Osteotech Reports Third Quarter 2009 Financi...(business grew sequentially compared with...),Health

Date:11/5/2009

business grew sequentially compared with the second quarter and year-over-year, which we believe provides tangible evidence that our growth strategy is gaining traction and that we are successfully executing. While we were able to achieve domestic sales growth, we have seen a slowdown in international sales, primarily due to our self-imposed temporary suspension of Bulgarian tissue in a key Asian market and the general economic and reimbursement conditions in Greece. Initially, we anticipated recovering some of the lost market share in the second half of 2009, but we now believe we have lost traction in these markets. For the three and nine months ended September 30, 2009, these markets generated revenue of $.3 million and $2.0 million, respectively, compared with $1.6 million and $5.4 million in the comparable periods of 2008."

Recent and Upcoming Corporate Developments

• During the third quarter, Osteotech commercialized FacetLinx Fusion Technology for use in facet fusion procedures. Based upon surgeon feedback following the initial introduction, the Company made strategic changes to the instrumentation set to enhance the product's ease-of-use. Early in the fourth quarter, the Company commenced a limited launch of the product and early sales indicate that FacetLinx is quickly gaining traction among key surgeons.
  

• Early in the fourth quarter, the Company announced the first U.S. spinal surgery using MagniFuse PC (Posterior Cervical), which marked the start of the controlled release for the Company's family of products based upon the MagniFuse technology platform. MagniFuse PC was utilized during a posterior cervical fusion surgery and was cited as being easy-to-use and intuitive with a differentiated self-contained delivery system unlike any other product on the market. Osteotech expects MagniFuse technology to be used in 25 procedures by the time of the North American Spine Society annual meeting i
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SOURCE Osteotech, Inc. Copyright©2009 PR Newswire. All rights reserved

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