RTI Biologics, a company focused on providing sterile biological implants for surgeries around the world, announced that its unaudited 2008 full year revenues are $146.6 million and fourth quarter revenues are $37.3 million, both up significantly from 2007's full year revenues of $94.2 million and fourth quarter revenues of $25.5 million. The increase in year-over-year revenues was primarily caused by the inclusion Tutogen Medical's revenues since the completion of the merger last February.
The company also also reiterated today that its outlook for 2009 full year revenues is anticipated to be between $166 million and $168 million with earnings per share expected to be in the range of $0.11 to $0.13, based on 55.1 million fully diluted shares outstanding.
Brian K. Hutchison, RTI chairman and CEO, stated, Our management team feels that through a rebound in our sports medicine group and new product launches through the year, we will be able to meet the outlook we have set for 2009. Additionally, through the strength of our donor services program, we are projecting a significant increase in musculoskeletal tissue supply in the coming year, which will ensure we have enough implants to meet the needs of our distributors, surgeons and patients.
As a company, we understand that growth in this environment will be challenging, and our management team is committed to working hard to achieve our goals and grow our revenues and earnings over the long term while remaining very focused on profitability and cash flow, he continued.