Bacterin Announces

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.

 

Revenue

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

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.

View differences made from one year to another to evaluate Xtant Medical Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Xtant Medical Holdings, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account