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, 2012.
SECOND QUARTER 2012 HIGHLIGHTS
- Total revenue of $91.7 million.
- Income from operations of $17.9 million, or operating margin of 19.6 percent.
- Net income available to common stockholders of $11.4 million, or $0.34 per diluted share.
Total revenue from continuing operations for the second quarter of 2012 was $91.7 million, compared to $91.3 million for the second quarter of 2011, an increase of 0.5 percent.
Product sales for the second quarter of 2012 were $87.5 million compared to $86.9 million in the second quarter of 2011, an increase of 0.6 percent. Product sales increased 2.7 percent in constant currency over the prior year.
Worldwide sales of Sports Medicine products increased $0.6 million or 1.0 percent. In constant currency, Sports Medicine product sales increased 3.4 percent this quarter when compared to the same quarter in 2011. In the Americas, Sports Medicine product sales increased $1.7 million which consisted of an increase in proprietary Sports Medicine product sales of $0.6 million, or 1.8 percent, and an increase in contract manufactured product sales of $1.1 million, or 20.8 percent. The increase in Americas Sports Medicine proprietary product sales is related to increases in our average selling prices due to distribution changes initiated in 2011. International Sports Medicine product sales decreased $1.1 million, or 5.5 percent, in the second quarter of 2012 compared to the same period in 2011 primarily as a result of the U.S. dollar strengthening against the euro, British pound, and Australian dollar.
Worldwide ENT product sales decreased $0.5 million, or 1.9 percent. In constant currency, ENT sales remained flat in the second quarter of 2012 as compared to the same quarter of 2011. Americas ENT product sales decreased $1.1 million or 4.9 percent primarily as a result of a decrease in product volume sold partially offset by an increase in average selling prices. International ENT product sales increased $0.6 million or 12.6 percent, primarily due to higher sales volumes in Asia Pacific markets partially offset by the effect of the U.S. dollar strengthening against the euro, British pound, and Australian dollar.