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Full Year 2013 Results
BELGRADE, Mont.--(BUSINESS WIRE)— March 19, 2014 -- Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the development of revolutionary bone graft material and coatings for medical applications, today reported financial results for the fourth quarter and full year ended December 31, 2013. The Company reported annual revenues of approximately $33.1 million and a net loss for the year of approximately $12.7 million, or ($.27) per common share.
Fourth quarter 2013 revenue was approximately $8.3 million, an increase of 1.7% compared to approximately $8.1 million for the same period during 2012. Fourth quarter 2013 core recurring biologics revenues, which excludes stocking order transactions, were approximately $8.1 million, an increase of approximately 4.8% compared to the fourth quarter of 2012 and a sequential increase of approximately 5.4% compared to the third quarter of 2013.
“Since joining the Company, one of my top priorities has been to strengthen our sales force.” said Dan Goldberger, President and CEO of Bacterin International. “We have worked diligently to recognize and reward success and learn from failure. We had 65 employees in our sales function in Q4 2012 responsible for about $8 million in sales. Only 25 of those employees are still with the Company, but they were responsible for $8.1 million in sales. In other words, we have dramatically improved the productivity of our sales function by attrition and focus. We have also identified strategies that work and we will continue to build our sales function with that in mind. We remain committed to our hybrid sales structure and many of our successful employees are involved in managing and training our distributor partners.”
Revenues for the full year 2013 were approximately $33.1 million, compared to approximately $33.0 million reported for 2012. Core recurring biologics revenues for the full year 2013 were approximately $30.9 million, an increase of 2.5% over the prior year figure of approximately $30.1 million.
Gross profit for the fourth quarter 2013 was $4.1 million or 49.5% of revenues, compared to $4.6 million or 56.3% of revenues for the fourth quarter 2012. The fourth quarter 2013 figure includes a one-time charge of approximately $1.1 million related to an increase in the Company’s inventory reserve on slow moving inventory that was manufactured in 2008 and 2009 and approaching the end of its shelf life. Although the Company implemented several partially successful marketing initiatives to sell these products over the last twelve months, we decided to provide a reserve against these products at the end of the year due to the short remaining shelf life. Excluding the one time charge, gross margin in the fourth quarter of 2013 was approximately 62.8%.
For the year, gross profit was approximately $18.9 million,
compared to $22.6 million in 2012. Gross margin for the year was 57.1%, which compares to a gross margin of 68.7% reported for
2012. Excluding the one time charge noted above, gross margin for 2013 was approximately 60.4%. The lower gross margin was primarily
due to lower average selling prices resulting from changes in product mix and payor mix and the expensing of certain discarded
products associated with an improved manufacturing process for the Company’s hMatrix product line.
The following information was filed by Xtant Medical Holdings, Inc. (XTNT) on Wednesday, March 19, 2014 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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