RTI Biologics reported a 2% decline in revenues for the third quarter of 2010 (end-September 30). Revenues fell to $41.8 million for the third quarter of 2010, compared with $42.8 million for the same quarter in 2009.
The company also reported a net loss of $133.1 million, compared with net income of $2.3 million for the third quarter of 2009 due to a "noncash goodwill impairment charge," reflecting a decline in market value of the company's equity.
Highlights for the quarter included a new exclusive, 10-year worldwide distribution agreement with Zimmer Dental for biologic implants.
"Revenues in the third quarter met expectations as our direct businesses, including sports medicine, demonstrated continued strength," said Brian Hutchison, chairman and CEO, in a press release. "We remain confident that we will reach our financial goals for the rest of the year despite challenging conditions in some of our end markets."
RTI's allograft and xenograft implants are used in orthopedic, dental, and other specialty surgeries.
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