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Bacterin Announces First Quarter 2012 Revenue of $7.8 Million, Up 29% Year-over-Year, on Gross Margins of 76%, and 34% Reduction in Operating Loss
Date:5/3/2012

BELGRADE, Mont., May 3, 2012 /PRNewswire/ -- Bacterin International Holdings, Inc. (NYSE Amex: BONE), a leader in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, today announced its financial results for the first quarter ended March 31, 2012:

 2012 Highlights:

  • Revenue increased 29% to $7.8 million, compared to the $6.0 million for the first quarter of 2011.
  • Operating loss decreased by 34% to $1.3 million, compared to an operating loss of $1.9 million in the first quarter of 2011.
  • Gross Margin was 76%, above the previous guidance of 70 to 75%, and compared to 83.5% in the first quarter of 2011
  • Inventory increased to $11.4 million, sequentially compared to $9.4 million in fourth quarter of 2011 as a result of the increase in the receipt of donor inventory and increased production efficiency.
  • April 4, 2012, a peer review article in Orthopedic Research and Reviews determined OsteoSponge® exhibits ideal properties for bone regeneration, similar to those of autograft (graft of patient's own bone) with a distinct advantage over autograft, in that there is no risk of complications at the harvest site or donor pain postoperatively.
  • Recent studies conducted at the Hospital for Special Surgery have shown the OsteoSelect DBM putty proved equivalent to autologous bone graft in the posterolateral intertransverse rabbit model.
  • On April 23, 2012, the Company secured an accounts receivable credit facility with Midcap Financial LLC and Silicon Valley Bank for up to $5 million through January 1, 2015 based upon a predetermined formula for borrowings of up to 80% of Bacterin's eligible accounts receivable, as defined in the credit and security agreement.
  • Secured third national GPO contract, a three-year agreement with  a leading heal
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  • SOURCE Bacterin International Holdings, Inc.
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