Revenue for the first half of 2012 achieved 45% of our annual guidance. We have substantially increased our available inventory and marketing costs, as well as increase in our processing capabilities, which we expect to have a positive impact on revenue in third quarter of 2012 and from thereon.
Inventory increased 42% by the end of quarter from $9.4 million at the end of 2011 to $13.3 million. As of June 30, 2012, we have approximately $1.3 million of inventory at costs on consignment hospital account, which translates to approximately $7.1 million of inventory at retail value.
Inventory is now readily available through our sales force and by end of the second quarter we had 768 active facilities. We are optimizing our processing facility to meet the demand for our products, including hMatrix, which we believe will be positively impacted on our new reimbursement cost.
Largely the 72% remain solid, including the guidance range of 70% to 75%. At June 30, 2012, we had approximately $1.2 million in cash and net account receivables of approximately $6.6 million.Before we go much further, I’d like to turn the call over to our CFO, John, who will set us the summary of the quarter and year’s financial results, when he is finish, I’ll return to give a more detail operational update and a look ahead. John? John Gandolfo Thanks, Guy. Now turning to our results in the second quarter of 2012, as Guy mentioned, revenue for the quarter $8.2 million, compared to $7.8 million in the previous quarter, and an increase of 9% compared to $7.5 million in the second quarter of 2011. Second quarter 2011 sales included a stocking order sale of distributor of approximately $1.2 million and excluding this sale, quarterly revenues increased approximately 30% over the prior year. The year-over-year increase was largely the result of increase sales generated from the company’s direct sales force and independent distributors compared to the second quarter of 2011.
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