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 at the start of 2018.
“While our initial progress is gratifying, we are still in the midst of our transformation with considerable work ahead of us. Moving forward, we are focused on executing our strategic initiatives to create a dynamic company focused on its core capabilities with consistent, predictable earnings and cash flow and growing spine focused operations,” Farhat said.
RTI reiterated its prior outlook for the rest of the year, saying it still expects to report earnings before interest, taxes, depreciation & amortization of $32 million to $38 million on sales of $280 million to $290 million.
RTIX shares ticked up 0.6% to $4.28 apiece today in late-morning trading.
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