RTI Surgical swings to full-year profits on Street-beating Q4 numbers

RTI Surgical (NSDQ:RTIX) put black ink into the ledger for 2017 and pared its fourth-quarter losses. The Alachua, Fla.-based surgical implant maker today posted losses of -$8.6 million, or -14¢ per share, on sales of $70.8 million for the three months ended Dec. 31, 2017, paring its losses by -27.1% on flat sales growth compared with the same period last year. Adjusted to exclude one-time items, earnings per share were 3¢, even with the consensus forecast on Wall Street, where analysts were looking for sales of $69.7 million. Full-year profits were $2.5 million, or 4¢ per share, on sales of $279.6 million, compared with 2016 losses of -$17..9 million on sales growth of 2.5%. “We are pleased to have delivered on our 2017 commitments through four consecutive quarters and produced organic growth in every core product category,” CEO Camille Farhat said in prepared remarks. “As I approach my first anniversary at the company, I believe we have made significant progress. We have assembled a world-class management team and began implementation of our strategic transformation. We successfully divested the cardiothoracic closure business to initiate the reduction in complexity and implemented programs to drive operational excellence and margin enhancement, while reorienting the organization around key customer segments. We are making the necessary investments to accelerate the growth of our spine franchise, most notably, the acquisition of Zyga Technology announced...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Surgical Wall Street Beat RTI Surgical Source Type: news