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Osteotech Reports 2008 Third Quarter Financial Results
Date:11/7/2008

EATONTOWN, N.J., Nov. 7 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic products for regenerative healing, reported today that revenue for the three months ended September 30, 2008 was $24.1 million compared to $25.7 million for the three months ended September 30, 2007. The decline in third quarter 2008 revenue compared to the prior year was primarily driven by a $2.8 million reduction in private label DBM revenue, which was partially offset by a 6% increase in our base line revenue, which includes our Grafton, Xpanse, Plexur and traditional tissue franchises. Gross margin was 54% and 55% in the third quarter of 2008 and 2007, respectively. Net income for the three months ended September 30, 2008 was $58 thousand compared to net income of $1.6 million, or $.09 diluted earnings per share, for the third quarter of 2007.

Revenue for the nine months ended September 30, 2008 increased 2% to $79.2 million from $77.3 million for the nine months ended September 30, 2007. The revenue growth in 2008 compared to 2007 is mainly driven by a 6% increase in our base line revenue and $1.0 million in incremental revenue from the processing of donors, partially offset by a $3.1 million decline in private label DBM revenue. Gross margin was 53% for the first nine months of 2008 compared to 51% for the first nine months of 2007. Net income for the nine months ended September 30, 2008 was $2.6 million, or $.15 diluted earnings per share, compared to net income of $1.8 million, or $.10 diluted earning per share, for the same period in the prior year. Net income in 2008 included $1.0 million associated with the settlement of certain litigation, while net income for 2007 was negatively impacted by cost
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SOURCE Osteotech, Inc.
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