RTI Biologics reports 2011 revenue growth
Published: Tuesday, January 31, 2012 at 12:23 p.m.
Last Modified: Wednesday, February 1, 2012 at 12:14 a.m.
Alachua-based RTI Biologics finished 2011 with revenue growth of 2 percent and reversed 2010’s net loss for positive annual earnings, the company reported Tuesday.
A 15 percent increase in international sales fueled the growth, which was partially offset by lower dental stocking orders following a spike in the fourth quarter of 2010 from a new distribution agreement.
RTI makes sterile implants from human donated tissue and bovine tissue. It trades on the Nasdaq stock exchange under the symbol RTIX.
Revenues for the year were $169.3 million, up 2 percent from 2010.
Net income was $8.4 million for $0.15 per fully diluted share compared to a net loss of $129 million and a loss of $2.36 per share in 2010 when results were affected by a third quarter goodwill impairment — or a writedown on the value of the company.
Fourth quarter revenues of $42.9 million were down 5 percent from the fourth quarter of 2010. Net income was $2.4 million and $0.04 per fully diluted share compared to $2.8 million and $0.05 in the fourth quarter of 2010.
RTI expects 2012 revenues between $174 million and $176 million for earnings of $0.15 to $0.17 per share. The company expects first quarter revenues between $41 million and $42 million for $0.03 per share.