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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

e of a Q code by January 1, 2013. To address this issue, we have shifted our manufacturing and marketing focus to address additional markets in sports medicine and reconstructive surgery that we expect will drive higher sales over the last 3 quarters of 2012.

"A preclinical study recently completed at Hospital for Special Surgery on our OsteoSelect DBM putty is expected to be a significant driver of sales in the remainder of 2012 and 2013. OsteoSelect DBM putty proved equivalent to autologous bone graft, which is the current gold standard for spinal fusion, in the posterolateral intertransverse rabbit model.

"We are also expecting data on our coatings in the second half of this year, as well as independent data on OsteoSponge SC."

Q1 2012 Financial ResultsRevenue for the quarter was a $7.8 million compared to $9.1 million in the previous quarter and an increase of 29% compared to $6.0 million in the first quarter of 2011. Excluding the $1.4 million stocking order sale in the fourth quarter of 2011, revenues increased slightly from $7.7 million to $7.8 million on a sequential basis.  The year over year increase was largely the result of increased sales generated from the Company's direct sales force and independent distributors compared to the first quarter of 2011.

Costs of tissue sales consist primarily of tissue and medical device manufacturing costs. Costs of sales increased by 88% or $871,366 to $1.86 million from $987,356 for the three months ended March 31, 2011. The increase was largely the result of increased costs associated with our higher sales.  As a percentage of tissue sales, cost of tissue sales was 24% of revenues for the first quarter of 2012 compared to 16% in the comparable prior year period.

Gross profit margin for the quarter was 76%, as compared to 44% in the previous quarter and 84% in the year-ago quarter. The fourth quarter 2011 gross margin figure was negatively impacted by app
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SOURCE Bacterin International Holdings, Inc.
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