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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

roximately $1.2 million of nonrecurring charges as well as a lower gross margin on a $1.4 million stocking order sale due to a large volume pricing discount.

Operating expenses for the quarter totaled $7.2 million, as compared to $6.7 million in the previous quarter, and $6.9 million in the first quarter of 2011. Operating loss for the quarter was $1.3 million, compared to $2.7 million in the previous quarter, and $1.9 million in the first quarter of 2011. Net loss was $1.0 million or $(0.03) per basic share for the quarter. This compares to a net loss of $4.4 million or $(0.11) per basic share in the previous quarter, and net income in first quarter of 2011 of $4.9 million or $0.13 per basic share.

EBITDA for the quarter totaled a loss of $541,000, compared an EBITDA loss of $1.5 million for the previous quarter, and an EBITDA loss of $1.2 million for the first quarter of 2011.

Cash and cash equivalents and net accounts receivable was $9.0 million at March 31, 2012, compared to a total of $7.8 million at December 31, 2012.

"We have added a second production shift and, later in the year, will be expanding the number of clean rooms we devote to high demand products to a total of 13. Our plan is to optimize production to process less SKUs with a higher concentration of our high demand products, and expect processing capacity to double from current levels by the end of the year," said Mr. Cook. "In addition, we are also ramping up our donor inventory levels to eventually support $100 million of annual revenue. There is a lag time with processing throughput since it takes approximately 2-9 months to clear a donor due to related paperwork and laboratory testing results. We believe that product constraints are a short term issue we have resolved and that the future and long term opportunity for Bacterin products, in multi-billion dollar addressable markets, remain very strong.

"Because our industry sells product on a consignment basis,
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SOURCE Bacterin International Holdings, Inc.
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