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Bacterin Announces Record 2011 Revenue of $30.1 Million; Up 96% Year-over-Year
Date:3/22/2012

  • 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.
  • Signed national group purchasing organization contract for Bacterin Biologics and first for Elutia® Wound Drains with ROi, a recognized leader in health care supply chain management for hospitals and medical practices.
  • Materially increased the number of medical facilities in which its products are used and began the doubling of operating capacity through installation of new equipment.
  • Increased donor supply through new agreements with donor agencies
  • Secured $5 million credit facility with BridgeBank, which was repaid with proceeds from the Midcap financing
  • Joined Russell 3000, Russell Microcap, and Russell Global Indexes and achieved NYSE Amex listing status.

  • Management Commentary"We increased our revenue on a quarterly basis by 21% sequentially, 72% year over year, and 96% for the full year 2011 over the full year 2010, showing accelerating progress," said Guy Cook, Bacterin's chairman and CEO. "While our full year gross margin slid to 70% primarily due to increased discounting on stocking purchase orders and non recurring adjustments and increased reserves, we are poised for overall operating margins to expand considerably as we gain operating leverage from our sales force and largely established infrastructure.

    "This quarter, we received further validation of OsteoSponge® from an important two-year st
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    SOURCE Bacterin International, Inc.
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