RTI Surgical Q3 2016 worldwide revenues reach $66.5M: 13 highlights

Spinal Tech

RTI Surgical reported its operating results for the third quarter of 2016.

Here are 13 report highlights:

 

1. The company's worldwide revenues hit $66.5 million in Q3 of 2016.

 

2. RTI Surgical's domestic revenues hit $61 million in Q3 of 2016.

 

3. International revenues reached $5.6 million in Q3, compared to $5.5 million in Q3 of 2015.

 

4. In Q3 of 2016, RTI Surgical achieved worldwide direct revenues of $38.1 million, reflecting a 14 percent increase over the same time period in 2015.

 

5. RTI Surgical's global commercial and other revenues reached $28.5 million in Q3 of 2016, representing a 14 percent decrease from Q3 of 2015.

 

6. The company reported net loss applicable to common shares of $4.5 million in Q3 of 2016, as well as net loss per fully diluted common share of $0.08.

 

7. Adjusted EBITDA totaled $8.1 million in Q3 of 2016, compared to $10.7 million in Q3 of 2015.

 

8. RTI Surgical updated its full-year revenue outlook for 2016 to range between $268 million and $270 million, compared to the previous guidance of $274 million to $280 million.

 

9. The company anticipates full-year direct revenue to increase by 13 percent to 15 percent, compared to the previous estimate of 16 percent to 17 percent.

 

10. The company's updated outlook is due to international distributor transition delays.

 

11. RTI Surgical expects full-year commercial and other revenue to decrease between 21 percent and 23 percent, compared to the previous range of 18 percent to 21 percent. This change is due to "continued softness in commercial orders."

 

12. The Australian Therapeutic Goods Administration cleared the company's nanOss Bioactive bone void filler in Q3. The filler also received the CE mark.

 

13. The company is still in the process of hiring a new CEO to replace Brian K. Hutchison, who plans to retire.

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