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Bacterin International Announces Second Quarter and Six Months 2012 Financial Results
Date:8/9/2012

BELGRADE, Mont., Aug. 9, 2012 /PRNewswire/ -- Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, today announced its financial results for the second quarter ended June 30, 2012:

Highlights:

  • Revenue increased 9% to $8.2 million in the second quarter of 2012, compared to the $7.5 million for the same period a year ago.  Excluding a stocking order sale of approximately $1.2 million included in the 2Q 2011 figure, revenues increased from $6.3 million in the 2Q of 2011 to $8.2 million in the 2Q of 2012, an increase of 30%.  
  • The Company reported positive EBITDA of approximately $8,000 and Gross Margin was 72% within the Company's previous guidance of 70 to 75%;
  • Inventory increased 42% to $13.3 million, compared to $9.4 million at the end of 2011, as a result of an increase in the receipt of donor inventory and increased production associated with the Company adding a second production shift during the first quarter of 2012.;
  • The Company exited  its backorder status on a large production push, and  expects increased production to continue throughout the second half of 2012
  • 6 additional product codes were added to address Foot and Ankle, Sports Medicine, and Breast Reconstruction markets.
  • 18 new sales representatives were added and one additional Regional Vice President of Sales in the first half of 2012.
  • The Company has filed 5 new patent applications in the first half of 2012, and continues to pursue 5 patent applications protecting its core products including the patent "Elastomeric Article Having a Broad Spectrum Antimicrobial Agent and Method of Making" which is a composition of matter patent related to our licensing agreement with RyMed Medical
  • A peer review article in Orthopedic Research and Reviews determined OsteoSponge® exhi
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  • SOURCE Bacterin International Holdings, Inc.
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