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Diluted earnings per share for the year ended December 31, 2007 was $.15on net income of $2.6 million as compared to diluted earnings per share of$.11 for full year 2006 on net income of $1.9 million.
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Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,stated, "It was a tremendous achievement and an important milestone inOsteotech's history to exceed $100 million in revenue. The world-wideOsteotech family contributed to this success and each member of the Osteotechteam is proud of this accomplishment."
Mr. Owusu-Akyaw continued, "Our key financial metrics continue todemonstrate disciplined execution of our business plan. Our core productscontinue to grow while gross margin and profitability continue to improve.Our cash flow is strong and will allow us to support future growth. Our newproduct pipeline is solid, which we expect will increase our product offeringsand is expected to be the major contributor to our growth."
Mr. Owusu-Akyaw concluded, "Just as Osteotech's pioneering tissueprocessing technology advanced the industry in the 1990's, Osteotech isdeveloping new and innovative technologies to further its growth in theemerging biologics and regenerative medicine industry."
Total revenue for the three months ended December 31, 2007 increased 6% to$26.9 million from $25.4 million for the fourth quarter of 2006. Core productrevenue increased 17% to $17.7 million for the three months ended December 31,2007 as compared to revenue of $15.1 million from core products in the fourthquarter of 2006. Gross margin improved to 53.5% in the fourth quarter of 2007as compared to 47.6% in the fourth quarter of 2006.
Diluted earnings per share for the three months ended December 31, 2007was $.04 on net income of $.8 million as compared to net income of $.1 millionfor the three months ended December 31, 2006.
Osteotech will host a conference call on Wednesday, February 20, 2008 at9:00 a.m. Eastern Time during which management will discuss full year andfourth quarter financial results. You are invited to listen to the conferencecall by dialing 1-706-643-1624. The conference call will also besimultaneously webcast at http://www.osteotech.com. Automated playback willbe available two hours after completion of the live call, through midnight,Wednesday, March 5, 2008, by dialing 1-706-645-9291 and indicating access code34462919.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a globalleader in providing OsteoBiologic solutions for regenerative medicine tosupport surgeons and their patients in the repair of the musculoskeletalsystem through the development of innovative therapy-driven products thatalleviate pain, promote biologic healing and restore function. For furtherinformation regarding Osteotech, this press release or the conference call,please go to Osteotech's website at www.osteotech.com.
Certain statements made throughout this press release that are nothistorical facts contain forward-looking statements (as such are defined inthe Private Securities Litigation Reform Act of 1995) regarding the Company'sfuture plans, objectives and expected performance. Any such forward-lookingstatements are based on assumptions that the Company believes are reasonable,but are subject to a wide
