Medical device maker ArthoCare Corp. improved financial performance overall last year, particularly in the fourth quarter, but still reported a $33.8 million net loss for the 2009 fiscal year.
The company (Nasdaq: ARTC) manufactures minimally-invasive surgical devices for procedures such as repairing damaged shoulders and knees. ArthoCare moved to its headquarters to Central Texas in 2005, when it employed about 1,000 worldwide.
ArthoCare's stock lost a net $1.26 per share on $331.6 million revenue for the year ending Dec. 31, 2009, compared with a $35 million net loss, or $1.32 per share, on $317.7 million revenue in 2008.
The company had a particularly improved fourth quarter ending the same date, taking in $7.1 million net income, or $0.21 per diluted share, on $92.5 million revenue. The same three months in 2008, ArthoCare reported a $29.2 million net loss, or minus $1.10 per share, on $80.6 million revenue.
The company attributed some of the improvement to a Series A redeemable convertible 3 percent preferred stock issue on Sept. 1, 2009. Also, international product sales income increased as a result of foreign exchange changes.
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