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Bacterin Announces Record First Quarter 2015 Results
First Quarter Highlights:
-
Total revenue increased 6.6% to
$9.5 million from$8.9 million reported in first quarter of 2014 -
Gross profit increased 9.6% to
$6.0 million compared to$5.5 million reported in the first quarter of 2014 - Gross margins improved to 63.5%, an increase from 61.7% reported in the first quarter of 2014
Revenue
First quarter 2015 revenue was approximately
The reported first quarter 2015 revenue represents a new record and the sixth consecutive quarter of increased year-over-year revenue growth since
"The company's revenue growth story continues to materialize according to our strategic plan to improve the sales function," said Goldberger. "Our first quarter 2015 revenue growth is up 4.6% over last quarter and our year-over-year revenue growth is up 6.6% over first quarter 2014. We expect to see this trend continue throughout 2015."
Gross Profit
Gross profit for the first quarter of 2015 was
Sales and Marketing Expenses
First quarter 2015 sales and marketing expenses increased to
General and Administrative Expenses
In the first quarter, general and administrative expenses increased slightly to
Research and Development Expenses
First quarter 2015 research and development expense was
Loss from Operations
The first quarter 2015 loss from operations was approximately
Net Loss
The reported first quarter 2015 net loss of
EBITDA
The Company defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as net income/loss from operations before depreciation, amortization, impairment charges and non-cash stock-based compensation. EBITDA for the first quarter of 2015 was a loss of
Financial Liquidity
As of
Bacterin Reaffirms 2015 Guidance
For full year 2015, the Company reaffirms its revenue guidance of approximately
Conference Call Details |
Conference date: May 6, 2015, 10:00 AM ET |
Conference dial-in: 877-269-7756 |
International dial-in: 201-689-7817 |
Conference Call Name: Bacterin's First Quarter 2015 Results Call |
Webcast Registration: Click Here |
Following the live call, a replay will be available on the Company's website, www.bacterin.com, under "Investor Info."
About
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 ability of the Company's sales force to achieve expected results, the Company's ability to meet its existing and anticipated contractual obligations, including financial covenant and other obligations contained in the Company's secured lending facility; the Company's ability to manage cash flow; the Company's ability to obtain shareholder approval of financing transactions; 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 customers to pay and the timeliness of such payments; 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 Company's ability to successfully conclude government investigations; 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 and Quarterly Reports on Form 10-Q 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 Statements of Operations | ||||
For the Three Months Ended March 31, | ||||
2015 | 2014 | |||
% of | % of | |||
Amount | Revenue | Amount | Revenue | |
Revenue | ||||
Tissue sales | $ 9,277,047 | 97.6% | $ 8,751,345 | 98.2% |
Royalties and other | 226,067 | 2.4% | 161,625 | 1.8% |
Total Revenue | 9,503,114 | 100.0% | 8,912,970 | 100.0% |
Cost of sales | 3,472,477 | 36.5% | 3,410,705 | 38.3% |
Gross Profit | 6,030,637 | 63.5% | 5,502,265 | 61.7% |
Operating Expenses | ||||
General and administrative | 2,425,167 | 25.5% | 2,288,803 | 25.7% |
Sales and marketing | 4,713,672 | 49.6% | 4,055,204 | 45.5% |
Research and development | 433,561 | 4.6% | 254,583 | 2.9% |
Depreciation and amortization | 124,111 | 1.3% | 75,148 | 0.8% |
Non-cash consulting expense | 66,796 | 0.7% | 20,527 | 0.2% |
Total Operating Expenses | 7,763,307 | 81.7% | 6,694,265 | 75.1% |
Loss from Operations before Impairment | (1,732,670) | -18.2% | (1,192,000) | -13.4% |
Other Income (Expense) | ||||
Interest expense | (1,435,578) | -15.1% | (1,275,612) | -14.3% |
Change in warrant derivative liability | (462,208) | -4.9% | (1,485,729) | -16.7% |
Non-cash consideration associated with stock purchase agreement | (558,185) | -5.9% | 0 | NA |
Other income (expense) | 11,836 | 0.1% | (186,915) | -2.1% |
Total Other Income (Expense) | (2,444,134) | -25.7% | (2,948,256) | -33.1% |
Net Loss from Operations Before (Provision) Benefit for Income Taxes | (4,176,804) | -44.0% | (4,140,256) | -46.5% |
Benefit (Provision) for Income Taxes | ||||
Current | -- | 0.0% | -- | 0.0% |
Deferred | -- | 0.0% | -- | 0.0% |
Net Loss | $ (4,176,804) | -44.0% | $ (4,140,256) | -46.5% |
Net loss per share: | ||||
Basic | ($0.62) | ($0.77) | ||
Dilutive | ($0.62) | ($0.77) | ||
