Here are seven key notes on the financial report:
1. Worldwide revenues reached $66.5 million, up 3 percent over the same period last year. Domestic revenues were $61 million, up slightly from $59.7 million in 2014. The international revenues were comparable to the same period last year at $5.5 million.
2. The company reported net income applicable to common shares of $2.7 million and net income per fully diluted common share was $0.05.
3. RTI Surgical’s spine revenues were down in the third quarter, reaching $18 million in 2015. The spine revenues were $20.4 million in the same period last year.
4. Orthopedic fixation was up from $9.4 million in 2014 to $13.6 million in 2015 for the third quarter.
5. Sports medicine third quarter revenue declined slightly, from $11 million last year to $10.8 million this year.
6. The company lowered its full year guidance for 2015 and now expects revenues between $274 million and $275 million, compared with previously reported guidance at $282 million and $286 million.
7. RTI Surgical expects between $68 million and $69 million in the fourth quarter, with net income per fully diluted common share reaching $0.05 based on 59 million fully diluted outstanding shares.
“Despite a challenging third quarter, we are committed to our long term plan,” said the company’s president and CEO Brian K. Hutchison. “We will continue to focus on our base biologics business, our hardware business and our focused products. While the recent changes in sales leadership will take some time to gain traction, we believe we have put the pieces in place to achieve our goals.”
More articles on orthopedic devices:
Zimmer Biomet tackles Q3 after merger; sales up 59%: 10 key notes
Smith & Nephew to acquire Blue Belt Technologies: 6 key notes
42 spine, orthopedic devices receive FDA 510(k) clearance in September
At the Becker's 23rd Annual Spine, Orthopedic and Pain Management-Driven ASC + The Future of Spine Conference, taking place June 11-13 in Chicago, spine surgeons, orthopedic leaders and ASC executives will come together to explore minimally invasive techniques, ASC growth strategies and innovations shaping the future of outpatient spine care. Apply for complimentary registration now.
