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RTI Surgical Inc. (RTI) (Nasdaq: RTIX), a global surgical implant company, announced today preliminary revenue results for the third quarter ended Sept. 30, 2013. The company expects to report total revenues of approximately $54.7 million, as compared to the company’s prior guidance of $59 million to $61 million.
“Our revenues came in lower than projected due to several factors including uncertainties surrounding when the Food and Drug Administration (FDA) would provide a close-out to the warning letter that we received in October 2012, a slower than expected ramp in our new direct surgical specialties business, lower than expected volumes in our spine business and lower than projected revenues in our international business due to shortages in tissue supply,” said Brian K. Hutchison, president and chief executive officer of RTI. “We are working diligently to rebuild business that was lost in the first half of the year and gain new customers. We have made progress on integrating the Pioneer business and are in the early stages of realizing cross distribution opportunities. We are confident we are headed in the right direction for long term success.”
RTI will release full financial results from the third quarter 2013 as well as update guidance for full year 2013 on Tuesday, Oct. 29, 2013 prior to the market open.
The company will host a conference call and simultaneous audio webcast to discuss third quarter 2013 results at 8:30 a.m. EDT the same day. The conference call can be accessed by dialing (877) 383-7419 (U.S.) or (760) 666-3754 (International). The webcast can be accessed through the investor section of RTI’s website at
www.rtix.com. A replay of the conference call will be available on RTI’s website for one month following the call.
Distribution Agreement with Medtronic
In addition, RTI announced today that it has entered into a new agreement with Medtronic Sofamor Danek USA, Inc. (MSD) to process allograft implants for use in spinal surgeries.