– Company Will Hold Conference Call at 8:30 a.m. ET –
Company Website:
http://www.rtisurgical.com
ALACHUA, Fla. -- (Business Wire)
RTI
Surgical Inc. (RTI) (Nasdaq: RTIX), a global surgical implant
company, reported operating results for the second quarter of 2016 as
follows:
Quarterly Highlights:
-
Achieved worldwide revenues of $67.6 million, exceeding company
revenue guidance of $66 million to $67 million.
-
Achieved worldwide direct revenues of $39.6 million, a 16 percent
increase over the second quarter of 2015.
-
Achieved U.S. direct spine revenues of $17.6 million, a 25 percent
increase over the second quarter of 2015.
-
Achieved direct international revenues of $5.7 million, a 27
percent increase over the second quarter of 2015.
-
Achieved U.S. direct cardiothoracic revenues of $2.9 million, a 31
percent increase over the second quarter of 2015.
-
Focused products, which include map3® Cellular Allogeneic Bone Graft,
nanOss® Advanced Bone Graft Substitute and the company’s U.S. direct
surgical specialties portfolio, grew 54 percent compared to the second
quarter of 2015.
-
Announced first peer-reviewed, published pre-clinical study comparing
multipotent adult progenitor cells (MAPCs) to mensenchymal stem cells
(MSCs) in bone healing.
Worldwide revenues were $67.6 million for the second quarter of 2016
compared to revenues of $71.6 million for the second quarter of 2015.
Domestic revenues were $61 million for the second quarter of 2016
compared to revenues of $66 million for the second quarter of 2015.
International revenues were $6.6 million for the second quarter of 2016,
compared to revenues of $5.6 million for the second quarter of 2015. On
a constant currency basis, international revenues for the second quarter
of 2016 increased 16 percent compared to the second quarter of 2015.
“Our direct business continued to perform well in the quarter; however,
this was offset by declines in our commercial business that were greater
than we anticipated because of lower orders associated with
consolidation among some of our commercial distributors,” said Brian K.
Hutchison, president and chief executive officer. “While revenues were
slightly above the top end of our guidance for the quarter, the reduced
outlook for the commercial business for the remainder of the year
required a slow down in manufacturing production resulting in a
lower-than-expected gross margin, which negatively impacted our EPS.”
For the second quarter of 2016, the company reported net loss applicable
to common shares of $3.2 million and net loss per fully diluted common
share of $0.05, based on 58.2 million fully diluted shares outstanding,
compared to net income applicable to common shares of $2.7 million and
net income per fully diluted common share of $0.05 for the second
quarter of 2015, based on 58.8 million fully diluted shares outstanding.
On an adjusted basis, excluding pre-tax charges of $2.4 million for
contested proxy expenses, pre-tax restructuring charges of $1.1 million
for closure of a French distribution and tissue procurement office, and
pre-tax severance charges of $0.7 million, adjusted net loss applicable
to common shares was $0.2 million and adjusted net loss per fully
diluted common share was $0.00, based on 58.2 million fully diluted
shares outstanding.
Adjusted earnings before interest, taxes, depreciation and amortization
(adjusted EBITDA), as detailed in the reconciliation provided later in
this release, was $6.4 million for the second quarter of 2016 (10
percent of second quarter 2016 revenues) compared to $10.8 million for
the second quarter of 2015 (15 percent of second quarter 2015 revenues).
The decline was principally a result of lower revenues combined with
increased investments in research and development and the development of
our international sales network.
Strategic Business Review
The company also announced today that its management and board of
directors are launching a comprehensive strategic review of the
company’s business lines and operations to leverage the company’s
leading expertise, technology and products and identify additional
opportunities to increase stockholder value. The company intends to
engage a management consulting firm to assist with this review.
“Over the last several years RTI has pursued an aggressive and
transformational strategy to grow the company and improve
profitability,” Hutchison said. “We have made extensive investments in
our higher margin direct businesses and broadened the implant portfolio
to include metals and synthetics, while controlling our operating costs.
The results of the strategy have been encouraging, but we remain focused
on exploring new opportunities to grow our company and enhance
performance. The strategic review of our businesses and operations on
which we are embarking is the logical next step to look for additional
ways to adapt to our changing industry and health care paradigm so that
we can generate increased value for stockholders.”
