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Surgalign Holdings, Inc. (formerly RTI Surgical Holdings, Inc., Nasdaq: RTIX) has completed the sale of its OEM business for $440 million, effective July 20, 2020. The proceeds will allow the company to fully repay its outstanding debts, including an $80 million revolving credit and $130 million in term loans, as well as redeem approximately $67 million in Series A Convertible Preferred Stock. Following the sale, the company will have approximately $190 million in cash. The company has also changed its ticker symbol to 'SRGA' and announced leadership changes, appointing Terry M. Rich as the new President and CEO.
RTI Surgical Holdings, Inc. (Nasdaq: RTIX) has announced stockholder approval for the sale of its OEM business, expected to close on July 20, 2020. This marks a strategic transformation for the company as it shifts focus to becoming a pure-play spine company. Following the transaction, the company will rebrand as Surgalign Holdings, Inc., changing its ticker symbol to 'SRGA' effective July 23, 2020. Camille Farhat will retire as CEO, with Terry M. Rich stepping in. Curtis Selquist will transition from Chairman to Lead Independent Director, succeeded by Stuart F. Simpson as new Chairman.
RTI Surgical Holdings, Inc. (Nasdaq: RTIX) has transitioned its Annual Meeting of Stockholders to a virtual format due to COVID-19. Scheduled for July 15, 2020, at 9:00 a.m. CDT, stockholders eligible to participate must have held shares by June 4, 2020. The meeting can be accessed online, and voting is encouraged in advance. Questions during the meeting will be accepted via the webcast platform. RTI Surgical specializes in surgical implants across various medical fields and operates globally.
RTI Surgical Holdings, Inc. (Nasdaq: RTIX) reported its Q1 2020 results, revealing a revenue increase of 5% to $73.7 million. However, the company faced a net loss of $17.9 million, or $0.24 per share, compared to a smaller loss in Q1 2019. Adjusted EBITDA declined to $1.4 million (2% of revenue) due to increased costs from the Paradigm acquisition and separation efforts ahead of the OEM business sale. Leadership changes were announced to support its transformation into a spine-focused company, with a stockholder meeting on July 15 to vote on the OEM business sale.
RTI Surgical Holdings (Nasdaq: RTIX) has announced a business update call set for June 30, 2020, to present financial and operational results for the quarter ending March 31, 2020. The call will occur at 9:00 a.m. ET, accessible via phone and audio webcast through RTI's investor website. RTI is a global leader in surgical implants, providing a range of biologic, metal, and synthetic implant solutions for various medical procedures across nearly 50 countries. The company is accredited by the American Association of Tissue Banks.
RTI Surgical Holdings (RTIX) announced the appointments of Scott Durall as Chief Commercial Officer and Bryan Cornwall as Executive Vice President of Research and Clinical Affairs, effective June 15, 2020. Both leaders bring extensive experience to advance RTI's transition to a pure-play global spine company. Durall has over 30 years in medical device sales, while Cornwall offers 25 years in clinical operations and research. These appointments aim to bolster RTI's position in the spine market following the pending sale of its OEM business, enhancing innovation and patient outcomes.
RTI Surgical Holdings has appointed Stuart F. Simpson to its board of directors, enhancing its leadership in the surgical implant sector. Simpson, previously President of the Joint Replacement Division at Stryker Corporation, brings significant experience in orthopedics and digital strategy. His background includes transformative leadership in robotics and new product development. CEO Camille I. Farhat expressed optimism about Simpson's contributions towards advancing RTI’s strategy in new product development and acquisitions, aiming for growth in the spine business.
