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Bacterin International Holdings, Inc. Reports First Quarter 2011 Financial Results
Date:5/12/2011

BELGRADE, Mont., May 12, 2011 /PRNewswire/ -- Bacterin International Holdings, Inc. (NYSE Amex: BONE) ("Bacterin"), a creator and developer of revolutionary bone graft material and anti-microbial coatings for medical applications, today reported financial results for its first quarter ended March 31, 2011.  Since the beginning of the new year, Bacterin:

  • materially increased the number of medical facilities in which its products are used,
  • doubled its capacity through installation of new equipment and increased its donor supply,
  • added executive management talent,
  • secured $5 million credit facility with BridgeBank and completed a private equity round totaling $1.9 million,
  • launched its second scaffold Osteosponge®SC in mid February and immediately secured a major orthopedic hospital group to begin use of the product,
  • launched on May 5, 2011 its third biologics scaffold hMatrix that addresses dermal defects,
  • signed a Letter of Intent to acquire Robinson MedSurg, and,
  • on March 7, 2011 achieved NYSE Amex listing status.  

  • Bacterin reported revenues of $6.0 million for the first quarter 2011, an increase of approximately 119 percent as compared to $2.7 million for the previous year first quarter and an increase of 13.5 percent compared to revenues of $5.3 million in the fourth quarter of 2010.  This quarter marks Bacterin's sixth consecutive growth quarter and is due largely to product penetration and continued expansion of a direct sales force.  Bacterin anticipates continued revenue growth acceleration with the maturation of its expanded sales force and as the two recently launched significant biologics scaffolds, Osteosponge®SC and hMatrix penetrate the market.

    The Company reported net income of $4.9 million or $0.11 per dilut
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    SOURCE Bacterin International Holdings, Inc.
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