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TheStreet Open House

RTI Surgical™ Announces 2013 Fourth Quarter, Full Year Results, 2014 Financial Guidance

Stocks in this article: RTIX

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

Quarterly Highlights:

  • Achieved quarterly revenues of $60.5 million, exceeding revenue guidance of $59 to $60 million.
  • Announced successful outcome to Food and Drug Administration (FDA) inspection of Alachua, Fla. facility on Oct. 29, 2013.
  • Announced agreement with Yankee Alliance, a group purchasing organization, for RTI’s complete line of surgical specialties implants.

2013 Full Year Highlights:

  • Completed the acquisition of Pioneer Surgical Technology, Inc. (Pioneer) on July 16, 2013.
  • Received 510(k) clearance for the Fortiva™ porcine dermis implant; launched a new direct distribution organization carrying a complete portfolio of biologic implants for surgical specialties.
  • Successfully completed the first human implantations of map3™ cellular allogeneic bone graft in both spine and foot and ankle procedures.
  • Launched the Tritium™ Sternal Cable Plating System for closing median sternotomies following open heart procedures.
  • Announced more than five million implants sterilized with zero incidence of implant-associated infection.
  • Broke ground on 42,000-square-foot Logistics and Technology Center in Alachua, Fla.

Fourth Quarter 2013

Worldwide revenues were $60.5 million for the fourth quarter of 2013 compared to revenues of $44.6 million for the fourth quarter of 2012. Domestic revenues were $54.4 million for the fourth quarter of 2013 compared to revenues of $40.1 million for the fourth quarter of 2012. International revenues were $6.1 million for the fourth quarter of 2013 compared to revenues of $4.5 million for the fourth quarter of 2012. On a constant currency basis, international revenues for the fourth quarter of 2013 increased 30 percent compared to the fourth quarter of 2012. Worldwide revenues for the fourth quarter of 2013 include $19.9 million from the Pioneer acquisition. If Pioneer revenues had been included for the fourth quarter for both 2012 and 2013, worldwide revenues would have decreased by 11 percent.

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