Bacterin Announces Record 2011 Revenue of $30.1 Million; Up 96% Year-over-Year

 

Conference Call at 4:30pm ET to Discuss Full Year and Fourth Quarter 2011 Results

 

BELGRADE, Mont. March 22, 2012 - Bacterin International Holdings, Inc. (NYSE Amex: BONE), a leader in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, today announced its financial results for the fourth quarter and full year ended December 31, 2011:

 

Fourth Quarter 2011 Highlights: 

·Revenue increased 72% to $9.1 million, compared to the $5.3 million for the fourth quarter of 2010.

·Operating loss decreased by 21% to $2.7 million, compared to a loss of $3.4 million in the fourth quarter of 2010.

·Two-year study results showed Company’s flagship product, OsteoSponge®, equivalence to rhBMP-2 in spinal fusion, an important feature at a time when surgeons are moving away from rhBMP-2 because of concerns over complications. OsteoSponge® has already been used in 100,000 procedures prior to the data announcement and the Company expects this data to help further increase its market share, a substantial opportunity as the leading rhBMP-2 based product generates $800 million a year.

·A distribution agreement was signed with Jeil for LeForte Craniomaxillofacial System.

·Hospital accounts increased to 616 facilities, an increase of 27% over 484 facilities in Q4 2010.

 

Full Year 2011 Highlights: 

·Revenue increased 96% to $30.1 million, compared to $15.4 million for fiscal year 2010.
·Operating loss decreased by 25% to $6.5 million, compared to fiscal year 2010.
·A $15 million credit facility, with an initial draw of $7 million, was secured with MidCap Financial and Silicon Valley Bank; and approximately $3 million was raised in private placement offerings.
·The Company acquired the assets of Robinson MedSurg LLC, a medical device distribution company focused primarily on maxillofacial and craniofacial surgery devices.
·Entered into an Equity Purchase Agreement for up to $31 million with Lincoln Park Capital Fund LLC
·New executive management talent and management reorganization helped drive the company's most active processing quarter in its history.
·A third human acellular biological scaffold, hMatrix®, an acellular dermal scaffold, was launched, which Bacterin plans to initially market for homologous use indications, including abdominal wall repair, breast reconstruction, and wound covering - an addressable market the company estimates exceeds $2.5 billion annually in the U.S.

 


The following information was filed by Xtant Medical Holdings, Inc. (XTNT) on Thursday, March 22, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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