Osteotech Reports Third Quarter 2009 Financi...(ximately $17.7 million in the third quar...),Health

Date:11/5/2009

ximately $17.7 million in the third quarter of 2009 and grew 3% compared with the same period of 2008, and 6% compared with the second quarter of 2009. The Company's base business excludes client services and private label demineralized bone matrix product revenues.

Revenue for the nine-month period ended September 30, 2009 was $70.4 million compared with $79.2 million reported for the same period of 2008. The decline in revenue for the nine-month period ended September 30, 2009 was primarily driven by: the expected reduction in revenue from the Company's services businesses, which declined $5.2 million, the aforementioned decline in international revenue and lower domestic unit sales volume.

Net loss for the third quarter ended September 30, 2009 was $1.9 million, or $0.11 per share, compared with net income of $58,000, or breakeven for the third quarter of 2008. Net loss for the nine-month period ended September 30, 2009 was $4.9 million, or $0.27 per share, compared with net income of $2.6 million, or $0.15 per diluted share, for the comparable period of 2008. The net loss in 2009 is primarily due to the Company's anticipated reductions in revenue and lower gross margins and, in the third quarter, higher-than-anticipated costs related to a variety of enhancements to its new procedure-specific biologic solutions.

Guidance

Based upon the results achieved to date and the additional expenditures the Company expects to incur to support its enhanced launch strategies and product updates, Osteotech is updating the financial guidance it previously established for 2009:

• Revenue is expected to range between $92 million and $94 million;
• Net loss for 2009 is expected to be between $0.32 and $0.36 per share; and
• The Company expects to exit 2009 with $9 million to $10 million in cash.
  

Conference Call Tomorrow, November 6, 2009

The Osteotech
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SOURCE Osteotech, Inc. Copyright©2009 PR Newswire. All rights reserved

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