Acelity L.P. Inc. 10-K Annual Report March 2015

“I am pleased with our execution in the fourth quarter, which has again led to solid financial performance and continued momentum in the business, particularly within Advanced Wound Therapeutics devices where we reached record volumes,” said Joe Woody, President and Chief Executive Officer. “Our Systagenix integration continues as planned and is translating into a strategic growth platform for Acelity. We continue to make focused investments in market development, geographic expansion and innovation to further accelerate growth for the long term.”

Results of the fourth quarter and year ended December 31, 2014

Acelity revenue for the fourth quarter of 2014 was $482.7 million, up from the prior-year period by 4.4% as reported and 6.5% on a constant currency basis.

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Advanced Wound Therapeutics ("AWT") revenue was $369.0 million, up 7.6% as reported and 10.3% on a constant currency basis, compared to the prior-year period. Excluding Systagenix, AWT revenue grew 6.0% on a constant currency basis due primarily to NPWT volume growth during the quarter. The remaining AWT growth was fueled by the fourth quarter 2013 addition of Systagenix to our global portfolio of product offerings.


•	Regenerative Medicine revenue was $109.3 million, down 5.9% as reported and 5.4% on a constant currency basis, compared to the prior-year period. The decline was primarily due to lower volumes associated with hernia repair procedures, partially offset by growth in breast reconstruction and growth in international markets.

Adjusted EBITDA from continuing operations for the fourth quarter of 2014 increased 3.6% to $198.3 million from $191.5 million in the prior-year period. The growth rate of Adjusted EBITDA from continuing operations was negatively impacted by 1.8% due to unfavorable movements in foreign exchange rates. Our loss from continuing operations for the fourth quarter of 2014 was $30.9 million, compared to $52.0 million in the prior-year period.

Acelity revenue for the year ended December 31, 2014, was $1.866 billion, up from the prior year by 7.7% as reported and 8.3% on a constant currency basis.

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AWT revenue was $1.420 billion, up 10.3% as reported and 11.1% on a constant currency basis, compared to the prior year. Year-over-year revenue growth was primarily the result of our acquisition of Systagenix in the fourth quarter of 2013. Excluding Systagenix, our AWT business declined 1.9% on a constant currency basis due primarily to lower average pricing resulting from increased competition, healthcare reform and declining reimbursement. Higher volumes from our North America NPWT business and continued growth in the fastest growing markets around the globe partially offset this decline.


•	Regenerative Medicine revenue was $428.1 million, down 3.2% as reported and 3.1% on a constant currency basis, compared to the prior year. This decline was due primarily to reduced volumes in our hernia repair business, partially offset by growth in our breast reconstruction business and continued international growth.

Adjusted EBITDA from continuing operations for the year ended December 31, 2014, declined 0.8% to $712.1 million from $717.6 million in the prior year. On a constant currency basis, Adjusted EBITDA from continuing operations for the year ended

The following information was filed by Acelity L.P. Inc. on Tuesday, February 17, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Acelity L.P. Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.13: Offer Letter - Casey

Exhibit 10.16: Retention Agreement - Bibb

Exhibit 10.18: Retention Agreement - Ball

Exhibit 10.19: Employment Agreement - Piccinini

Exhibit 10.20: Employment Agreement Amendment - Piccinini

Exhibit 10.21: Stay Bonus - Piccinini

Exhibit 10.22: Retention Agreement - Busenlehner

Exhibit 10.26: Separation And Release Agreement - Croxford

Exhibit 10.42: Amendment No.6 To The Credit Agreement Dated March 10, 2015

Exhibit 21.1: Listing Of Subsidiaries

Exhibit 31.1: Ceo Certification

Exhibit 31.2: Cfo Certification

Exhibit 32.1: Ceo Certification

Exhibit 32.2: Cfo Certification

CIK: 1557939
Form Type: 10-K Annual Report
Accession Number: 0001557939-15-000014
Submitted to the SEC: Tue Mar 10 2015 7:59:34 PM EST
Accepted by the SEC: Wed Mar 11 2015
Period: Wednesday, December 31, 2014
Industry: Surgical And Medical Instruments And Apparatus