Fiscal 2016 Outlook
Based on the outlook for the commercial business for the remainder of
the year, the company now expects that full year revenue for 2016 will
range from $274 million to $280 million, as compared to prior guidance
of $282 million to $290 million. The company expects full year direct
revenue to grow in the range of 16 percent to 17 percent as compared to
the previous range of 16 percent to 18 percent and full year commercial
and other revenue to decline in the range of 18 percent to 21 percent as
compared to the previous range of 13 percent to 16 percent. As a result
of the lower revenue guidance, the company now expects full year net
income per fully diluted common share for 2016 will range from $0.03 to
$0.06, based on 58.5 million fully diluted shares outstanding, as
compared to prior guidance of $0.18 to $0.21. Excluding the previously
mentioned contested proxy expenses, restructuring charges, and severance
charges, adjusted full year 2016 net income per fully diluted common
share is expected to range from $0.09 to $0.12, based on 58.5 million
fully diluted shares outstanding. The net income and adjusted net income
guidance excludes any costs incurred as a result of the upcoming
strategic review.
Conference Call
RTI will host a conference call and simultaneous audio webcast to
discuss the second quarter results at 8:30 a.m. ET today. The conference
call can be accessed by dialing (877) 383-7419. The webcast can be
accessed through the investor section of RTI’s website at www.rtix.com.
A replay of the conference call will be available on the RTI website
following the call.
About RTI Surgical Inc.
RTI
Surgical is a leading global surgical implant company providing
surgeons with safe biologic, metal and synthetic implants. Committed to
delivering a higher standard, RTI’s implants are used in sports
medicine, general surgery, spine, orthopedic, trauma and cardiothoracic
procedures and are distributed in nearly 50 countries. RTI is
headquartered in Alachua, Fla., and has four manufacturing facilities
throughout the U.S. and Europe. RTI is accredited in the U.S. by the
American Association of Tissue Banks and is a member of AdvaMed. For
more information, please visit www.rtix.com.
Forward Looking Statement
This communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on management’s current
expectations, estimates and projections about our industry, our
management's beliefs and certain assumptions made by our management.
Words such as "anticipates," "expects," "intends," "plans," "believes,"
"seeks," "estimates," variations of such words and similar expressions
are intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject to
risks and uncertainties, including the risks described in public filings
with the U.S. Securities and Exchange Commission (SEC). Our actual
results may differ materially from the anticipated results reflected in
these forward-looking statements. Copies of the company's SEC filings
may be obtained by contacting the company or the SEC or by visiting
RTI's website at www.rtix.com
or the SEC's website at www.sec.gov.
|
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Operations (Unaudited, in
thousands, except share and per share data) |
|
| |
| |
| |
| |
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| | 2016 | | 2015 | | 2016 | | 2015 |
Revenues
| |
$
|
67,620
| | |
$
|
71,609
| | |
$
|
134,971
| | |
$
|