Shares used in the computation: | ||||
Basic | 6,689,530 | 5,379,714 | ||
Dilutive | 6,689,530 | 5,379,714 | ||
See notes that are contained in the Company's 10K and 10Q filings. | ||||
BACTERIN INTERNATIONAL HOLDINGS, INC. | ||
CONSOLIDATED BALANCE SHEETS | ||
As of | As of | |
March 31, | December 31, | |
2015 | 2014 | |
ASSETS | ||
Current Assets: | ||
Cash and cash equivalents | $ 2,899,557 | $ 4,468,208 |
Trade accounts receivable, net of allowance for doubtful accounts of $1,392,989 and $1,309,859, respectively | 5,495,667 | 4,427,081 |
Inventories, net | 9,710,580 | 9,558,648 |
Prepaid and other current assets | 885,359 | 654,140 |
Total current assets | 18,991,163 | 19,108,077 |
Non-current inventories | 1,787,061 | 1,934,258 |
Property and equipment, net | 4,503,132 | 4,654,527 |
Intangible assets, net | 621,126 | 655,490 |
Other assets | 1,502,333 | 1,598,539 |
Total Assets | $ 27,404,815 | $ 27,950,891 |
LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY | ||
Current Liabilities: | ||
Accounts payable | $ 4,412,385 | $ 3,876,760 |
Accounts payable - related party | 327,641 | 250,629 |
Accrued liabilities | 2,645,346 | 1,921,301 |
Warrant derivative liability | 1,782,579 | 1,320,371 |
Current portion of capital lease obligations | 30,914 | 61,970 |
Current portion of royalty liability | 1,109,750 | 1,000,750 |
Current portion of long-term debt | 51,574 | 50,671 |
Total current liabilities | 10,360,189 | 8,482,452 |
Long-term Liabilities: | ||
Capital lease obligation, less current portion | 6,529 | 11,808 |
Long term royalty liability, less current portion | 6,228,293 | 6,361,216 |
Long-term debt, less current portion | 21,281,052 | 20,870,330 |
Total Liabilities | 37,876,063 | 35,725,806 |
Commitments and Contingencies | ||
Stockholders' (Deficit) Equity | ||
Preferred stock, $0.000001 par value; 5,000,000 shares authorized; no shares issued and Outstanding | -- | -- |
Common stock, $0.000001 par value; 95,000,000 shares authorized; 7,044,426 shares issued and outstanding as of March 31, 2015 and 6,679,646 shares issued and outstanding as of December 31, 2014 | 7 | 7 |
Additional paid-in capital | 64,572,987 | 63,091,620 |
Accumulated deficit | (75,044,242) | (70,866,542) |
Total Stockholders' Deficit | (10,471,248) | (7,774,915) |
Total Liabilities & Stockholders' Deficit | $ 27,404,815 | $ 27,950,891 |
See notes that are contained in the Company's 10K and 10Q filings. | ||
BACTERIN INTERNATIONAL HOLDINGS, INC. | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
For the Three Months Ended March 31, | ||
2015 | 2014 | |
Operating activities: | ||
Net loss | $ (4,176,804) | $ (4,140,256) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 235,124 | 169,148 |
Non-cash interest | 135,002 | (13,285) |
Non-cash consideration associated with stock purchase agreement | 558,185 | 0 |
Loss (Gain) on sale of fixed assets | (16,415) | 0 |
Amortization of debt discount | 424,387 | 359,087 |
Non-cash consulting expense/stock option expense | 229,984 | 322,222 |
Provision for losses on accounts receivable and inventory | (209,891) | 168,120 |
Loss in derivative warrant liability | 462,208 | 1,485,729 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (993,821) | (836,581) |
Inventories | 147,747 | 238,565 |
Prepaid and other assets | (152,026) | (340,689) |
Accounts payable | 610,718 | 1,444,605 |
Accrued liabilities | 667,326 | (1,045,554) |
Net cash used in operating activities | (2,078,276) | (2,188,889) |
Investing activities: | ||
Purchases of property and equipment and intangible assets | (48,768) | (54,933) |
Proceeds from sale of fixed assets | 16,415 | 36,073 |
Net cash used in investing activities | (32,353) | (18,860) |
Financing activities: | ||
Proceeds from the issuance of debt | 0 | 4,000,000 |
Payments on long-term debt | (171,687) | (29,193) |
Payments on capital leases | (36,335) | (40,776) |
Net proceeds from issuance of stock | 750,000 | 0 |
Net cash provided by financing activities | 541,978 | 3,930,031 |
Net change in cash and cash equivalents | (1,568,651) | 1,722,282 |
Cash and cash equivalents at beginning of period | 4,468,208 | 3,046,340 |
Cash and cash equivalents at end of period | $ 2,899,557 | $ 4,768,622 |
See notes that are contained in the Company's 10K and 10Q filings. | ||
BACTERIN INTERNATIONAL HOLDINGS, INC. | ||
Calculation of EBIDTA | ||
For the three months ended | ||
March 31, | ||
2015 | 2014 | |
Loss from Operations before Impairment | (1,732,670) | (1,192,000) |
Non-Cash Compensation | 229,984 | 307,668 |
Depreciation & Amortization | 235,124 | 169,148 |
EBIDTA | (1,267,561) | (715,184) |
CONTACT: Investor Contact: COCKRELL GROUPRich Cockrell 877-889-1972 investorrelations@thecockrellgroup.com cockrellgroup.com