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

BELGRADE, Mont., March 22, 2012 /PRNewswire/ -- 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.

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    SOURCE Bacterin International, Inc.
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