Regeneration Technologies Inc. (RTIX, Financial) filed Quarterly Report for the period ended 2011-03-31.
Rti Biologics Inc. has a market cap of $159.04 million; its shares were traded at around $2.9 with a P/E ratio of 24.17 and P/S ratio of 0.96.
Marketing, General and Administrative Expenses. Marketing, general and administrative expenses decreased by $433,000, or 3.0%, to $13.9 million for the three months ended March 31, 2011 from $14.3 million for the three months ended March 31, 2010. Marketing, general and administrative expenses decreased as a percentage of revenues from 38.0% for the three months ended March 31, 2010 to 34.2% for the three months ended March 31, 2011. The decrease was primarily due to a decrease in distributor commissions of $2.4 million primarily attributable to the new distribution agreement with our dental distributor in the third quarter of 2010, partially offset by an increase in compensation of $923,000, marketing programs of $289,000, and legal expenses of $351,000.
Research and Development Expenses. Research and development expenses decreased by $262,000, or 9.8%, to $2.4 million for the three months ended March 31, 2011 from $2.7 million for the three months ended March 31, 2010. As a percentage of revenues, research and development expenses decreased from 7.1% for the three months ended March 31, 2010 to 5.9% for the three months ended March 31, 2011. The decrease was primarily due to lower research supplies of $258,000.
Net Other Expense. Net other expense was $84,000 for the three months ended March 31, 2011 compared to $108,000 for the three months ended March 31, 2010. Interest expense decreased for the three months ended March 31, 2011 to $56,000 from $166,000 for the three months ended March 31, 2010 due to lower interest paid on lower long-term obligations. Interest income for the three months ended March 31, 2011 increased to $42,000 compared to $36,000 for the three months ended March 31, 2010. Foreign exchange loss was $70,000 for the three months ended March 31, 2011 compared to a foreign exchange gain of $22,000 for the three months ended March 31, 2010 due to changes in the value of the U.S. dollar versus the Euro and the timing of payments on foreign currency liabilities.
Our cash used in investing activities was $1.5 million for the three months ended March 31, 2011, compared to $431,000 for the three months ended March 31, 2010. Our investing activities for the three months ended March 31, 2011 consisted of licensing fees of $1.0 million and purchases of property, plant and equipment of $494,000. Our investing activities for the three months ended March 31, 2010 consisted primarily of purchases of property, plant and equipment of $314,000 and patent costs of $117,000.
Our cash used in financing activities was $91,000 for the three months ended March 31, 2011 compared to $720,000 for the three months ended March 31, 2010. Cash used in financing activities for the three months ended March 31, 2011 consisted of payments on long-term obligations of $276,000, partially offset by proceeds from exercise of common stock options of $185,000. Cash used in financing activities for the three months ended March 31, 2010 consisted of net payments on short-term obligations of $799,000 and payments on long-term obligations of $2.9 million partially offset by proceeds from long-term obligations of $2.8 million, and proceeds from exercise of common stock options of $262,000.
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Rti Biologics Inc. has a market cap of $159.04 million; its shares were traded at around $2.9 with a P/E ratio of 24.17 and P/S ratio of 0.96.
Highlight of Business Operations:
Bone Graft Substitutes (BGS) and General Orthopedic - Revenues from BGS and general orthopedic allografts decreased $751,000, or 11.0%, to $6.1 million for the three months ended March 31, 2011 compared to $6.9 million for the three months ended March 31, 2010. BGS and general orthopedic revenue decreases were primarily due to decreases in unit volumes of 9.8%.Marketing, General and Administrative Expenses. Marketing, general and administrative expenses decreased by $433,000, or 3.0%, to $13.9 million for the three months ended March 31, 2011 from $14.3 million for the three months ended March 31, 2010. Marketing, general and administrative expenses decreased as a percentage of revenues from 38.0% for the three months ended March 31, 2010 to 34.2% for the three months ended March 31, 2011. The decrease was primarily due to a decrease in distributor commissions of $2.4 million primarily attributable to the new distribution agreement with our dental distributor in the third quarter of 2010, partially offset by an increase in compensation of $923,000, marketing programs of $289,000, and legal expenses of $351,000.
Research and Development Expenses. Research and development expenses decreased by $262,000, or 9.8%, to $2.4 million for the three months ended March 31, 2011 from $2.7 million for the three months ended March 31, 2010. As a percentage of revenues, research and development expenses decreased from 7.1% for the three months ended March 31, 2010 to 5.9% for the three months ended March 31, 2011. The decrease was primarily due to lower research supplies of $258,000.
Net Other Expense. Net other expense was $84,000 for the three months ended March 31, 2011 compared to $108,000 for the three months ended March 31, 2010. Interest expense decreased for the three months ended March 31, 2011 to $56,000 from $166,000 for the three months ended March 31, 2010 due to lower interest paid on lower long-term obligations. Interest income for the three months ended March 31, 2011 increased to $42,000 compared to $36,000 for the three months ended March 31, 2010. Foreign exchange loss was $70,000 for the three months ended March 31, 2011 compared to a foreign exchange gain of $22,000 for the three months ended March 31, 2010 due to changes in the value of the U.S. dollar versus the Euro and the timing of payments on foreign currency liabilities.
Our cash used in investing activities was $1.5 million for the three months ended March 31, 2011, compared to $431,000 for the three months ended March 31, 2010. Our investing activities for the three months ended March 31, 2011 consisted of licensing fees of $1.0 million and purchases of property, plant and equipment of $494,000. Our investing activities for the three months ended March 31, 2010 consisted primarily of purchases of property, plant and equipment of $314,000 and patent costs of $117,000.
Our cash used in financing activities was $91,000 for the three months ended March 31, 2011 compared to $720,000 for the three months ended March 31, 2010. Cash used in financing activities for the three months ended March 31, 2011 consisted of payments on long-term obligations of $276,000, partially offset by proceeds from exercise of common stock options of $185,000. Cash used in financing activities for the three months ended March 31, 2010 consisted of net payments on short-term obligations of $799,000 and payments on long-term obligations of $2.9 million partially offset by proceeds from long-term obligations of $2.8 million, and proceeds from exercise of common stock options of $262,000.
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