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ArthroCare Anonim Ortaklık Message Board

  • tyleradi tyleradi Nov 24, 2009 5:53 PM Flag

    3Q 2009 revenues increase - more good news & solid performance

    Looks like ARTC is on track for a FY2009 revenue performance of approx $320M after reporting Q309 revenue of $79.5 million, an increase of 7.7 percent over Q308.

    Given the headwinds of industry-wide sluggishness in US medical device markets, unfavorable negative impact of foreign exchange rates and distractions of the past 18months, ARTC is showing itself to be an excellent medical device company.

    Under Dave Fitgerald's rock-solid and wise CEO leadership, ARTC has regained it's balance. Going forward it can be expected to continue increasing sales revenue and shareholder value.

    Well-executed recovery and congrats to the ARTC team for a gutty performance under adverse conditions.

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    • Nine month EBIT after add back of investigation expenses is only $14 million. Run rate is about $20 million annualized. CEO did a good job righting the ship. What metric are you using to imply good value here? Market cap to EBIT ratio is out of line implying share price to fall.

      • 1 Reply to imadeadcat
      • There is an additional ~$23 million of 1x charges you are not factoring in - see below.

        General and administrative expenses for the nine months ended September 30, 2009 included $8.6 million in legal costs related to both the Gyrus arbitration and Delaware patent matter proceedings, for which there were no comparable expense amounts in 2008. Additionally, general and administrative expenses for the nine months ended September 30, 2008 includes $14.2 million accrued for the Gyrus arbitration award.

    • It's great to see filings up to date. Relisting on NASDAQ beckons and that will give a really nice pop as Index funds try to prise shares from our reluctant coffers.

      What I like best about these financials is that they have moved on from the Spinal ambulance chasing baloney but are showing nice solid growth in ENT and Sports Medicine.


      Sports in particular is nothing but good news for the next couple of decades - lots more hip arthroscopy for FAI syndromes and, and, and......

      The operating loss thing can be brought under control once the investigation, restatement and legal costs disappear and this solid management group will bring S,G&A back to industry norms which will get EBITDA back in great shape.

      I'll let someone have a couple ofthousand shares in the low 30's, but mostly after that I'm just going to stop watching for 5 years or so.

      Splitsville 2012 here we come!