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DEERFIELD, Ill., June 30, 2020 (GLOBE NEWSWIRE) — RTI Surgical Holdings, Inc. (Nasdaq: RTIX), a global surgical implant company, today provided a business update in conjunction with releasing financial and operating results for the quarter ended March 31, 2020.
Business Update Highlights:
Scheduled special meeting of stockholders for July 15, 2020 to vote on sale of OEM businessAnnounced two senior leadership appointments and a new director to support transition to a pure-play global spine companyFirst quarter 2020:
Revenue of $73.7 million, up 5% compared to the first quarter of 2019Net loss of $17.9 million, or $0.24 per common shareAdjusted EBITDA of $1.4 million, or 2% of revenue
“I am very proud of the actions taken by our entire organization over the last several months as we have navigated the COVID-19 pandemic while at the same time managing through the pending sale of the OEM business and a number of other headwinds,” said Camille Farhat, President and CEO, RTI Surgical. “The integrity, dedication, and talent of our people have enabled us to come out on the other side of this unique period in time ready to take advantage of the opportunities that exist in the Spine market for high-value surgical solutions.”
Farhat continued, “We view the recent disruption as transitory, and despite the uncertainty associated …
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