139,643
| |
Costs of processing and distribution
| |
| 33,671 |
| |
| 34,406 |
| |
| 64,997 |
| |
| 65,441 |
|
Gross profit
| |
| 33,949 |
| |
| 37,203 |
| |
| 69,974 |
| |
| 74,202 |
|
| | | | | | | |
|
Expenses:
| | | | | | | | |
Marketing, general and administrative
| | |
28,402
| | | |
27,369
| | | |
55,954
| | | |
54,624
| |
Research and development
| | |
4,084
| | | |
4,119
| | | |
8,245
| | | |
7,699
| |
Restructuring charges
| | |
1,107
| | | |
-
| | | |
1,107
| | | |
-
| |
Contested proxy expenses
| | |
2,372
| | | |
-
| | | |
2,680
| | | |
-
| |
Severance charges
| |
| 711 |
| |
| - |
| |
| 711 |
| |
| - |
|
Total operating expenses
| |
| 36,676 |
| |
| 31,488 |
| |
| 68,697 |
| |
| 62,323 |
|
Operating (loss) income
| |
| (2,727 | ) | |
| 5,715 |
| |
| 1,277 |
| |
| 11,879 |
|
Total other expense - net
| |
| (424 | ) | |
| (287 | ) | |
| (738 | ) | |
| (581 | ) |
(Loss) income before income tax provision
| | |
(3,151
|
)
| | |
5,428
| | | |
539
| | | |
11,298
| |
Income tax benefit (provision)
| |
| 859 |
| |
| (1,923 | ) | |
| (430 | ) | |
| (4,051 | ) |
Net (loss) income
| |
| (2,292 | ) | |
| 3,505 |
| |
| 109 |
| |
| 7,247 |
|
Convertible preferred dividend
| |
| (870 | ) | |
| (820 | ) | |
| (1,728 | ) | |
| (1,628 | ) |
Net (loss) income applicable to common shares
| | $ | (3,162 | ) | | $ | 2,685 |
| | $ | (1,619 | ) | | $ | 5,619 |
|
| | | | | | | |
|
Net (loss) income per common share - basic
| | $ | (0.05 | ) | | $ | 0.05 |
| | $ | (0.03 | ) | | $ | 0.10 |
|
Net (loss) income per common share - diluted
| | $ | (0.05 | ) | | $ | 0.05 |
| | $ | (0.03 | ) | | $ | 0.10 |
|
Weighted average shares outstanding - basic
| |
| 58,215,477 |
| |
| 57,523,447 |
| |
| 58,065,185 |
| |
| 57,301,204 |
|
Weighted average shares outstanding - diluted
| |
| 58,215,477 |
| |
| 58,755,954 |
| |
| 58,065,185 |
| |
| 58,342,045 |
|
|
RTI SURGICAL, INC. AND SUBSIDIARIES Reconciliation of
Net (Loss) Income Applicable to Commons Shares to Adjusted EBITDA (Unaudited,
in thousands) |
| |
| |
| |
| |
| For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| 2016 | | 2015 | | 2016 | | 2015 |
Net (loss) income
|
$
|
(3,162
|
)
| |
$
|
2,685
| | |
$
|
(1,619
|
)
| |
$
|
5,619
| |
Interest expense, net
| |
386
| | | |
326
| | | |
746
| | | |
642
| |
(Benefit) provision for income taxes
| |
(859
|
)
| | |
1,923
| | | |
430
| | | |
4,051
| |
Depreciation
| |
3,454
| | | |
3,257
| | | |
6,836
| | | |
6,201
| |
Amortization of intangible assets
|
| 930 |
| |
| 1,123 |
| |
| 1,858 |
| |
| 2,145 |
|
EBITDA
| |
749
| | | |
9,314
| | | |
8,251
| | | |
18,658
| |
Reconciling items for Adjusted EBITDA | | | | | | | |
Preferred dividend
| |
870
| | | |
820
| | | |
1,728
| | | |
1,628
| |
Non-cash stock based compensation
| |
600
| | | |
680
| | | |
1,100
| | | |
1,253
| |
Foreign exchange (loss) gain
| |
38
| | | |
(39
|
)
| | |
(8
|
)
| | |
(61
|
)
|
Other reconciling items(1) | | | | | | | |
Restructuring charges
| |
1,107
| | | |
-
| | | |
1,107
| | | |
-
| |
Contested proxy expenses
| |
2,372
| | | |
-
| | | |
2,680
| | | |
-
| |
Severance charges
|
| 711 |
| |
| - |
| |
| 711 |
| |
| - |
|
Adjusted EBITDA
| $ | 6,447 |
| | $ | 10,775 |
| | $ | 15,569 |
| | $ | 21,478 |
|
Adjusted EBITDA as a percent of revenues
|
| 10 | % | |
| 15 | % | |
| 12 | % | |
| 15 | % |
| | | | | | |
|
(1) See explanations in Use of Non-GAAP Financial Measures section
later in this release.
