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ArthroCare Corp. (NASDAQ: ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced its financial results for the fourth quarter and year ended December 31, 2011, as follows:
FOURTH QUARTER 2011 SUMMARY
Total revenue of $92.4 million from continuing operations
Product margin of 69.3 percent
Operating loss of $51.4 million, which includes a $74.0 million charge for the proposed settlement of the consolidated securities class action
Net loss attributable to common stockholders of $29.3 million or $1.06 per share
FULL YEAR 2011 SUMMARY
Total revenue of $354.9 million from continuing operations
Product margin of 69.5 percent
Operating loss of $15.5 million
Net loss attributable to common stockholders of $4.3 million or $0.16 per share
Total revenue for the fourth quarter of 2011 was $92.4 million, compared to $92.6 million for the fourth quarter of 2010. Product sales in the fourth quarter increased 1.0 percent from $87.6 million to $88.5 million.
Sports Medicine product sales increased $2.5 million or 4.2 percent for the fourth quarter of 2011 compared to the same quarter of 2010. Contract manufactured product sales increased $4.5 million to $8.0 million in the fourth quarter of 2011, a result of higher volume pursuant to the Company’s existing supply and distribution agreement with Smith & Nephew as well as the initial deliveries under the Company’s new distribution agreement with Wright Medical. Proprietary product sales in the Americas declined $1.2 million, or 3.4 percent, while International product sales declined $0.8 million, or 3.6 percent in the fourth quarter of 2011 compared to the fourth quarter of 2010.
ENT product sales decreased $0.8 million, or 3.1 percent, in the fourth quarter of 2011 compared to the fourth quarter of 2010, as problems obtaining raw material supply related to the Company’s Rapid Rhino product line persisted during the fourth quarter.