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 2012 as follows:
- Achieved quarterly revenues of $44.6 million, a 4 percent increase over the fourth quarter of 2011.
- Achieved quarterly net income of $2.3 million, or $0.04 per fully diluted share
- Achieved quarterly revenues of $5.8 million in the dental business, a 21 percent increase over the fourth quarter of 2011.
- Achieved quarterly revenues of $10.3 million in the spine business, a 19 percent increase over the fourth quarter of 2011.
- Achieved quarterly revenues of $7.4 million in the bone graft substitutes and general orthopedic (BGS/GO) business, a 6 percent increase over the fourth quarter of 2011.
2012 Full Year Highlights:
- Achieved record annual revenues of $178.1 million, a 5 percent increase over 2011.
- Achieved annual net income of $8.4 million, or $0.15 per fully diluted share. Excluding a pre-tax litigation settlement charge of $2.4 million, or $0.03 per fully diluted share, taken in the second quarter, the company achieved annual net income per fully diluted share of $0.18.
- Achieved annual revenues of $54.6 million in the U.S. direct distribution organization, a 6 percent increase over 2011.
- Achieved annual revenue growth in every business with the exception of the spine business.
- Launched or released for distribution 18 new implants or implant enhancements, which accounted for more than $2 million of revenue for the year.
- Achieved operating cash flow of $20.8 million.
Fourth Quarter 2012Worldwide revenues of $44.6 million for the fourth quarter of 2012 increased 4 percent compared to the fourth quarter of 2011. Domestic revenues of $40.1 million for the fourth quarter of 2012 grew by 6 percent compared to the fourth quarter of 2011, primarily based on the strength of the dental, spine and BGS/GO businesses and were offset by weakness in the surgical specialties and sports medicine businesses. International revenues of $4.5 million for the fourth quarter of 2012 decreased 12 percent as compared to the fourth quarter of 2011. On a constant currency basis, international revenues decreased 9 percent as compared to the fourth quarter of 2011.
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