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RTI SURGICAL, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2018 10-K, filed Mar 5, 2019. Its latest SEC filing is a S-8 POS from Nov 13, 2023.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Designs, manufactures and distributes tissue-based, metal and synthetic surgical implants for hospitals, surgeons and medical device companies.

How Did They Make Money?

RTI sells implants and is typically paid within 30 to 60 days of delivery; OEM payment is typically due within 30 days of delivery or the start of the contract term. Some OEM agreements include upfront and annual exclusivity fees, while consigned implants are sold when implanted.

FY2018 revenue

Who Were Their Customers?

Hospitals and other healthcare facilities receive implants through RTI’s direct distribution force, representatives and purchasing companies. OEM distributors and independent distributors handle other product lines, including international sales.

Did Revenues Turn Into Profits?

Not on paper. It lost $1.3M in FY2018, but brought in more cash than it spent: $5.7M of free cash flow.

Operating income, FY2018
−1% of revenue
▼ Now a loss vs FY2017 ($28.8M, 10%)
Net income, FY2018
0% of revenue
▼ Now a loss vs FY2017 ($6.3M, 2%)
Free cash flow, FY2018
2% of revenue
▲ Now profitable vs FY2017 (−$9.8M, −4%)

How Were They Changing?

Since the FY2018 annual report
  • Mar 8, 2019 RTI completed its acquisition of Paradigm Spine RTI added Paradigm’s coflex interlaminar stabilization device to its spine portfolio.

Held flat. Revenue was $280.9M in FY2018, about the same as the $262.8M of FY2014.

Cardiothoracic hardware The older report described cardiothoracic cable and plating systems distributed directly and through independent distributors; the latest says RTI sold substantially all related assets and now supplies A&E as an OEM.

Minimally invasive spine products The older report described spine allografts, synthetic implants, rods, screws and plates; the latest adds Zyga’s minimally invasive lumbar-spine devices, including its sacroiliac joint fusion system.

Who Did They Compete With?

Competes with Musculoskeletal Transplant Foundation, AlloSource, Community Tissue Services, LifeLink Tissue Bank, JRF Ortho, LifeCell, LifeNet Health, Integra, Wright Medical, Baxter, Cook Surgical, Medtronic, Stryker, Zimmer Biomet, Depuy Synthes, Globus Medical Group, K2M Group Holdings, NuVasive, Alphatec Holdings, and Orthofix International

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