaudited)
						January 1, 2012										January 2, 2011
						Preliminary revenue			Foreign exchange impact as compared to prior period				Preliminary 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					$	43,424		$	(132	)		$	43,292		$	36,598		18.3	%
	Lower extremity joints and trauma						7,011			(8	)			7,003			6,223		12.5	%
	Sports medicine and biologics						4,010			(27	)			3,983			3,523		13.1	%
		Total extremities					54,445			(167	)			54,278			46,344		17.1	%
	Large joints and other						14,597			(7	)			14,590			14,921		-2.2	%
	Total					$	69,042		$	(174	)		$	68,868		$	61,265		12.4	%
Revenue by geography
	United States					$	37,299		$	-			$	37,299		$	33,165		12.5	%
	International						31,743			(174	)			31,569			28,100		12.3	%
	Total					$	69,042		$	(174	)		$	68,868		$	61,265		12.4	%
						Twelve Months Ended
						(unaudited)
						January 1, 2012										January 2, 2011
						Preliminary revenue			Foreign exchange impact as compared to prior period				Preliminary 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					$	164,064		$	(3,170	)		$	160,894		$	139,175		15.6	%
	Lower extremity joints and trauma						26,033			(414	)			25,619			23,629		8.4	%
	Sports medicine and biologics						14,779			(301	)			14,478			13,210		9.6	%
		Total extremities					204,876			(3,885	)			200,991			176,014		14.2	%
	Large joints and other						56,315			(2,744	)			53,571			51,364		4.3	%
	Total					$	261,191		$	(6,629	)		$	254,562		$	227,378		12.0	%
Revenue by geography
	United States					$	141,496		$	-			$	141,496		$	127,762		10.7	%
	International						119,695			(6,629	)			113,066			99,616		13.5	%
	Total					$	261,191		$	(6,629	)		$	254,562		$	227,378		12.0	%

Tornier N.V.
Carmen Diersen, 952-426-7646
Chief Financial Officer
[e-mail]
or
Doug Kohrs, 952-426-7606
President and Chief Executive Officer
[e-mail]

Source: Tornier N.V.

News Provided by Acquire Media