The Deerfield, Ill.-based company posted losses of approximately $9.1 million, or 14¢ per share, on sales of $69.7 million for the three months ended March 31, seeing losses grow over 800% while sales shrunk 0.2% when compared to the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 1¢, well ahead of the -1¢ loss-per-share consensus on Wall Street where analysts expected to see sales of $69 million, which the company topped.
“RTI Surgical experienced a solid start to 2019, completing the acquisition of Paradigm Spine and making significant progress integrating the coflex device into our growing and increasingly differentiated spine portfolio. To drive the continued adoption and growth of coflex and our novel spine products, we are focused on accelerated reimbursement, physician engagement and sales execution. To that end, we have restructured and expanded our spine commercial team to focus on growing our customer base and better supporting our surgeon customers with enhanced resources and specialized training. RTI’s overall performance in the first quarter of 2019 reflects the continued strategic and operational progress made towards reducing complexity, driving operational excellence and accelerating the growth of the company,” prez & CEO Camille Farhat said in a press release
The company confirmed its financial guidance for 2019, expecting to see sales of between $325 million and $335 million, representing growth of between 15% and 19% year-over-year.
Shares in RTI Surgical rose 4.5% so far today, at $5.56 as of 3:17 p.m. EDT.