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

www.bacterin.com/index.htm">http://www.bacterin.com/index.htm.

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About the Presentation of EBITDAEBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income, operating income or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The company defines EBITDA as net income/(loss) from operations before depreciation, amortization and non-cash stock-based compensation. Other companies (including competitors) may define EBITDA differently. The company presents EBITDA because management believes it to be an important supplemental measure of performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management also uses this information internally for forecasting and budgeting. It may not be indicative of the historical operating results of Bacterin nor is it intended to be predictive of potential future results. Investors should not consider EBITDA in isolation or as a substitute for analysis of the company's results as reported under GAAP. See "GAAP to non-GAAP Reconciliation" below for further information on this non-GAAP measure. Bacterin International Holdings, Inc.Reconciliation of Net (Loss) Income From Operations to EBITDA(Unaudited)Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 31-Dec-1131-Dec-1031-Dec-11

31-Dec-10Net Loss from operations

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SOURCE Bacterin International, Inc.
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