By Anthony Clark | The Gainesville Sun
Alachua-based RTI Biologics reported a 4 percent increase in revenues in the second quarter but lower net income because of a lawsuit settlement.
Revenues for the quarter ending in June were $45.2 million compared to $43.5 million in the second quarter of 2011.
President and CEO Brian Hutchison said the results exceeded expectations and were driven primarily by growth in surgical specialties, direct sports medicine, and bone graft substitutes and general orthopedic sales. Revenue growth was partially offset by lower spinal sales, the company's biggest line.
RTI makes surgical implants from donated human tissue and bovine tissue.
The company reported net income of $1.3 million, $0.02 per fully diluted share compared to $0.04 per share a year prior. The earnings were offset by a $2.35 million pre-tax litigation settlement, or $0.03 per share, to settle cases related to a lawsuit.
RTI was named among the defendants in a 2005 lawsuit filed by families of human tissue donors related to the tissue recovery practices of Biomedical Tissue Services, which was an RTI supplier.