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.
