Total revenue for 2009 was $331.6 million, compared to $317.7 million for 2008. Total revenue for the fourth quarter of 2009 was $92.5 million, compared to $80.7 million for the fourth quarter of 2008. Full year and fourth quarter growth was driven by increases in both the sports medicine and ENT business, according to the release.
Product sales were affected by changes in foreign exchange rates used to translate foreign currency sales from international markets to U.S. dollars. These changes in exchange rates increased the U.S. dollar reported value of international product sales by $2 million for the fourth quarter of 2009 and decreased the U.S. dollar reported value of international product sales by $5 million for the year ended Dec. 31, 2009 when compared to the same periods of 2008.
Income from operations for the fourth quarter of 2009 was $10.7 million compared to a loss from operations of $28.7 million for the same period in 2008. For 2009, the company had a loss from operations of $700,000 compared to a loss from operations of $34.0 million for the full year 2008.The improvements in operating results were the result of higher revenue combined with improved gross product margin and lower operating expenses, according to the release.
“We finished 2009 with a satisfying fourth quarter, which included good revenue development, improved product margin and better profitability. The performance of our core sports medicine and ENT businesses was solid. Our focus now is to deliver on our 2010 performance targets, which includes a commitment to growth, profitability, and cash flow improvements,” David Fitzgerald, president and CEO of ArthroCare said in the release.
Read the release on ArthroCare Corp.’s earnings.
