RTI Surgical posts boost in first-quarter revenues
Published: Thursday, April 24, 2014 at 4:30 p.m.
Last Modified: Thursday, April 24, 2014 at 4:30 p.m.
RTI Surgical reported that first-quarter revenue exceeded expectations, although the acquisition of Pioneer Surgical in July accounted for the increase over the same period last year.
The Alachua implant company reported $60.7 million in revenues for the first quarter, exceeding prior revenue guidance of $58 million to $59 million, compared with $40.4 million in the first quarter of 2013.
The first-quarter revenues included $19.8 million from the Pioneer acquisition. Compared with both companies’ combined revenues for the first quarter of 2013, total revenues were down 3 percent.
Income showed a net loss of $3.1 million -- or $0.05 per fully diluted share -- compared with net income of $1.5 million and $0.03 per share a year earlier.
Based on first-quarter results, RTI raised its full-year revenue guidance by $3 million to between $248 million and $253 million.
“We continue to see solid recovery in our direct spine and direct sports businesses,” President and CEO Brian Hutchison said in a news release. “The team has done an excellent job this past quarter meeting our goals for expense control as well as launching four new products.”
RTI trades on the Nasdaq stock exchange under the symbol RTIX.