RTI Biologics Announces 2009 Third 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 third quarter ended Sept. 30, 2009.
Quarterly Highlights:
- Record revenues of $42.8 million
- Net income of $2.3 million, or $0.04 per fully diluted share, compared to $388,000, or $0.01 per fully diluted share, as a result of continued increased revenues and margins
- Amended agreement for exclusive worldwide distribution rights for dermal allografts for use in hernia repair with Davol Inc., a subsidiary of C.R.Bard Inc., to include dermal allografts for breast reconstruction
- Record revenues in domestic hernia repair, an increase of more than 150 percent over the previous year’s period
- Increased breast reconstruction revenues by 66 percent over the prior year’s period, reflecting launch quantity shipments to Davol Inc.
- Launched four new orthopedic implants
- Received FDA clearance to market bovine pericardium for use in ENT procedures
Revenues were $42.8 million for the third quarter of 2009, representing an 11 percent increase compared to revenues of $38.5 million for the third quarter of 2008. Revenues were $122.6 million for the first nine months of 2009, representing a 12 percent increase compared to revenues of $109.3 million for the first nine months of 2008. The increase in year-over-year revenues for the first nine months reflects the inclusion of Tutogen Medical for the full nine months of 2009 compared to the period of Feb. 28 to Sept. 30, 2008 in the prior year. Tutogen revenues for the period Jan. 1, 2008 to Feb. 27, 2008 were $8.5 million, including international revenues of $3.0 million.
