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

and marketing costs were 71 percent in the first quarter of 2011.  Going forward, the Company expects this percentage to decrease.  As the direct sales force reaches year two of their employment, commission rates will decrease per the Company's commission program.  In addition, the direct sales force carries a lower commission rate than distributor commissions and an increasing portion of company sales will come from the direct sales force.  General and administrative costs during the quarter totaled $2.3 million, which included approximately $195,000 of non recurring charges and $380,000 of non cash stock option compensation expense.  Although general and administrative costs increased 57 percent year-over-year as the company built its support infrastructure and became a public company, quarter-over-quarter costs declined by $508,000.  While Bacterin anticipates a continued increase in total operating expenses going forward as its revenues increase due to variable sales commissions, it expects to leverage its general and administrative expenses for the remainder of the year.  The Company incurred interest expense for the quarter of $372,000, a year-over-year decrease of $151,000 and a quarter-over-quarter decrease of $112,000.

As of March 31, 2011, the Company reported cash and equivalents balance of $375,000, accounts receivable of $4.2 million and an inventory balance of $7.4 million.  During January 2011, Bacterin closed a credit facility for up to $5 million, subject to certain borrowing base limitations, with Bridge Bank that provides access to credit secured by certain accounts receivable balances. The Company has drawn down $1.8 million during the first quarter 2011 from this credit facility. In addition, on May 3, 2011, the Company announced that it has raised approximately $1.9 million in a private placement transaction under Rule 506 of Regulation D.  The transaction resulted in the issuance of 563,000 s
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SOURCE Bacterin International Holdings, Inc.
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