RTI Biologics Inc.
(RTI) (Nasdaq: RTIX), a leading provider of orthopedic and other biologic implants, reported operating results for the fourth quarter and full year of 2011 as follows:
- Achieved quarterly revenues of $42.9 million.
- Achieved quarterly net income of $2.4 million, or $0.04 per fully diluted share.
- Achieved quarterly revenues of $14.2 million in the U.S. direct distribution organization, an 11 percent increase over the fourth quarter of 2010. The U.S. direct distribution organization includes sports medicine and some bone graft substitute/general orthopedic (BGS/GO) implants.
2011 Full Year Highlights:
- Achieved record annual revenues of $169.3 million.
- Achieved annual net income of $8.4 million, or $0.15 per fully diluted share.
- Achieved annual revenues of $51.4 million in the U.S. direct distribution organization, a 10 percent increase over 2010.
- Achieved annual revenue growth in every business as reported with the exception of the dental business line. The decrease in reported dental revenues is the result of the change in the terms of the dental distributor agreement, which was announced in the third quarter of 2010. If the new terms with our distributor had been effective for the full year of 2010, and excluding dental stocking orders related to the agreement, dental revenues would have increased by 11 percent compared to the full year of 2010.
- Launched or released for distribution 18 new products or product enhancements over the year, which accounted for more than $4 million of revenue for the year.
- Achieved operating cash flow of $27.8 million.
“We are very pleased with our fourth quarter results, which ended a strong year of execution for RTI,” said Brian K. Hutchison, president and chief executive officer of RTI. “Despite the challenging economic environment in 2011, we saw growth in all of our business lines while significantly increasing cash flow, decreasing inventories and improving gross margins each quarter.”