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

udy, showing equivalence to rhBMP-2 in spinal fusion," Mr. Cook continued. "We expect sales to grow even more rapidly on the back of this strong data set. We also signed a distribution agreement with Jeil Medical Corporation that will leverage our direct sales force, providing additional craniomaxillofacial (CMF) product, to sell into the same call points.

"Our products target markets that in aggregate amount to several billion dollars in annual revenue, which provides significant runway for us to capture share and grow quickly," Mr. Cook added. "Our proprietary processing technology is also a unique asset that we believe provides shareholder value. The key driver of our revenue growth in 2012 will once again be the Osteo family of products, supported by the acceleration of hMatrix, medical device, and royalty revenue. With an increase in our sales force, the new data validation and distribution agreement adding even more product to sell, we remain comfortable with our previously stated expectation of $53 million to $56 million in revenue in 2012."

Q4 2011 Financial ResultsRevenue for the quarter was a record $9.1 million, up 21% from the previous quarter, and an increase of 72% compared to $5.3 million in the fourth quarter of 2010. The increase in revenue was primarily attributed to the company's continued market penetration, driven by unique product benefits for both the patient and medical care provider, combined with the continued expansion of the company's direct sales force.

Cost of sales in the fourth quarter included the following:

  • Non recurring increase in fourth quarter Cost of Sales of $795,000 for the write off of a related party receivable from West Coast Tissue Services (one of Bacterin's donor agencies). In December of 2011, Bacterin signed a four-year extension with West Coast Tissue. In exchange for the extension and a related right of first refusal on donors, the Company agreed to write off the receivable and inclu
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  • SOURCE Bacterin International, Inc.
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