RTI Surgical ticks up on swing to Q4 black

Shares in RTI Surgical (NSDQ:RTIX) ticked up today on the the medical device company’s report yesterday of a swing to black ink for the fourth quarter. Alachua, Fla.-based RTI posted profits of $2.1 million, or 3¢ per share, on sales of $71.2 million for the three months ended Dec. 31, 2018, compared with losses of -$8.6 million during the same period in 2017 year and amounting to sales growth of 0.6%. Analysts on Wall Street were looking for earnings per share of 1¢. Full-year losses were -$3.4 million, or -5¢ per share, on sales of $280.9 million, marking a swing to red from profits of $2.5 million for 2017 and a top-line gain of 0.5%. “Our fourth-quarter and full-year 2018 results demonstrate solid financial performance resulting from consistent progress across our key strategic initiatives,” president & CEO Camille Farhat said in prepared remarks. “We believe the ongoing successful efforts to reduce complexity and drive operational excellence, including significant cost reduction efforts in tissue manufacturing, are providing the foundation to accelerate RTI’s growth. In 2018, we returned OEM to growth and continued to transition customers to long-term partners signaling the strength of our relationships and importance of our products to our partners. Further, the definitive agreement to acquire Paradigm Spine, announced in November 2018 and anticipated to close in early March, will contribute to the formidable platform of differentiat...
Source: Mass Device - Category: Medical Devices Authors: Tags: MassDevice Earnings Roundup Wall Street Beat RTI Surgical Source Type: news