ALACHUA, Fla. (AP) ¿ Orthopedic implant maker RTI Biologics Inc. said Wednesday its profit jumped 60 percent in the first quarter, assisted by revenue from Tutogen Medical, a biological implant maker the company bought a year ago. RTI said it earned $1 million, up from $645,000 a year earlier. Because the company has more shares on the market than it did last year, its per-share profit was unchanged at 2 cents. Revenue increased 29 percent to $38.6 million from $29.9 million. Thomson Reuters says analysts were expecting a profit of 2 cents per share on $37.6 million in revenue. RTI said surgical specialty fees tripled to $4.8 million from $1.6 million, while revenue from its spinal business grew to $9.8 million from $8.7 million and sports medicine revenue edged up to $9.4 million from $9.2 million. Dental revenue more than doubled, reaching $7.3 million from $3.5 million. RTI had an average of 54.5 million shares outstanding during the first quarter, up from 38.7 million in the first quarter of 2008. The company backed full-year forecasts of 11 cents to 13 cents per share in profit, and revenue of $166 million to $168 million. Analysts expect 10 cents per share and $163.2 million. In morning trading, RTI stock rose 26 cents, or 8.4 percent, to $3.37.
More from Investing
Supreme Court to Hear Oracle's Copyright Case Against Google
Oracle first sued Google back in 2010 for allegedly stealing code that eventually ended up in Android phones.
Nike Will Hold Internal Investigation Following Oregon Project Reports
Nike shut down its Nike Oregon Project in October after a runner reported the program having a toxic culture.
'Ridiculous' Market Hits 28,000: Fight the Trade Deal at Your Own Risk
What is most notable about sentiment is that there isn't much cheering.
UnitedHealth Shares Jump After Warren's More Moderate Medicare for All Plan
Senator Elizabeth Warren's recently released her Medicare plan and several analysts noted that it was more moderate and favorable to health care insurers than expected.
Apple Sees a Big Price Target Raise, But There's One 'X' Factor
Apple's fundamentals are looking better every few weeks, but the trade war is unresolved. And it threatens those positive trending fundamentals.