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

ded the $795,000 write off in Cost of sales in the fourth quarter of 2011.
  • Bacterin increased its inventory reserve on quarantined inventory by $200,000 for tissue it received back from customers in connection with a voluntary market withdrawal of products during 2011. The FDA is still reviewing whether or not we will be able to release the product but the Company established the reserve in order to be conservative.
  • Non recurring write off $200,000 of scrap inventory of CMF medical device inventory during the quarter
  • The Company performed a detailed review of the corporate overhead being applied to its inventory and decided to increase the percentage of general and administrative expenses being allocated to cost of sales on increased production and during the quarter made an adjustment to decrease its general and administrative expenses by $360,000 and increase cost of sales.

  • Fourth Quarter 2011 EBITDA loss was $1.5 million compared to an EBITDA loss of $316,000 in the prior quarter and an EBITDA loss of $2.7 million in the fourth quarter of 2010.  Excluding the non-recurring write off of the West Coast Tissue Accounts Receivable of $795,000 and inventory reserve and write offs of $400,000, fourth quarter 2011 negative EBITDA was  $354,000,  unchanged from the prior quarter.  This was   largely due to  an increase in our allowance for doubtful accounts on a stocking order sale made in 2011.

    Gross profit margin for the quarter was 44%, as compared to 83% in the previous quarter and 82% in the year-ago quarter. Excluding the above adjustments, Q4 2011 gross margin would have been 58% of sales. The decrease in Q4 2011 gross margin (excluding the above items) compared to prior quarters is due to an increased sales discount on  $1.4 million of stocking order sales during the quarter and the  increase of corporate general and administrative expenses allocated to  cost of sales due to
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    SOURCE Bacterin International, Inc.
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