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RTI Surgical Announces 2013 Second Quarter Results

RTI Surgical Inc. (RTI) (Nasdaq: RTIX), a leading global surgical implant company, reported operating results for the second quarter of 2013 as follows:

Quarterly Highlights:
  • Achieved quarterly revenues of $42.3 million.
  • Achieved quarterly revenues of $11.2 million in the spine business, a 15 percent increase over the second quarter of 2012.
  • Announced acquisition of Pioneer Surgical Technology Inc. (Pioneer), a leading medical technology company.
  • Launched Fortiva™ porcine dermis implant for hernia repair; announced first human implantation.
  • Achieved sterilization milestone – more than 5 million biologic implants sterilized with zero incidence of implant associated infection.
  • Settled substantially all of the remaining Biomedical Tissue Services Ltd. (BTS) lawsuits, which brings to conclusion any material risk related to these proceedings.

Worldwide revenues of $42.3 million for the second quarter of 2013 decreased 6 percent compared to the second quarter of 2012. Domestic revenues of $37.4 million for the second quarter of 2013 decreased 5 percent compared to the second quarter of 2012, primarily due to weakness in the sports medicine, surgical specialties and bone grafts substitutes and general orthopedic businesses, offset by strength in the spine business. International revenues of $4.9 million for the second quarter of 2013 decreased 18 percent as compared to the second quarter of 2012. On a constant currency basis, international revenues for the second quarter of 2013 decreased 20 percent as compared to the second quarter of 2012.

For the second quarter of 2013, the company reported net loss of $3.0 million and net loss per fully diluted share of $0.05, based on 56.3 million fully diluted shares outstanding, compared to net income of $1.3 million or $0.02 per fully diluted share for the second quarter of 2012, based on 56 million fully diluted shares outstanding.

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