RTI Surgical Inc. (RTI) (Nasdaq:RTIX), a global surgical implant company, reported operating results for the first quarter of 2014 as follows:
First Quarter Highlights:
- Achieved revenues of $60.7 million, exceeding revenue guidance of $58 to $59 million.
- Achieved revenues of $11.4 million in the sports medicine business, an 8 percent increase over the first quarter of 2013.
- Achieved revenues of $7.3 million in the surgical specialties business, a 5 percent increase over the first quarter of 2013.
- Achieved revenues of $4.6 million in the dental business, an 11 percent increase over the first quarter of 2013.
- Announced renewal of supply and distribution agreement for trauma products with Zimmer, Inc.
- Launched four new products: map3 ® cellular allogeneic bone graft, MaxFuse™ Vertebral Body Replacement System, Aspect® Anterior Cervical Plate System and nanOss® Bioactive 3D.
Worldwide revenues were $60.7 million for the first quarter of 2014 compared to revenues of $40.4 million for the first quarter of 2013. Domestic revenues were $54.8 million for the first quarter of 2014 compared to revenues of $36.1 million for the first quarter of 2013. International revenues were $5.9 million for the first quarter of 2014 compared to revenues of $4.3 million for the first quarter of 2013. On a constant currency basis, international revenues for the first quarter of 2014 increased 33 percent compared to the first quarter of 2013. Worldwide revenues for the first quarter of 2014 include $19.8 million from the Pioneer acquisition completed July 2013. If Pioneer revenues had been included for the first quarter for both 2013 and 2014, worldwide revenues would have decreased by 3 percent.
“Our first quarter results exceeded our expectations and represent another sign of progress as we return the company to growth,” said Brian K. Hutchison, president and chief executive officer. “We continue to see solid recovery in our direct spine and direct sports businesses. The team has done an excellent job this past quarter meeting our goals for expense control as well as launching four new products.”
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