EATONTOWN, N.J., May 1 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biological products for regenerative healing, announced today that revenue for the first quarter of 2008 increased 10% to $27.6 million from $25.2 million for the first quarter of 2007. Revenue from the Company's primary product lines, included in the DBM and Hybrid/Synthetic segments, was $17.6 million for the three months ended March 31, 2008, an increase of 12% over the prior year period. Revenue from our other product lines was $10.0 million and $9.5 million in the first quarter of 2008 and 2007, respectively.
Diluted earnings per share for the quarter ended March 31, 2008 was $.05 on net income of $.8 million compared to a net loss of $.6 million, or $.04 diluted loss per share, for the first quarter of 2007. The net loss in the first quarter of 2007 included the costs associated with the settlement of certain litigation and related legal fees of $1.1 million.
Gross margin improved to 52% in the first quarter compared to 49% in the first quarter of the prior year. Operating expenses increased 5% for the three months ended March 31, 2008 compared to the same period in 2007 due primarily to increased spending in research and development activities.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
stated, "We continue to be pleased with the execution of our strategic
initiatives. During the first quarter, we have continued to expand our
product pipeline, penetrate the foot and ankle market with our Plexur P(TM)
product and improve the effectiveness of our sales force. In the past two
months, we have received FDA clearance for our Plexur P(TM) product for use
in the spine and the Plexu
|SOURCE Osteotech, Inc.|
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