ArthroCare reports third-quarter results

ArthroCare has posted a 3.7 percent decline in revenue for the third quarter of 2011.

Total operating revenue for the manufacturer of minimally invasive surgical devices stood at $83.3 million (52.8 million pounds) for the three-month period, down from $86.5 million during the corresponding quarter last year.

However, the firm also revealed that proprietary product sales increased by 2.9 percent from $72.6 million to $74.7 million.

The financial results indicated that a decline in US product sales was offset by higher international product sales, leading to an overall 1.6 percent increase in sales of the company's proprietary sports medicine products.

ArthroCare's gross product margin was 67.9 percent for the period, compared with 65.5 percent for the third quarter of 2010.

The company announced in August that it had received regulatory approval from US authorities for its SpeedLock knotless fixation device, which was designed for surgeons to use in labral repair procedures.