ArthroCare reports positive growth in 2013

ArthroCare has announced its financial results for the 2013 business year, during which it recorded a revenue total of $378 million.

This represented a year-on-year increase of 2.6 percent, with $101.7 million coming during the fourth quarter, up by 4.9 percent on Q4 2012.

During the year, the company saw a strong increase in sales of its sports medicine products and a slight improvement in the performance of its ear, nose and throat product portfolio. Income from operations came to $32 million, or an operating margin of 8.5 percent.

2013 will represent ArthroCare's final year as an independent organisation, having agreed a deal earlier this month to be acquired by fellow medical technology firm Smith and Nephew in a deal worth $1.7 billion.

Smith and Nephew purchased the firm in order to strengthen its position in the field of sports medicine, a sector in which ArthroCare has proven strength.

David Fitzgerald, president and chief executive officer of ArthroCare, said: "ArthroCare and Smith and Nephew know each other well from our licensing and supply arrangements, and this is a natural transaction for both companies."