Navigation Links
Osteotech Announces Preliminary Fourth Quarter 2009 Revenue
Date:1/14/2010

EATONTOWN, N.J., Jan. 14 /PRNewswire-FirstCall/ -- Osteotech, Inc. (Nasdaq: OSTE), a leader in the emerging field of biologic products for regenerative healing, today reported preliminary unaudited revenue for the fourth quarter of 2009 of $26.3 million compared with $24.6 million for the same period in 2008.  During the fourth quarter, the Company generated $1.0 million in revenue from sales of its new innovative products all currently in limited launch phases.  Revenue in the fourth quarter of 2009 also included $3.3 million in revenue from an agreement to license certain of the Company's tissue processing technology, which, net of related expenses, is expected to contribute approximately $2.3 million to fourth quarter profitability.  The Company realized all of the revenue under the arrangement in the fourth quarter of 2009 and will receive the consideration over the next 3.5 years.  Based upon the preliminary unaudited fourth quarter results, the Company expects to report approximately $96.7 million in revenue for full year 2009.  Excluding the one-time impact on revenue of the new licensing arrangement, the Company expects to report full year 2009 revenue of $93.4 million.  The Company previously provided revenue guidance for 2009 of between $92 and $94 million.  

Osteotech also reported that it exited 2009 with approximately $10.7 million in cash.  The Company's guidance for its cash position was between $9 and $10 million.  In addition, the Company announced that it has expanded its financial flexibility with a new, unused $10 million line of credit established in late December.  This new line of credit, coupled with the Company's cash position and the consideration it will receive for its new licensing agreement, should provide the resources necessary to allow Osteotech to continue to execute its growth strategy throughout 2010.  

"Our new products are continuing to gain traction within the physician communities and we are pleased with the overall success of their respective limited launches," stated Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer.  "In particular, the MagniFuse™ Bone Graft has generated over $400,000 in revenue during the fourth quarter following its initial launch in October.  Plexur M® Innovative Grafting continues to do very well, having generated approximately $400,000 in revenue during the quarter.  Likewise, the FacetLinx™ Fusion System also performed well, generating approximately $200,000 during the quarter.  MagniFuse and Plexur M have recently entered the second phases in their respective launch strategies.  We believe we can leverage the human clinical data we are accumulating to further expand surgeon interest in the products.  We continue to receive very positive feedback from the surgeons using our new products and we are excited about their prospects.

"As we transition into 2010, we are well positioned to begin to see the benefits from our hard work over the last four years," continued Mr. Owusu-Akyaw.  "In addition to the progress we have made in marketing our three newest products, we have also continued to execute our product development strategy.  In December 2009, we filed a 510(k) application with the Food and Drug Administration for our Duratech™ BioRegeneration Matrix, which we hope to launch in the United States in mid-2010.  We believe we have entered 2010 with strong, positive momentum and we are looking forward to a successful year."  

The Company currently plans to release final financial results for full-year 2009 in late February 2010.

About Osteotech

Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing biologic solutions for regenerative medicine to support surgeons and their patients through the development of innovative therapy-driven products that alleviate pain, promote regenerative and biologic healing and restore function.  For further information regarding Osteotech or this press release, please go to Osteotech's website at www.osteotech.com.

Certain statements made throughout this press release that are not historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995) regarding the Company's future plans, objectives and expected performance. Any such forward-looking statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks and uncertainties and, therefore, there can be no assurance that actual results may not differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company's ability to develop and introduce new products, differences in anticipated and actual product and service introduction dates, the ultimate success of those products in the marketplace, the completion of the Company's annual financial audit, the continued acceptance and growth of current products and services, the impact of competitive products and services, the availability of sufficient quantities of suitable donated tissue and the success of cost control and margin improvement efforts. For descriptions of these and other factors that could affect our results, see the Company's most recent Form 10-K and other periodic reports filed with the Securities and Exchange Commission. All information in this press release is as of January 14, 2010 and the Company does not intend to update this information.

SOURCE Osteotech, Inc.

RELATED LINKS
http://www.osteotech.com

'/>"/>

SOURCE Osteotech, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Osteotech Highlights Three Procedure-Specific MagniFuse(TM) Bone Grafting Products at the NASS 2009 Annual Meeting
2. Osteotech Reports Third Quarter 2009 Financial Results
3. Osteotechs MagniFuse(TM) Technology Used in First U.S. Surgery
4. Osteotech Completes Enrollment for DuraTech(TM) BioRegeneration Matrix Clinical Trial
5. Osteotech Initiates Pivotal Clinical Trial for DuraTech(TM) BioRegeneration Matrix
6. Bionovo Announces Publication of Positive Results From the Phase 1B Clinical Trial of Bezielle (BZL101) for Metastatic Breast Cancer
7. Elbit Imaging Announces InSightecs First Non-Invasive Technology for Treatment of Uterine Fibroids Awarded MHLW Approval in Japan
8. Dynatronics Announces Increases in Pre-tax Profits and Net Income for the Quarter Ended December 31, 2009
9. The Foundry Announces Completion of Series A Financing for Twelfth Company
10. DATATRAK International, Inc. Announces Year-End Backlog
11. Stryker Corporation Announces Pricing of Senior Notes
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... 2016 One of Australia,s successful ... of a new biotechnology company, Noxopharm Limited [ABN 50 608 966 ... and to list on the ASX. Noxopharm is a ... enter a Phase 1 clinical study later this year. ... of the biggest problems facing cancer patients - the ability of ...
(Date:6/26/2016)... DUBLIN , June 27, 2016 Jazz ... the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act ... proposed acquisition of Celator Pharmaceuticals, Inc. ("Celator"; Nasdaq: ... 11:59 p.m. (Eastern Daylight Time). As previously ... entered into a definitive merger agreement under which Jazz ...
(Date:6/26/2016)... 2016  VMS Rehab Systems, Inc. ( www.vmsrehabsystemsinc.com ) ... measures required to build a strong and stable market ... listed on the OTC Markets-pink current trading platform. ... "We are seeing an anomaly in market trading activities ... by the Company, but shareholders and market players as ...
Breaking Medicine Technology:
(Date:6/27/2016)... ... June 27, 2016 , ... The OSHA Training ... Institute Education Center headquartered in Northern California, has issued an important reminder to ... their worksites. Employers with workers exposed to high temperatures should establish a ...
(Date:6/27/2016)... ... ... "FCPX editors can now reveal their media with growing colorful split screen ... - CEO of Pixel Film Studios. , ProSlice Color brings the split screens ... reveal the media of their split screens with growing colorful panels. , ProSlice Color ...
(Date:6/27/2016)... ... ... TherapySites, the leading website and online marketing ... Association. This new relationship allows TherapySites to continue to extend their online ... and promotional offers. , "TCA is extremely excited about this new partnership, as ...
(Date:6/27/2016)... ... June 27, 2016 , ... ePAY ... partnership with Connance, a healthcare industry leader providing predictive analytics to optimize ... combine to provide health systems, hospitals and ambulatory surgical centers with dramatic ...
(Date:6/27/2016)... (PRWEB) , ... June 27, 2016 , ... ... cutting edge technology to revolutionize the emergency ambulance transport experience for the millions ... aware of how Uber has disrupted the taxi industry through the use of ...
Breaking Medicine News(10 mins):