|
|
RTI SURGICAL, INC. AND SUBSIDIARIES Reconciliation of
Net (Loss) Income Applicable to Common Shares and Net (Loss) Income
Per Diluted Share to Adjusted Net (Loss) Income
Applicable to Common Shares and Adjusted Net (Loss) Income Per
Diluted Share (Unaudited, in thousands, except per share
data) |
|
| |
| |
| |
| |
| | For the Three Months Ended |
| | June 30, 2016 | | June 30, 2015 |
| | Net Income Applicable to Common
Shares | | Amount per Diluted Share | | Net Income Applicable to Common
Shares | | Amount per Diluted Share |
As reported
| |
$
|
(3,162
|
)
| |
$
|
(0.05
|
)
| |
$
|
2,685
| |
$
|
0.05
|
Restructuring charges, net of tax effect (1)
| | |
1,050
| | |
$
|
0.02
| | | |
-
| | |
-
|
Contested proxy expenses, net of tax effect (2)
| | |
1,464
| | |
$
|
0.03
| | | |
-
| | |
-
|
Severance charges, net of tax effect (3)
| |
| 439 |
| | $ | 0.01 |
| |
| - | |
| - |
Adjusted
| | $ | (209 | ) | | $ | (0.00 | ) | | $ | 2,685 | | $ | 0.05 |
| | | | | | | |
|
| | | | | | | |
|
| | For the Six Months Ended |
| | June 30, 2016 | | June 30, 2015 |
| | Net Income Applicable to Common
Shares | | Amount per Diluted Share | | Net Loss Applicable to Common
Shares | | Amount per Diluted Share |
As reported
| |
$
|
(1,619
|
)
| |
$
|
(0.03
|
)
| |
$
|
5,619
| |
$
|
0.10
|
Restructuring charges, net of tax effect (1)
| | |
1,050
| | | |
0.02
| | | |
-
| | |
-
|
Contested proxy expenses, net of tax effect (4)
| | |
1,654
| | | |
0.03
| | | |
-
| | |
-
|
Severance charges, net of tax effect (3)
| |
| 439 |
| |
| 0.01 |
| |
| - | |
| - |
Adjusted
| | $ | 1,524 |
| | $ | 0.03 |
| | $ | 5,619 | | $ | 0.10 |
| | | | | | | |
|
Note: Amounts may not foot due to rounding.
| | | | | | | | |
| | | | | | | |
|
Footnotes: | |
| 2016 |
| | | | | | |
(1) Restructuring charges, net of tax effect, as follows:
| | | | | | | | |
Restructuring charges
| |
$
|
1,107
| | | | | | | |
Tax effect on Restructuring charges
| |
| (57 | ) | | | | | | |
Restructuring charges, net of tax effect
| | $ | 1,050 |
| | | | | | |
| | | | | | | |
|
(2) Contested proxy expenses, net of tax effect, as follows:
| | | | | | | | |
Contested proxy expenses
| |
$
|
2,372
| | | | | | | |
Tax effect on contested proxy expenses
| |
| (908 | ) | | | | | | |
Contested proxy expenses, net of tax effect
| | $ | 1,464 |
| | | | | | |
| | | | | | | |
|
(3) Severance charges, net of tax effect, as follows:
| | | | | | | | |
Severance charges
| |
$
|
711
| | | | | | | |
Tax effect on Severance charges
| |
| (272 | ) | | | | | | |
Severance charges, net of tax effect
| | $ | 439 |
| | | | | | |
| | | | | | | |
|
(4) Contested proxy expenses, net of tax effect, as follows:
| | | | | | | | |
Contested proxy expenses
| |
$
|
2,680
| | | | | | | |
Tax effect on contested proxy expenses
| |
| (1,026 | ) | | | | | | |
Contested proxy expenses, net of tax effect
| | $ | 1,654 |
| | | | | | |
| | | | | | | | | |
|
Fiscal 2016 Outlook
Full year net income per fully diluted common share is expected to be in
the range of $0.03 to $0.06, based on 58.5 million fully diluted shares
outstanding. Excluding contested proxy expenses, restructuring charges
and severance charges taken in the second quarter of 2016, full year net
income per fully diluted common share is expected to be in the range of
$0.09 to $0.12.
|
RTI SURGICAL, INC. AND SUBSIDIARIES Reconciliation of
GAAP Guidance Net Income Per Common Share - Diluted to Adjusted
Non-GAAP Guidance Net Income Per Common Share - Diluted (Unaudited) |
|
|
| |
| | | Twelve Months Ended |
| | | December 31, 2016 |
| | | $ Amount per Common Share - Diluted |
GAAP Guidance net income per common share - diluted
| | |
$ 0.03 - 0.06
|
Restructuring charges, net of tax effect (1)
| | |
0.02
|
Contested proxy expenses, net of tax effect (2)
| | |
0.03
|
Severance charges, net of tax effect (3)
| | | 0.01 |
Adjusted non-GAAP guidance net income per common share - diluted
| | | $ 0.09 - 0.12 |
| | |
|
Use of Non-GAAP Financial Measures
To supplement the Company’s condensed consolidated financial statements
presented on a GAAP basis, the Company discloses adjusted EBITDA, a
non-GAAP financial measure that excludes certain amounts. This non-GAAP
financial measure is not in accordance with, or an alternative for,
generally accepted accounting principles in the United States. A
reconciliation of the non-GAAP financial measure to the corresponding
GAAP measure is included in the table above.
