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Bacterin International Holdings, Inc.
BONE, a leader in the
development of revolutionary bone graft material and coatings for medical
applications, announced today preliminary unaudited revenue for the fourth
quarter 2014.
The company is expecting total net revenues for the fourth quarter of 2013
to be in the range of $8.15 million to $8.28 million, representing a
sequential increase of approximately 4% over the third quarter 2013, and an
increase of 1.5% when compared to $8.1 million for the fourth quarter 2012.
The company is anticipating Biologics revenue to be in the range of $8.02
million to $8.07 million for the quarter, a 5.0% increase over the third
quarter 2013, and 4.5% increase year-over-year.
"The return to sequential and year-over-year revenue growth demonstrates
that our transitional strategies are working," says Bacterin CEO, Dan
Goldberger. "While we still have a ways to go to realize the market share
that our products are capable of, we expect that the addition of experienced
sales executives with proven track records in underperforming territories
will accelerate our sales growth in the second half of 2014. As we continue
to integrate the newer members of our team, our sales force will have the
training and support to return Bacterin's growth to levels consistent with
the value of our product line."
Since CEO Dan Goldberger was hired during the third quarter, 2013, the
company has reorganized its sales force to emphasize experienced leadership,
accountability, and pay for performance. Bacterin's hybrid field sales
organization now totals 36 full time employees and about 170 distributors.
Nine of the 36 employees have joined the organization since September 2013.
The sales function is structured to effectively support existing customers
and efficiently address new growth opportunities. The Company will continue
to add resources in underperforming geographies in the first half of 2014.
The quarterly financial results included in this release are prior to the
completion of review and audit procedures by Bacterin's external auditors
and are therefore subject to adjustment. Bacterin expects to provide fourth
quarter and full year 2013 financial results during its fourth quarter 2013
earnings call in March 2014.
About Bacterin International Holdings
Bacterin International Holdings, Inc. (NYSE MKT:
BONE) develops,
manufactures and markets biologics products to domestic and international
markets. Bacterin's proprietary methods optimize the growth factors in human
allografts to promote bone growth, subchondral repair and dermal growth.
These products are used in a variety of applications including enhancing
fusion in spine surgery, relief of back pain, promotion of bone growth in
foot and ankle surgery, promotion of cranial healing following neurosurgery
and subchondral repair in knee and other joint surgeries.
Bacterin's Medical Device division develops and licenses coatings for
various medical device applications. For further information, please visit
www.bacterin.com.
Important Cautions Regarding Forward-looking Statements
This news release contains certain disclosures that may be deemed
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that are subject to significant risks and
uncertainties. Forward-looking statements include statements that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as "continue," "efforts," "expects,"
"anticipates," "intends," "plans," "believes," "estimates," "projects,"
"forecasts," "strategy," "will," "goal," "target," "prospects," "potential,"
"optimistic," "confident," "likely," "probable" or similar expressions or
the negative thereof. Statements of historical fact also may be deemed to be
forward-looking statements. We caution that these statements by their nature
involve risks and uncertainties, and actual results may differ materially
depending on a variety of important factors, including, among others: the
ability of the Company's sales force to achieve expected results, the
Company's ability to meet its existing and anticipated contractual
obligations, including financial covenant and other obligations contained in
the Company's secured lending facility; the Company's ability to manage cash
flow; the Company's ability to obtain shareholder approval of financing
transactions; the Company's ability to develop, market, sell and distribute
desirable applications, products and services and to protect its
intellectual property; the ability of the Company's customers to pay and the
timeliness of such payments; the Company's ability to obtain financing as
and when needed; changes in consumer demands and preferences; the Company's
ability to attract and retain management and employees with appropriate
skills and expertise; the Company's ability to successfully conclude
government investigations; the impact of changes in market, legal and
regulatory conditions and in the applicable business environment, including
actions of competitors; and other factors. Additional risk factors are
listed in the Company's Annual Report on Form 10-K and Quarterly Reports on
Form 10-Q under the heading "Risk Factors." The Company undertakes no
obligation to release publicly any revisions to any forward-looking
statements to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events, except as required by law.
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