– Achieved quarterly revenues of $43.7 million, an 8 percent increase over the first quarter of 2011 and exceeding the company’s guidance of between $41 and $42 million.
– Achieved quarterly earnings of $0.04 per fully diluted share, an increase of $0.02 compared to the first quarter of 2011 and exceeding the company’s guidance of $0.03 per fully diluted share.
– Achieved quarterly revenues of $13.4 million in the direct sports medicine business, an impressive 15 percent increase compared to the first quarter of 2011.
– Achieved quarterly revenues of $7.0 million in the bone graft substitutes and general orthopedic (BGS/GO) business, another impressive 15 percent increase compared to the first quarter of 2011.
– Achieved international revenues of $5.9 million, a 9 percent increase compared to the first quarter of 2011.
– Achieved quarterly revenues of $14.1 million in the U.S. direct distribution organization, a 16 percent increase over the first quarter of 2011. The U.S. direct distribution organization includes sports medicine and some BGS/GO implants.
“We are pleased with our first quarter results, which exceeded our expectations and were driven primarily by growth in our direct sports medicine and BGS/GO businesses, as well as in our dental business,” said Brian K. Hutchison, president and CEO of RTI.
Worldwide revenues were up 8 percent compared to the first quarter of 2011 to $43.7 million. Domestic revenues were up 7 percent compared to the first quarter of 2011 to $37.9 million. The increase can be attributed mainly to the strength of the sports medicine, BGS/GO, and dental businesses. International revenues of $5.9 million increased 9 percent compared to the first quarter of 2011 due to the strength of the surgical specialties business and the export of sports medicine and BGS/GO implants. After a constant currency adjustment, international revenues increased 12 percent compared to the first quarter of 2011.
For the first quarter of 2012, RTI reported net income of $2 million and net income per fully diluted share of $0.04, based on 55.9 million fully diluted shares outstanding, compared to net income of $1.2 million and net income per fully diluted share of $0.02 based on 55 million fully diluted shares outstanding.
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