“We’ve initiated a Company wide cost reduction program to align our expense levels with our revenue expectations for 2013. This will reduce our current spending by approximately $1.7 million per year as well as an additional $1.3 million of previously planned expenditures which will not be made,” said John Gandolfo, Chief Financial Officer.
EBITDA for 2012 improved to a loss of $2.6 million, compared to a loss of $3.0 million in 2011.
Mr. Gandolfo further commented, “If we are successful in achieving the previously given 2013 revenue guidance of $38 to $40 million, as well as the expense reductions referred to above, we believe we would generate positive operating income as well as positive EBITDA for the year.”Financial Liquidity Cash and cash equivalents and net accounts receivable, was $12.1 million at December 31, 2012, compared to $7.8 million at December 31, 2011. On August 24, 2012, the Company entered into a Credit Agreement with an entity managed by OrbiMed, whereby OrbiMed agreed to provide an initial $20 million term loan and Bacterin may also borrow an additional approximately $5 million upon achievement of certain revenue objectives prior to December 31, 2013. Approximately half of the proceeds of this credit facility were used to repay existing debt and expenses related to the transaction. Conference Call Details The company also announced that it will hold a conference hosted by Guy Cook, Chief Executive Officer, and John Gandolfo, Chief Financial Officer, to discuss its financial results at 10:00 a.m. ET, on Wednesday, March 27, 2013. Please refer to the information below for conference call dial-in information and webcast registration. Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact The Cockrell Group at 1-877-889-1972.
|Conference Name:||Bacterin’s 2012 Fourth Quarter & Year End Results Conference Call|