Worldwide sales of the company's proprietary sports medicine products reported an increase of 1.6 percent to $800,000. There was a decrease in American products sales, which was slightly offset by higher international reported product sales.
The company's income from operations during the third quarter decreased dramatically from $11.5 million in 2010 to $4.4 million in 2011. During the third quarter, the company reported investigation and restatement related costs of $6 million as a result of legal costs in connection with ongoing shareholder class action, department of justice investigation and legal fees associated with indemnification agreements for former executives.
The third quarter costs report also includes the closure and relocation of the Sunnyvale, Calif., facilities to Austin, Texas.
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ArthroCare reported $83.3 million in third quarter revenues, a 3.7 percent decrease from the third quarter of 2011, according to an ArthroCare news release.
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