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ArthroCare Reports Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: ARTC

Other product sales declined $0.9 million in the fourth quarter of 2011 compared to the same period of 2010 and royalties, and fees and other revenues declined $1.1 million. Royalties were higher in the fourth quarter of 2010 due primarily to catch-up payments received relating to prior periods. In the fourth quarter of 2011 the Company also had lower royalties from third parties who license the Company’s radio frequency technology than during the same quarter of 2010.

Changes in foreign currency rates did not have a material effect on the comparison of product sales in the fourth quarter of 2011 to the fourth quarter of 2010.

Total revenue from continuing operations for the full year 2011 was $354.9 million, compared to $355.4 million for 2010. After adjusting for $6.6 million of product sales recognized in the first quarter of 2010 that had been deferred pending the outcome of certain contract matters, worldwide Sports Medicine product sales increased $3.0 million or 1.3 percent. Americas’ Sports Medicine product sales decreased $5.2 million, or 3.4 percent in 2011 compared to 2010 as proprietary product sales decreased $3.1 million and contract manufactured product sales decreased $2.1 million in 2011 compared to 2010. International Sports Medicine product sales increased $8.2 million in 2011 compared to 2010.

Worldwide ENT product sales increased $6.0 million, or 6.3 percent in 2011 compared to 2010. ENT product sales in the Americas increased 3.5 percent and International ENT product sales increased 20.7 percent in 2011 compared to 2010.

Other product sales, primarily spine products, declined $2.8 million in 2011 compared to the same period of 2010 and represented approximately 3 percent of total product sales during 2011.

Had the same foreign currency rates been in effect for the whole year of 2011 as were in effect in 2010, the U.S. dollar reported value of product sales would have been lower by $5.7 million.

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