RTI Biologics Announces 2011 First Quarter Results
ALACHUA, Fla.–(BUSINESS WIRE)–RTI Biologics Inc. (RTI) (Nasdaq: RTIX), a leading provider of orthopedic and other biologic implants, reported operating results for the first quarter of 2011 as follows:
“We are pleased with our first quarter results, which exceeded our expectations and were driven primarily by continued growth in our surgical specialties and direct sports medicine businesses”
Quarterly Highlights:
- Achieved quarterly revenues of $40.6 million, exceeding the company’s guidance of $38-39 million.
- Achieved quarterly net income of $1.2 million, or $0.02 per fully diluted share, in line with the company’s guidance.
- Achieved quarterly revenues of $11.7 million in the sports medicine business, a 13 percent increase over the first quarter of 2010.
- Achieved international revenue growth of 13 percent.
- Launched new version of the BTB Select and fresh stored distal tibia implants.
- Signed agreement to provide spinal allograft implants to Alphatec Spine Inc.
“We are pleased with our first quarter results, which exceeded our expectations and were driven primarily by continued growth in our surgical specialties and direct sports medicine businesses,” said Brian K. Hutchison, chairman and CEO of RTI. “Revenues in the spine business were up slightly on a sequential quarter basis; however, it is still too early to determine if market pressures are abating. The decrease in reported dental revenues is the result of the change in terms of our distributor agreement, which was announced in the third quarter of 2010. If the new terms with our distributor had been effective in the first quarter of 2010, dental revenues would have increased by 4 percent.”
Worldwide revenues of $40.6 million for the first quarter of 2011 increased 8 percent compared to the first quarter of 2010. Domestic revenues of $35.2 million for the first quarter of 2011 increased 7 percent on the strength of the spine, surgical specialties and the direct sports medicine businesses. The domestic spine and surgical specialties businesses both benefited from a favorable quarterly comparison as a result of inventory reductions made by several of our distributors in the first quarter of 2010. International revenues of $5.4 million increased 13 percent, or 14 percent on a constant currency basis, primarily due to growth in export of sports medicine and bone graft substitutes/general orthopedics, as well as growth in international dental revenues.
For the first quarter of 2011, the company reported net income of $1.2 million and net income per fully diluted share of $0.02, based on 55 million fully diluted shares outstanding, compared to net loss of $54,000 or break even per fully diluted share for the first quarter of 2010, based on 54.6 million fully diluted shares outstanding.
Category: Financial News, News
Subscribe
If you enjoyed this article, subscribe to receive more just like it.
