ArthroCare’s Q3 profits surge

November 2, 2012 By MassDevice staff Leave a Comment

ArthroCare (NSDQ:ARTC) began reaping the rewards of putting an earnings statement imbroglio behind it during the 3rd quarter, posting a whopping 478% profit surge.

The Austin, Texas-based medical device company posted profits of $9.1 million, or 27¢ per share, on sales of $86.9 million during the 3 months ended Sept. 30. That represents a 4.4% increase in sales and 477.9% bottom-line growth.

The major impact on the bottom line came from a $6.3 million reduction in operating expenses related to lower "investigation and restatement-related costs," the company said.

Sign up to get our free newsletters delivered straight to your inbox

A pair of former ArthroCare executives, John Raffle and David Applegate, are accused of inflating the company’s earnings by 10s of millions of dollars through sham transactions with distributors from around December 2005 to December 2008. The scandal forced ArthroCare to restate its financials for those years, and has been a drag on profits ever since the scandal broke in 2008.

The news sent ARTC shares up 6.4% today to a $31.99 close on Wall Street.

8 ways 3D printing is making surgery remarkable
3D printing is already making a difference in healthcare: It enables models of organs to train surgeons and educate patients –and improve surgical outcomes. Doctors previously had to examine actual organs with their hands to get a feel for what they need to do surgically. Now, MRIs and 3D printers eliminate the need to put […]
Reinforced silicone tubing: 6 things you need to know
Biocompatibility, flexibility and durability make extruded silicone a top medical device tubing choice. Keep these six things in mind when reinforcing it. Dan Sanchez, Trelleborg Sealing Solutions When it comes to their use in medical device, silicone tubes are getting even better –enhanced with a variety of reinforcements and coatings that help manufacturers meet the […]
Why Abbott’s CEO is excited about Bigfoot Biomedical and diabetes treatment
Just one week after Abbott (NYSE:ABT) said it inked a deal with Bigfoot Biomedical to develop an automated diabetes management system, CEO Miles White told analysts that he thinks Bigfoot is playing an important role in the strategic change taking place in the space. “It’s a fairly clever service and approach that I think will create, not just an […]
Worcester Polytechnic Institute launches smart medical devices program
Worcester Polytechnic Institute (WPI) has announced the launch of its new PracticePoint program that is designed to bring research, development and testing of medical devices under one roof. PracticePoint, with $17 million in initial funding, will focus on creating smart and secure medical devices that can interact with the physical world and improve patient-centric care. […]
Freudenberg Medical registers China facility with FDA
Freudenberg Medical announced that it has registered its medical device manufacturing operation in Shenzhen, China with the FDA. “We registered our operation to manufacture a clipping device used on hospital beds,” said general manager Terry To. “Our dedicated team completed the project – from mold design to validation and mass production – in just five […]
NSF on path to become MDSAP Auditing Organization
NSF International’s NSF Health Sciences Certification subsidiary recently announced that it’s on the path to becoming a Medical Device Single Audit Program (MDSAP) Auditing Organization. NSF said July 11 that the MDSAP Regulatory Authority Council had accepted its application, the first of three steps for NSF Health Sciences Certification to become authorized to conduct MDSAP audits. Canada is […]
3 healthcare packaging trends you need to know
HealthPack 2017 earlier this year brought together a host of the country’s medical device packaging professionals, including directors and managers, packing engineers and research and development teams. Healthcare packaging is increasingly important in the medical device and pharmaceutical industry. Based on multiple panels and presentations, here are three important trends to look out for in […]
Medtech stories we missed this week: July 21, 2017
From Second Sight’s South Korean market entry to Sanuwave’s Indonesian distribution deal, here are medtech stories we missed this week but thought were still worth mentioning. 1. Second Sight enters South Korea market Second Sight announced in a July 5 press release that it has entered the market in South Korea with the implantation of two […]
Nelipak joins Healthcare Plastics Recycling Council
Nelipak Healthcare Packaging recently announced that it has joined The Healthcare Plastics Recycling Council (HPRC). The HPRC is a private technical coalition of industry peers across the healthcare, recycling and waste management industries. Their goal is to improve recyclability of plastic products within healthcare. “Nelipak is committed to sustainable practices which benefit our customers, employees and the environment. At […]
CTL Medical inks marketing deal with G-21 in Italy
CTL Medical Corp. recently announced a partnership with G-21 in Italy to market its bone cement, kyphoplasty and vertebroplasty technologies in the United States. The deal represents a new addition to CTL’s existing spine and orthopedics portfolio. “With the G-21 partnership, CTL Medical continues to fulfill its mission of becoming a fully integrated medical device design, development […]
PTI Engineered Plastics announced MedAccred injection molding accreditation
PTI Engineered Plastics recently announced that it’s received MedAccred injection molding accreditation. To receive the accreditation, PTI (Macomb, Mich.) had to demonstrate an ongoing commitment to quality by satisfying customer requirements and industry specifications. “Achieving MedAccred injection molding accreditation is not easy: it is one of the ways in which the medical device industry identifies […]