ArthroCare Corp. (NASDAQ: ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced its financial results for the first quarter ended March 31, 2012.
FIRST QUARTER 2012 HIGHLIGHTS
- Total revenue of $92.9 million.
- Product sales increased by 5.8 percent.
- Income from operations of $17.4 million, or operating margin of 18.7 percent.
- Net income available to common stockholders of $12.1 million, or $0.36 per diluted share.
Total revenue from continuing operations for the first quarter of 2012 was $92.9 million, compared to $87.9 million for the first quarter of 2011, an increase of 5.6 percent.Product sales for the first quarter of 2012 were $88.4 million compared to $83.5 million in the first quarter of 2011, an increase of 5.8 percent. Proprietary product sales were $83.6 million in the first quarter of 2012 compared to $78.1 million for the first quarter of 2011, an increase of 6.9 percent. Worldwide sales of the Company’s Sports Medicine products increased $2.6 million or 4.6 percent. In the Americas, Sports Medicine product sales increased $1.6 million which consisted of an increase in proprietary Sports Medicine product sales of $2.2 million, or 6.9 percent, and a decrease in contract manufacturing product sales of $0.6 million, or 11.1 percent. International Sports Medicine product sales increased $1.0 million, or 4.9 percent, in the first quarter of 2012 compared to the same period in 2011. Worldwide ENT product sales increased $2.8 million, or 11.8 percent. Americas ENT product sales increased $1.7 million or 8.7 percent. International ENT product sales increased $1.1 million or 26.4 percent. Other product sales declined $0.6 million in the first quarter of 2012 compared to the same period of 2011. Had the same foreign currency rates been in effect in the quarter ended March 31, 2012 as were in effect in the same quarter in 2011, the U.S. dollar reported value of product sales would have been higher by $0.3 million for the quarter ended March 31, 2012.
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