The following is an explanation of the adjustment that management
excluded as part of adjusted measures for the three and six month
periods ended June 30, 2016 as well as the reason for excluding the
individual items:
(1) Restructuring charges – This adjustment represents the closure of
our French distribution and tissue procurement office. Management
removes the amount of these expenses from our operating results to
supplement a comparison to our past operating performance.
(2) Contested proxy expenses – This adjustment represent charges
relating to contested proxy expenses. Management removes the amount of
these expenses from our operating results to supplement a comparison to
our past operating performance.
(3) Severance charges – This adjustment represents charges relating to
the termination of former employees. Management removes the amount of
these expenses from our operating results to supplement a comparison to
our past operating performance.
Material Limitations Associated with the Use of
Non-GAAP Financial Measures
Adjusted EBITDA should not be considered in isolation, or as a
replacement for GAAP measures.
Usefulness of Non-GAAP Financial Measures to
Investors
The Company believes that presenting adjusted EBITDA in addition to the
related GAAP measures provide investors greater transparency to the
information used by management in its financial decision-making which
excludes the restructuring charges, contested proxy expenses and
severance charges. The Company further believes that providing this
information better enables the Company’s investors to understand the
Company’s overall core performance and to evaluate the methodology used
by management to assess and measure such performance.
|
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed
Consolidated Revenues (Unaudited, in thousands) |
|
| |
| |
| |
| |
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| | 2016 | | 2015 | | 2016 | | 2015 |
| | | | | | | |
|
Revenues:
| | | | | | | | |
Spine
| |
$
|
17,645
| |
$
|
14,061
| |
$
|
34,739
| |
$
|
28,701
|
Sports medicine and orthopedics
| | |
12,562
| | |
12,796
| | |
25,082
| | |
25,772
|
Surgical specialties
| | |
802
| | |
684
| | |
1,817
| | |
1,334
|
Cardiothoracic
| | |
2,905
| | |
2,217
| | |
5,439
| | |
4,178
|
International
| |
|
5,663
| |
|
4,474
| |
|
11,180
| |
|
9,145
|
Subtotal direct
| | |
39,577
| | |
34,232
| | |
78,257
| | |
69,130
|
Global commercial
| | |
24,769
| | |
33,960
| | |
50,099
| | |
62,879
|
Other revenues
| |
|
3,274
| |
|
3,417
| |
|
6,615
| |
|
7,634
|
Total revenues
| |
$
|
67,620
| |
$
|
71,609
| |
$
|
134,971
| |
$
|
139,643
|
Domestic revenues
| | |
61,049
| | |
66,017
| | |
122,233
| | |
128,705
|
International revenues
| |
|
6,571
| |
|
5,592
| |
|
12,738
| |
|
10,938
|
Total revenues
| |
$
|
67,620
| |
$
|
71,609
| |
$
|
134,971
| |
$
|
139,643
|
|
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed
Consolidated Balance Sheets (Unaudited, in thousands) |
|
| |
| |
| | June 30, 2016 | | December 31, 2015 |
Assets | | | | |
Cash and cash equivalents
| |
$
|
12,754
| | |
$
|
12,614
| |
Accounts receivable - net
| | |
37,263
| | | |
47,243
| |
Inventories - net
| | |
121,035
| | | |
118,673
| |
Prepaid and other current assets
| |
| 13,777 |
| |
| 13,184 |
|
Total current assets
| | |
184,829
| | | |
191,714
| |
| | | |
|
Property, plant and equipment - net
| | |
88,201
| | | |
84,992
| |
Goodwill
| | |
54,887
| | | |
54,887
| |
Other assets - net
| |
| 48,359 |
| |
| 49,069 |
|
Total assets
| | $ | 376,276 |
| | $ | 380,662 |
|
| | | |
|
Liabilities and Stockholders' Equity | | | | |
