ArthroCare Reports Fourth Quarter And Full Year 2012 Financial Results

ArthroCare Corp. (NASDAQ: ARTC), a leader in developing state-of-the-art, minimally invasive surgical products, announced its financial results for the fourth quarter and year ended December 31, 2012.

FOURTH QUARTER 2012 SUMMARY
  • Total revenue of $96.9 million.
  • Income from operations of $15.1 million, or operating margin of 15.6 percent.
  • Net income applicable to common stockholders of $10.3 million, or $0.30 per diluted share.

FULL YEAR 2012 SUMMARY
  • Total revenue of $368.5 million.
  • Income from operations of $64.1 million, or operating margin of 17.4 percent.
  • Net income applicable to common stockholders of $42.8 million, or $1.25 per diluted share.

REVENUE – FOURTH QUARTER

Total revenue for the fourth quarter of 2012 was $96.9 million, compared to $92.4 million for the fourth quarter of 2011, an increase of 4.9 percent.

Product sales for the fourth quarter of 2012 were $92.2 million compared to $88.5 million in the fourth quarter of 2011, an increase of 4.3 percent. Product sales increased 4.5 percent in constant currency over the same quarter of the prior year.

Worldwide sales of Sports Medicine products increased $1.2 million or 1.9 percent in the fourth quarter of 2012 when compared to the fourth quarter of 2011. In constant currency, Sports Medicine product sales increased 2.1 percent. In the fourth quarter of 2012 proprietary Sports Medicine product sales in the Americas increased $1.5 million, or 4.5 percent and International Sports Medicine product sales increased $1.9 million, or 9.5 percent as compared to the fourth quarter of 2011. Contract manufactured product sales decreased $2.2 million, or 28.0 percent in the fourth quarter.

Worldwide ENT product sales increased $2.5 million, or 10.6 percent in the fourth quarter of 2012 compared to the fourth quarter of 2011. Americas ENT product sales increased $0.8 million or 4.3 percent and International ENT product sales increased $1.7 million or 37.1 percent as a result of increased product sales in Asia Pacific markets, most notably in Australia and China in the fourth quarter.

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