Theragenics Reports Fourth Quarter And Year-End 2012 Results

Theragenics Corporation ® (NYSE: TGX), a medical device company serving the surgical products and prostate cancer treatment markets, today announced consolidated financial results for the fourth quarter and year ended December 31, 2012.

Consolidated Results
  • Consolidated revenue
    • $19.1 million in the fourth quarter, down 4% from 2011
    • $82.6 million for the year, flat compared with 2011
  • Earnings per share
    • Loss of $0.01 in fourth quarter compared to earnings of $0.01 in 2011
    • Earnings of $0.07 for 2012 compared to $0.09 in 2011
  • Cash flow from operations of $13.2 million in 2012 compared to $6.1 million in 2011
  • Adjusted EBITDA
    • $2.0 million in fourth quarter compared to $2.6 million in 2011
    • $12.6 million in 2012 compared to $13.5 million in 2011
  • At December 31, 2012 cash, cash equivalents and marketable securities were $34.9 million and credit facility borrowings were $22.0 million, resulting in a net positive position of $12.9 million

Segment Results
  • Revenue
    • Surgical products
      • $14.3 million in the fourth quarter, flat compared to 2011
      • $59.9 million for the year, up 1% from 2011
    • Brachytherapy
      • $5.1 million for the quarter, down 12% from 2011
      • $23.6 million for the year, down 2% from 2011
        • Incremental revenue in the Brachytherapy segment from acquired Core customers was $793,000 in the fourth quarter and $3.6 million for the year
      • Operating income
        • Surgical products
          • Loss from operations of $334,000 in the fourth quarter compared to a loss of $480,000 in 2011
          • Operating income of $696,000 for the year compared to $607,000 in 2011
        • Brachytherapy
          • Operating income of $89,000 in fourth quarter, compared to $1.1 million in 2011
          • Operating income of $3.1 million for the year compared to $4.9 million in 2011

Comments

“The momentum from our first half of 2012 was erased in the second half of 2012,” stated M. Christine Jacobs, Chairman and CEO. “We faced sector-wide anemic growth and continuing customer uncertainty resulting in soft demand across all of our business units. Every strategic accomplishment of 2012 was masked by soft demand and the high fixed cost components of our operations.”

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