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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Regeneration Technologies Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: February 15, 2012 09:00AM
Regeneration Technologies Inc. (RTIX) filed Annual Report for the period ended 2011-12-31. Highlight of Business Operations:Dental—Revenues from dental allografts decreased $11.4 million, or 38.2%, to $18.4 million for the year ended December 31, 2011 compared to the year ended December 31, 2010. Dental revenues decreased primarily as a result of a 27.0% decrease in average revenue per unit, which was a function of the new exclusive distribution agreement with our dental distributor. Effective September 30, 2010, we changed from a marketing fee structure to a transfer fee structure, which lowered distribution revenue per unit. Additionally, unit volumes decreased 15.0% primarily due to a $4.0 million stocking order at transfer fees related to the new exclusive distribution agreement with our dental distributor that took place in the third and fourth quarters of 2010.Research and Development Expenses. Research and development expenses increased by $371,000, or 3.9%, to $9.8 million for the year ended December 31, 2011 compared to the year ended December 31, 2010. As a percentage of revenues, research and development expenses increased from 5.7% for the year ended December 31, 2010 to 5.8% for the year ended December 31, 2011. These increases are primarily due to increases in research tissue and studies expenses of $410,000 and $120,000, respectively, partially offset by decreases in compensation expenses of $200,000. Surgical Specialties—Revenues from surgical specialty allografts increased $593,000, or 2.3%, to $26.9 million for the year ended December 31, 2010 compared to the year ended December 31, 2009. The increase resulted primarily from higher unit volumes of 3.8%, partially offset by decreases in average revenue per unit of 1.5% due primarily to changes in product mix. Dental—Revenues from dental allografts decreased $239,000, or 0.8%, to $29.7 million for the year ended December 31, 2010 compared to the year ended December 31, 2009. Dental revenues decreased primarily as a result of a 21.7% decrease in average revenue per unit which was a function of the new exclusive distribution agreement with our dental distributor. Effective September 30, 2010, we changed from a marketing fee structure to a transfer fee structure, which lowered distribution revenue per unit. The new agreement included a $4.0 million stocking order at transfer fees which offset the decrease in revenue and resulted in an increase in unit volumes of 26.6%. Research and Development Expenses. Research and development expenses increased by $536,000, or 6.0%, to $9.4 million for the year ended December 31, 2010 compared to the year ended December 31, 2009. As a percentage of revenues, research and development expenses increased from 5.4% for the year ended December 31, 2009 to 5.7% for the year ended December 31, 2010. These increases are primarily due to increases in legal expenses of $229,000 for patent prosecution and research supplies of $780,000, offset by decreases in studies and compensation expenses of $309,000.
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