Bacterin International Holdings, Inc. Reports Third Quarter 2010 Financi... (year-over-year and $200000 quarter-over-...)

Bacterin International Holdings, Inc. Reports Third Quarter 2010 Financial Results

Date:11/15/2010

year-over-year and $200,000 quarter-over-quarter due to an increase in salaries and wages and legal, professional fees and insurance expense associated with being a public company. In addition, stock options/restricted stock compensation expense which consists of non-cash expense associated with granting stock options to employees and restricted stock to consultants increased during the third quarter by $808,000 over the prior year third quarter and by $769,000 as compared to the second quarter 2010, due largely to restricted stock awards to consultants during the third quarter 2010. While Bacterin anticipates a continued increase in operating expenses going forward, the Company believes it will be able to leverage its corporate expenses and deliver increased profitability as revenues continue to rise.

The Company generated interest expense in the third quarter of $160,000 compared to $136,000 in the third quarter of 2009 and $782,000 in the second quarter of 2010. The shift in quarterly interest expense is attributed to the creation and subsequent conversion of short term convertible debt instruments.

For the nine months ended September 30, 2010, Bacterin reported revenues of $10.1 million, a 95 percent increase compared to the same period in 2009. The increase of $4.9 million was largely the result of transitioning the sales model in the second half of 2009 from a distributorship model with a limited direct sales force to a direct sales force model. Net loss totaled $(12.7) million or $(0.42) per basic share, which included approximately $1.1 million in nonrecurring costs associated with the reverse merger and concurrent capital raise as well as $6.8 million of a non cash warrant derivative liability charge due to the strong rise in the company's stock price since becoming a public traded entity on July 1, 2010. This net loss is compared to $(2.5) million or $(0.10) per basic share for the same period in 2009.
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