ArthroCare Corp. (NASDAQ: ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced its financial results for the second quarter ended June 30, 2011 as follows:
SECOND QUARTER 2011 HIGHLIGHTS
- Total revenues of $91.3 million from continuing operations
- Income from operations of $15.0 million, or operating margin of 16.4 percent
- Net income available to common stockholders of $11.5 million, or $0.34 per diluted share
Total revenue from continuing operations for the second quarter of 2011 was $91.3 million, compared to $87.2 million for the second quarter of 2010, an increase of $4.1 million.Sports Medicine product sales were $57.2 million in the second quarter of 2011 compared to $54.7 million in the same period in 2010, or an increase of $2.4 million. Product sales from the Company’s International markets increased $3.8 million, which was partially offset by a $1.5 million decrease in contract manufactured product sales. ENT product sales increased $2.3 million, or 9.0 percent, in the second quarter of 2011 compared to the same period of 2010, a result of an increase in product sales related to the Company’s Rapid Rhino ® product line and new Coblation products, as well as increased product volume across all geographies in the Company’s International markets. Other product sales declined $0.8 million in the second quarter of 2011 compared to the same period of 2010. Had the same foreign currency rates been in effect in the quarter ended June 30, 2011 as were in effect in the second quarter of 2010, the U.S. dollar reported value of product sales would have been lower by $2.9 million for the quarter ended June 30, 2011. GROSS PRODUCT MARGIN Gross product margin was 70.2 percent for the second quarter of 2011 compared to 65.9 percent for the second quarter of 2010. Inventory obsolescence charges in the second quarter of 2010 were $1.1 million higher than in the second quarter of 2011.
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