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Bacterin International Holdings, Inc. Reports Third Quarter 2010 Financial Results
Date:11/15/2010

s force and achieved its 2010 goal of hiring 52 sales representatives.  The Company anticipates continued revenue growth acceleration as both its expanding direct and indirect sales efforts impact the market.  

The Company reported a net loss of $(9.0) million or $(0.26) per basic share for the third quarter of 2010, which included a non cash warrant derivative liability charge of $6.7 million due to the strong appreciation in the stock price to $7.45 during the quarter. This compares to $(1.9) million or $(0.09) per basic share for the third quarter 2009 and a net loss of $(2.0) million or $(0.07) per basic share for the second quarter 2010.  During the final month of third quarter 2010, Bacterin achieved EBITDA breakeven.  The Company expects to be EBITDA profitable for the fourth quarter of 2010 going forward.

For the three months ended September 30, 2010, Bacterin's gross profit on revenue totaled $3.5 million, yielding a gross margin of 83 percent, compared to 30 percent for the three months ended September 30, 2009 and 84 percent for the second quarter of 2010.  The material year over year gross margin increase was due to a one time inventory adjustment of approximately $669,000 which resulted in an increase in cost of tissue sales recorded in the third quarter of 2009.   Given the company's current mix of business, Bacterin expects gross margins over 80 percent for the foreseeable future.

Operating expenses during the third quarter of 2010 totaled $5.6 million, an increase of approximately $3.4 million (159%) over the third quarter of 2009 and an increase of approximately $1.6 million (41%) over the second quarter of 2010.  A significant portion of the expense increase, approximately $2.0 million year-over-year and $636,000 quarter-over-quarter, was attributed to costs associated with the implementation of a direct sales force.  General and administrative costs also increased approximately $672,000
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SOURCE Bacterin International Holdings, Inc.
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