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Friday, 22 February 2013
Bacterin shares fall on lower expected Q4 revenues, anticipates growth in 2013
Bacterin International Holdings (NYSE MKT:BONE) said Wednesday that it expects to report revenues of around $8.1 million for its fourth quarter, down from $9.1 million in the year earlier period, sending shares lower this afternoon.
The developer of bone graft material and antimicrobial coatings for medical applications announced today its preliminary revenues for the quarter that ended December 31.
"Revenues during the fourth quarter were softened by orders anticipated to close during the period, which have shifted into our prospective pipeline for 2013," said CEO Guy Cook.
"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."
Revenues for the full year are anticipated to be $33 million - a 9% increase over the $30.1 million seen in 2011. Excluding the impacts of distributor stocking orders, revenues for the full-year of 2012 would have increased 14% over 2011, the company said.
Looking ahead, the company said it expects 2013 revenues to be between $38 and $40 million, which represents an increase of about 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," continued Cook.
"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."
Bacterin's technology optimizes the growth factors in human allografts to promote bone, subchondral repair and dermal growth. Its products are used in a variety of applications including enhancing fusion in spine surgery, relief of back pain, bone growth in foot and ankle surgery, cranial healing following neurosurgery and subchondral repair in knee and other joint surgeries.
In addition to bone graft material, the company also makes bioactive coatings for various medical device applications, including antimicrobial coatings designed to inhibit biofilm formation and microbial contamination.
Shares of Bacterin were down more than 11% to 99 cents on Wednesday afternoon.