Accounts payable
| |
$
|
25,760
| | |
$
|
20,446
| |
Accrued expenses and other current liabilities
| | |
25,245
| | | |
33,474
| |
Current portion of long-term obligations
| |
| 4,995 |
| |
| 5,853 |
|
Total current liabilities
| | |
56,000
| | | |
59,773
| |
| | | |
|
Deferred revenue
| | |
8,896
| | | |
9,354
| |
Long-term liabilities
| |
| 72,700 |
| |
| 73,856 |
|
Total liabilities
| | |
137,596
| | | |
142,983
| |
| | | |
|
Preferred stock, including accrued dividends
| | |
58,143
| | | |
56,323
| |
| | | |
|
Stockholders' equity:
| | | | |
Common stock and additional paid-in capital
| | |
416,503
| | | |
417,337
| |
Accumulated other comprehensive loss
| | |
(7,136
|
)
| | |
(7,042
|
)
|
Accumulated deficit
| |
| (228,830 | ) | |
| (228,939 | ) |
Total stockholders' equity
| |
| 180,537 |
| |
| 181,356 |
|
Total liabilities and stockholders' equity
| | $ | 376,276 |
| | $ | 380,662 |
|
|
RTI SURGICAL, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Cash Flows (Unaudited, in
thousands) |
|
| |
| |
| |
| |
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| | 2016 | | 2015 | | 2016 | | 2015 |
Cash flows from operating activities: | | | | | | | | |
Net (loss) income
| |
$
|
(2,292
|
)
| |
$
|
3,505
| | |
$
|
109
| | |
$
|
7,247
| |
Adjustments to reconcile net (loss) income to net cash provided by
operating activities:
| | | | | | | | |
Depreciation and amortization expense
| | |
4,384
| | | |
4,380
| | | |
8,694
| | | |
8,346
| |
Stock-based compensation
| | |
600
| | | |
680
| | | |
1,100
| | | |
1,253
| |
Amortization of deferred revenue
| | |
(1,217
|
)
| | |
(1,159
|
)
| | |
(2,434
|
)
| | |
(3,905
|
)
|
Other items to reconcile to net cash provided by operating
activities
| |
| 5,311 |
| |
| (1,695 | ) | |
| 5,740 |
| |
| (6,224 | ) |
Net cash provided by operating activities
| |
| 6,786 |
| |
| 5,711 |
| |
| 13,209 |
| |
| 6,717 |
|
Cash flows from investing activities: | | | | | | | | |
Purchases of property, plant and equipment
| | |
(4,766
|
)
| | |
(4,312
|
)
| | |
(9,403
|
)
| | |
(8,577
|
)
|
Patent and acquired intangible asset costs
| |
| (195 | ) | |
| (94 | ) | |
| (1,391 | ) | |
| (116 | ) |
Net cash used in investing activities
| |
| (4,961 | ) | |
| (4,406 | ) | |
| (10,794 | ) | |
| (8,693 | ) |
Cash flows from financing activities: | | | | | | | | |
Proceeds from long-term obligations
| | |
4,000
| | | |
-
| | | |
7,000
| | | |
-
| |
Net (payments) proceeds from short-term obligations
| | |
(600
|
)
| | |
(162
|
)
| | |
(849
|
)
| | |
348
| |
Payments on long-term obligations
| | |
(4,166
|
)
| | |
(1,513
|
)
| | |
(8,299
|
)
| | |
(3,026
|
)
|
Other financing activities
| |
| 14 |
| |
| 1,142 |
| |
| (94 | ) | |
| 1,696 |
|
Net cash used in financing activities
| |
| (752 | ) | |
| (533 | ) | |
| (2,242 | ) | |
| (982 | ) |
Effect of exchange rate changes on cash and cash equivalents
| |
| (47 | ) | |
| 23 |
| |
| (33 | ) | |
| (46 | ) |
Net increase (decrease) in cash and cash equivalents
| | |
1,026
| | | |
795
| | | |
140
| | | |
(3,004
|
)
|
Cash and cash equivalents, beginning of period
| |
| 11,728 |
| |
| 11,904 |
| |
| 12,614 |
| |
| 15,703 |
|
Cash and cash equivalents, end of period
| | $ | 12,754 |
| | $ | 12,699 |
| | $ | 12,754 |
| | $ | 12,699 |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160727005244/en/
Contacts:
RTI Surgical Inc.
Robert Jordheim, 386-418-8888
Executive Vice
President,
Chief Financial Officer
rjordheim@rtix.com
or
Wendy
Crites Wacker, APR, 386-418-8888
Vice President, Global
Communications
wwacker@rtix.com
Source: RTI Surgical Inc.
© 2024 Canjex Publishing Ltd. All rights reserved.