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

d by 33.7% to $2.3 million compared to $1.7 million for the three months ended June 30, 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 28% of revenues for the second quarter of 2012 compared to 23% in the comparable prior year period.

Gross profit margin for the quarter was 72%, as compared to 76% in the previous quarter and 77% in the year-ago quarter.

Operating expenses increased 3%, or $179,869, to $6.2 million for the three months ended June 30, 2012 compared to the three months ended June 30, 2011.

General and administrative expenses increased 54%, or $814,686, to$2.3 million, for the three months ended June 30, 2012 compared to the same period of 2011. The increase is primarily due to higher administrative costs supporting the higher revenue in addition to added rental and maintenance expense for increased operational space.

As a percentage of revenue, selling and marketing expenses decreased to 47% in the second quarter of 2012 from 58% in the second quarter of 2011. The decreases were primarily the result of more variable compensation paid to our direct sales force compared to salaries earned in the comparable period of 2011 and a lower corporate sales commission structure.

EBITDA for the quarter totaled $8,000, compared an EBITDA loss of $(541,000) for the previous quarter, and EBITDA of $35,000 for the second quarter of 2011.

YTD 2012 Financial ResultsRevenue for the six months ended June 30 2012 increased 18% to $16.0 million compared to $13.5 million in the first half of 2011. The increase of $2.5 million was largely the result of increased sales generated from our direct sales force and independent distributors compared to the first half of 2011.

Costs of tissue sales consist primarily of tissue and medical device manufacturing costs. Costs of sales increased by 53% or $1.5 million to $4.2 mi
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SOURCE Bacterin International Holdings, Inc.
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