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ArthroCare's Q3 profits surge

Thu, 11/01/2012 - 8:00pm
Mass Device

ArthroCare's 3rd-quarter profits surged some 478% as it began to reap the rewards of putting to bed an earnings reporting scandal and resultant U.S. Justice Dept. probe.

ArthroCare

ArthroCare (NSDQ:ARTC) began reaping the rewards of putting an earnings statement imbroglio behind it during the 3rd quarter, posting a whopping 478% profit surge.

The Austin, Texas-based medical device company posted profits of $9.1 million, or 27¢ per share, on sales of $86.9 million during the 3 months ended Sept. 30. That represents a 4.4% increase in sales and 477.9% bottom-line growth.

The major impact on the bottom line came from a $6.3 million reduction in operating expenses related to lower "investigation and restatement-related costs," the company said.

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