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

ed share for the first quarter of 2011, which includes approximately $7.2 million of income from the decrease in non cash warrant derivative liability. This compares to a net loss of $(1.6) million or $(0.05) per basic share for the first quarter 2010 and a net loss of $(6.7) million or $(0.18) per basic share for the prior fourth quarter 2010, which included a non cash warrant derivative liability charge of $2.4 million.  Bacterin reported a loss from operations of $(1.9) million during the first quarter 2011 versus a loss from operations of $(1.0) million during the prior year first quarter and a loss from operations of $(3.9) million in the fourth quarter 2010.  The Company expects to achieve operating and cash flow profitability during 2011.  

For the three months ended March 31, 2011, Bacterin's gross profit on revenue totaled $5.0 million, yielding a gross margin of 83.5 percent, compared to 77.9 percent for the three months ended March 31, 2010 and 71.1 percent for the fourth quarter of 2010.  The increase in the gross margin compared to the first quarter of 2010 was due to improved manufacturing efficiencies associated with a higher utilization of the company's manufacturing capacity.  Bacterin expects gross margin to remain above 75 percent for the foreseeable future.

Operating expenses during the first quarter of 2011 totaled $6.9 million, an increase of approximately $3.8 million or 120 percent over the first quarter of 2010 and an increase of approximately $675,000 or 9 percent over the fourth quarter of 2010.  A significant portion of that increase was attributed to costs associated with sales and marketing due to increased commission and travel costs of the larger direct sales force as well as a substantial increase in marketing and advertising activities in 2011 as part of the Company's continue conversion to a direct sales force model from a distributor based model.  As a percentage of revenue, sales
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SOURCE Bacterin International Holdings, Inc.
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