Bacterin International Holdings, Inc. Reports First Quarter 2011 Financial Results

Friday, May 13, 2011 General News
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Bacterin delivers over 119% year-over-year and 13.5% sequential quarter-over-quarter revenue growth

BACTERIN INTERNATIONAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three

Months Ended March 31,

2011

2010

Revenue

Tissue sales

$

5,868,924

$

2,704,975

Royalties and other

131,880

31,458

Total Revenue

6,000,804

2,736,433

Cost of tissue sales

987,356

604,622

Gross Profit

5,013,448

2,131,811

Operating Expenses

General and administrative

2,297,375

1,466,138

Sales and marketing

4,264,282

1,442,717

Depreciation

147,159

152,501

Non-cash consulting expense

240,991

93,596

Total Operating Expenses

6,949,807

3,154,952

Loss from Operations

(1,936,359)

(1,023,141)

Other Income (Expense)

Interest expense

(372,433)

(523,417)

Change in warrant derivative liability

7,218,806

(102,395)

Other income

6,772

5,924

Total Other Income (Expense)

6,853,145

(619,888)

Net Income  (Loss) Before Benefit (Provision) for Income Taxes

4,916,786

(1,643,029)

Benefit (Provision) for Income Taxes

Current

-

-

Deferred

-

-

Net Income (Loss)

$

4,916,786

$

(1,643,029)

Net Income (Loss) per share:

Basic

$

0.13

$

(0.05)

Dilutive

$

0.11

NA

Shares used in the computation:

Basic

37,330,665

36,468,563

Dilutive

44,419,879

NA



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