ArthroCare's Q3 profits surge
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.
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.