real-time news and commentary for investors
Wednesday, Oct 16
RTI Surgical falls after warning on Q3 revenue
- RTI Surgical (RTIX) slides 5% premarket after announcing preliminary Q3 revenues of $54.7M versus previous guidance of $59-61M.
- The company blames the shortfall on "uncertainties surrounding when the FDA would provide a [warning letter] close-out, a slower than expected ramp in [the] new direct surgical specialties business, lower than expected volumes in [the] spine business, and lower than projected [international] revenues."
- RTIX also says it has entered into a distribution deal with Medtronic (MDT) for the "processing [of] allograft implants for use in spinal surgeries." Effectively, the new agreement extends the companies' existing agreement which expires next year. (PR)