RTI Surgical reported $66 million revenue for the second quarter of 2014, an increase over the same period last year when revenue reached $42.3 million.
Here are five things to know about RTI Surgical's second quarter financial report:
1. The company reported domestic revenue of $59 million and $7 million in international revenue in the second quarter, both increases over the same period last year. On a constant currency basis, the international revenue was up 37 percent in the second quarter.
2. Last year, RTI Surgical acquired Pioneer and with Pioneer revenues included in the second quarter for both 2013 and 2014, worldwide revenue would have increased 6 percent. The worldwide revenue for the second quarter from the Pioneer acquisition was $23.5 million.
3. The net income applicable to common shares of $1.6 million and net income per fully diluted common share of $0.03, based on 57.1 million fully diluted shares outstanding. This is compared to a net loss applicable to the common shares of $3 million and net loss per fully diluted common share of $0.05 for the second quarter of 2013, based on 56.3 million fully diluted shares outstanding.
4. In the second quarter the company launched the Streamline OTC System designed for the occipto-cervico-thoracic spine to promote fusion. The first implantation of strips configuration of map3 Cellular Allogeneic Bone Graft also occured during the second quarter. "We made progress in meeting the goals we shared in our first quarter earnings press release — recovery and growth in our sports and spine businesses, traction in surgical specialties and expanded distribution of map3 cellular allogeneic bone graft," said President and CEO Brian K. Hutchison in a news release.
5. The company raised the full year revenue guidance for 2014 to between $258 million and $261 million; previous guidance placed revenues between $248 million and $253 million. For the third quarter of 2014, the company expects revenue to reach $64 million to $65 million and net income per fully diluted common share to approximately $0.02 based on 57.2 million fully diluted shares outstanding.
"The third quarter has traditionally been impacted by seasonally trends in surgeries, however based on our results from the first half, I am optimistic that we can capitalize on our momentum and meet our growth goals for the year," said Mr. Hutchison.
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