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RTI Biologics Announces 2008 Year End, Fourth Quarter Results

ALACHUA, Fla.–(BUSINESS WIRE)–RTI Biologics Inc. (RTI) (Nasdaq:RTIX), a leading processor of orthopedic and other biologic implants, reported operating results for the fourth quarter and full year ending Dec. 31, 2008 as follows:

Quarterly Highlights:
> Achieved quarterly revenues of $37.4 million, with gross margins of 47 percent.
> Negotiated new U.S. financing agreements with Mercantile Bank, a division of Carolina First Bank, including $1.75 million term loan and a $10.0 million line of credit facility.
> Introduced new lumbar implant to Stryker.
> Signed a new agreement to provide spinal allograft implants to Aesculap Implant Systems, Inc.
> Net loss of $102.5 million, or $1.89 per fully diluted share, was due primarily to a non-cash asset impairment charge to the company’s goodwill.
> Adjusted net income excluding purchase accounting adjustments, restructuring charges and the impairment charge was $1.1 million, or $0.02 per fully diluted share.
> Increased number of direct biologic representatives by 5 to a total of about 30.

2008 Full Year Highlights:
> Achieved annual revenues of $146.6 million, with gross margins of 47 percent.
> Completion of the merger with Tutogen Medical, Inc. (Tutogen) and the successful integration with the company.
> Net loss of $100.0 million, or $2.00 per fully diluted share, was due primarily to a non-cash asset impairment charge to the company’s goodwill.
> Adjusted net income excluding purchase accounting adjustments, restructuring charges and the impairment charge was $5.1 million, or $0.10 per fully diluted share, compared to a net loss of $2.1 million, or $0.07 per fully diluted share in the prior year.
> Launched nine new implants in sports medicine, spine, dental and bone graft substitutes.
> Increased number of direct biologic representatives by 15 to a total of about 30.
> Achieved more than 30 percent growth in sports medicine.

Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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