Bacterin International Holdings, Inc. (NYSE MKT: BONE), a leader in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, today announced preliminary revenues for the fourth quarter and full year ended December 31, 2012.
The company expects to report revenues of approximately $8.1 million in the fourth quarter of 2012, compared to revenues of $9.1 million in the fourth quarter of 2011 and revenues of $8.9 million in the third quarter of 2012.
Revenues for the full-year of 2012 are expected to be $33.0 million, which is a 9% increase over $30.1 million for the twelve months ended December 31. 2011. Excluding the impacts of distributor stocking orders, revenues for the full-year of 2012 would have increased 14% over 2011.
“Revenues during the fourth quarter were softened by orders anticipated to close during the period, which have shifted into our prospective pipeline for 2013. Although we were successful in generating orders during the fourth quarter, our revenues for the year were lower than our prior guidance. I have been pleased with the progress we have made to adapt our strategy to mitigate the competitive headwinds and pricing pressure we are experiencing in the marketplace,” said Guy Cook, Bacterin International's Chief Executive Officer. "Strategic initiatives that we implemented during the fourth quarter are beginning to bear fruit and we are improving our capabilities as a company."Mr. Cook continued,” For 2013 we expect revenues to be between $38 and $40 million, which represents an increase of approximately 15% to 20% over 2012. A component of our growth strategy going forward will be to create additional sales channels that will continue to grow our top-line and enhance our market position. These opportunities represent potential upside to our guidance for 2013 and have not been included due to the intricacies in determining the timing of these transactions.”