RTI Surgical reported $69.1 million in its 2018 third quarter revenue, a four percent increase year-over-year.
During a Nov. 1 earning conference call, RTI Surgical CEO and President Camille Farhat gave an update about the quarter and a look into the future, as transcribed by Seeking Alpha.
Here are five key quotes:
1. "We are pleased to report strong third quarter financial results. Before I go into detail on the quarter, I want to take a moment to highlight the significant progress we have made against the three pillars of our strategic transformation: to reduce complexity, drive operational excellence and accelerate growth. As a reminder, we sold the CT business and transitioned our own donor recovery agencies to valued long-term stewards of these businesses to help increase our focus on customer intimacy and focused innovation in our core tissue and spine platforms."
2. "We are reinvigorating our research and development function and innovation pipeline, supported by worldwide product plan for spine and a long-term growth strategy for OEM. We returned the [original equipment manufacturer] franchise to growth and made progress on our current spine portfolio by launching Fortilink-TS and -L with TETRAfuse technology, which recently won a 2018 Spine Technology Award from Orthopedics This Week."
3. "We are proud of the persistent efforts from our team that produced excellent results for our spine franchise, aided by the continued market acceptance of Fortilink and continued progress with Symmetry. As we have previously stated, the FDA had determined that our map3 product would be subject to more rigorous requirements applicable to biological drug products."
4. "In August, we added ViBone to our portfolio, and our commercial team has done a great work introducing it to our customers over the past few weeks. ViBone is a promising next-generation cellular bone matrix product with a high potential to meet the diverse needs of surgeons and improve patient outcomes in spine and orthopedic procedures."
5. "In line with that comment, in its first full quarter since launch, Fortilink has been an excellent addition to our growing series of interbody fusion devices, featuring our proprietary TETRAfuse 3D technology. The Zyga team also continues to execute and contribute as planned with both procedural and revenue performance for Symmetry on track for the year."
To read the full transcription, click here.