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Bacterin Announces Record 2012 Revenue Of $33 Million

Stocks in this article: BONE

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 create the ideal stem cell scaffold to promote bone, 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, employs, 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 Company's ability to launch beta and full product releases; the Company's ability to meet its obligations under existing and anticipated contractual obligations; 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 sales force to achieve expected results; the ability of the Company's customers to pay and the timeliness of such payments, particularly during recessionary periods; 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 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 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.

 

 

BACTERIN INTERNATIONAL HOLDINGS, INC.

Consolidated Balance Sheets

as of December 31, 2012 and 2011

 
As of
December 31,
2012   2011
 
ASSETS
Current Assets:
Cash and cash equivalents $ 4,926,066 $ 751,111
Trade accounts receivable, net of allowance for doubtful accounts of $1,576,955 and $1,232,806, respectively 7,154,065 7,083,354
Inventories, net 13,141,421 8,479,710
Prepaid and other current assets 353,271   289,326  
Total current assets 25,574,823 16,603,501
 
Non-current inventories 1,238,225 920,542
Property and equipment, net 5,234,867 3,774,140
Intangible assets, net 592,378 656,133
Goodwill 728,618 728,618
Other assets 1,126,643   486,914  
 
Total Assets $ 34,495,554   $ 23,169,848  
 
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 3,997,789 $ 2,654,263
Accounts payable - related party 418,922 513,193
Accrued liabilities 2,400,090 3,762,211
Warrant derivative liability 984,356 2,344,516
Current portion of capital lease obligations 149,729 33,791
Current portion of royalty liability 698,408 -
Current portion of long-term debt 45,135   1,632,978  
Total current liabilities 8,694,429 10,940,952
Long-term Liabilities:
Capital lease obligation, less current portion 245,703 89,580
Long term royalty liability, less current portion 6,839,935

-

Long-term debt, less current portion 14,483,102   6,638,270  
Total Liabilities 30,263,169 17,668,802
 
Commitments and Contingencies
Stockholders' Equity

Preferred stock, $.000001 par value; 5,000,000 shares authorized; no shares issued and outstanding

-

-

 

 

 

Common stock, $.000001 par value; 95,000,000 shares authorized; 42,877,770 shares issued and outstanding as of December 31, 2012 and 40,841,218 shares issued and outstanding as of December 31, 2011 43 40
Additional paid-in capital 51,897,890 45,452,732
Retained deficit (47,665,548 ) (39,951,726 )
Total Stockholders’ Equity 4,232,385   5,501,046  
 
Total Liabilities & Stockholders’ Equity $ 34,495,554   $ 23,169,848  
 
See notes to audited consolidated financial statements.
 
 

BACTERIN INTERNATIONAL HOLDINGS, INC.

Consolidated Statements of Operations

For the Years Ended December 31, 2012 and 2011

       
 
Twelve Months Ended December 31,
2012 2011
Revenue
Tissue sales $ 32,414,026 $ 29,657,423
Royalties and other 565,873   492,059  
Total Revenue 32,979,899 30,149,482
 
Cost of tissue and medical devices sales 10,337,303   9,109,250  
 
Gross Profit 22,642,596   21,040,232  
 
Operating Expenses
General and administrative 11,135,058 6,935,101
Sales and marketing 15,617,416 18,501,204
Depreciation and amortization 406,888 379,387
Non-cash consulting expense 427,787   1,675,008  
Total Operating Expenses 27,587,149   27,490,700  
 
Loss from Operations (4,944,553 ) (6,450,468 )
 
Other Income (Expense)
Interest expense (1,864,901 ) (1,162,597 )
Change in warrant derivative liability 1,360,160 6,377,671
Write-off of debt related costs (705,885 ) (1,300,000 )
Other income (expense) (1,558,643 ) (471,075 )
 
Total Other Income (Expense) (2,769,269 ) 3,443,999  
 
Net Loss Before (Provision) Benefit for Income Taxes (7,713,822 ) (3,006,469 )
 
(Provision) Benefit for Income Taxes
Current - -
Deferred -   -  
 
Net Loss $ (7,713,822 ) $ (3,006,469 )
 
Net loss per share:
Basic $ (0.18 ) $ (0.08 )
Dilutive $ (0.18 ) $ (0.08 )
 
Shares used in the computation:
Basic 42,445,386 38,944,256
Dilutive 42,445,386 38,944,256
 
See notes to audited consolidated financial statements.
 
 

BACTERIN INTERNATIONAL HOLDINGS, INC.

Reconciliation of EBITDA
For the Years Ended December 31, 2012 and 2011
 
Twelve Months Ended
December 31,
2012   2011
 
EBITDA
Net Loss from ops (4,944,553 ) (6,450,468 )
Depreciation 406,888 379,387
Allocated depreciation 376,000 376,000
Stock option comp 1,126,870 1,030,400
Non-cash stock comp 427,787   1,675,008  
(2,607,008 ) (2,989,673 )
 
 

BACTERIN INTERNATIONAL HOLDINGS, INC.

Consolidated Statements of Cash Flows

For the Years Ended December 31, 2012 and 2011

       
Twelve Months Ended December 31,
2012 2011
Operating activities:
Net loss $ (7,713,822 ) $ (3,006,469 )
Noncash adjustments:
Depreciation and amortization 782,889 755,387
Amortization of debt discount 502,044 302,465
Write-off of debt discount 705,885 1,307,977
Write-off of accounts receivable-related party - 795,000
Non-cash consulting expense/stock option expense 1,554,657 2,555,727
Warrants issued for services 342,485 -
Non-cash interest 196,823 -
Provision for losses on accounts receivable and inventory 636,704 1,425,537
Loss on disposal of assets 7,902 -
Change in derivative warrant liability (1,360,160 ) (6,377,671 )
Reduction of contingent liability (358,426 ) -
Changes in operating assets and liabilities:
Accounts receivable (414,860 ) (4,636,860 )
Accounts receivable - related party - (181,966 )
Inventories (5,271,950 ) (2,365,403 )
Prepaid and other current assets (1,049,458 ) (190,550 )
Accounts payable 1,249,255 334,183
Accrued liabilities (602,300 ) 1,920,505  
Net cash used in operating activities (10,792,332 ) (7,362,138 )
 
Investing activities:
Purchases of property and equipment (1,825,614 ) (962,306 )
Notes receivable from stockholder - 82,398
Intangible asset additions (11,163 ) (137,411 )
Net cash used in investing activities (1,836,777 ) (1,017,319 )
 
Financing activities:
Proceeds from the issuance of long-term debt 22,741,719 9,579,687
Payments on long-term debt (9,784,482 ) (5,115,504 )
Payments on capital leases (78,925 ) (36,182 )
Proceeds from issuance of stock 3,879,749 2,974,618
Proceeds from exercise of options 46,003 1,010,563
Proceeds from exercise of warrants -   389,905  
Net cash provided by financing activities 16,804,064   8,803,087  
 
Net change in cash and cash equivalents 4,174,955 423,630
 
Cash and cash equivalents at beginning of period 751,111   327,481  
Cash and cash equivalents at end of period $ 4,926,066   $ 751,111  
 
See notes to audited consolidated financial statements.




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