RTI Biologics Announces 2012 Second Quarter Results

RTI Biologics Inc. (RTI) (Nasdaq:RTIX), a leading provider of orthopedic and other biologic implants, reported operating results for the second quarter of 2012 as follows:

Quarterly Highlights:
  • Achieved quarterly revenues of $45.2 million, a 4 percent increase over the second quarter of 2011.
  • Achieved quarterly net income per fully diluted share of $0.02, a decrease of $0.02 compared to the second quarter of 2011. Excluding a pre-tax litigation settlement charge of $2.35 million in the quarter, or $0.03 per fully diluted share, the company achieved quarterly net income per fully diluted share of $0.05.
  • Achieved quarterly revenues of $8.5 million in the surgical specialties business, an 18 percent increase over the second quarter of 2011.
  • Achieved quarterly revenues of $7.0 million in the bone graft substitutes and general orthopedic (BGS/GO) business, a 12 percent increase over the second quarter of 2011.
  • Achieved quarterly revenues of $13.3 million in the sports medicine business, a 10 percent increase over the second quarter of 2011.
  • Achieved international revenues of $6.0 million, a 9 percent increase or a 19 percent increase on a constant currency basis over the second quarter of 2011.
  • Achieved quarterly revenues of $14.0 million in the U.S. direct distribution organization, an 8 percent increase over the second quarter of 2011. The U.S. direct distribution organization includes sports medicine and certain BGS/GO implants.

“We are pleased with our second quarter results, which exceeded our expectations and were driven primarily by continued growth in our surgical specialties, direct sports medicine and BGS/GO businesses,” said Brian K. Hutchison, president and chief executive officer of RTI.

Worldwide revenues of $45.2 million for the second quarter of 2012 increased 4 percent compared to the second quarter of 2011. Domestic revenues of $39.2 million for the second quarter of 2012 grew by 3 percent compared to the second quarter of 2011, primarily based on the strength of the surgical specialties, direct sports medicine and dental businesses and were offset by unfavorable comparisons in the spine business. International revenues of $6.0 million increased 9 percent compared to the second quarter of 2011 primarily due to higher export revenue in the sports medicine and BGS/GO businesses. On a constant currency basis, international revenues increased 19 percent as compared to the second quarter of 2011.

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