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

llion for the first half of 2012. 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 26% of revenues for the second quarter of 2012 compared to 20% in the comparable prior year period.

Gross profit margin was 74%, as compared to 80% in the previous period.

Operating expenses increased 3%, or $414,507, for the six months ended June 30, 2012 compared to the six months ended June 30, 2011.

General and administrative expenses increased 26%, or $1.0 million, to $4.9 million, for the six 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 50% in the second half of 2012 from 64% in the first six months 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 loss for the first half of 2012 totaled $(527,497) compared an EBITDA loss of $(1.1) million for the comparable period of 2011.

Cash and cash equivalents and net accounts receivable was $7.8 million at June 30, 2012, compared to a total of $9.0 million at March 31, 2012.

"We believe that product constraints were 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."Accordingly, we are reiterating our 2012 revenue guidance of $35 to $40 million.

 

Conference Call Details:Conference Call Details:

Date: Thursday, August 9, 2012
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Dial-In Number: 1-877-941-14
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SOURCE Bacterin International Holdings, Inc.
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