Bacterin International Holdings Inc., a developer, manufacturer and marketer of biologics products for medical applications, is preparing to report its seventh consecutive quarter of record revenue growth.
Based on preliminary unaudited information, the company said it expects to report second quarter 2011 revenue of approximately $7.5 million, a 134 percent increase compared to $3.2 million reported in the same year-ago quarter.
Bacterin attributes the revenue increase to growth in the number of domestic hospitals and new international accounts using Bacterin products, which stem from the company’s expanding direct and outside sales forces.
Guy Cook, Bacterin chairman and CEO, said the record revenue also reflects the significant operational process made during the quarter, including the launch of the company’s third human acellular biological scaffold.
“We expect this revenue momentum and domestic and international market expansion to continue building throughout the rest of the year, especially with the recent addition of Bacterin’s product line to ROI’s nationwide network of hospitals and medical practices,” Cook stated in the press release. “We also plan to leverage our direct sales force with new product lines that complement existing ones.”
The company successfully increased its working capital, which it will use for further product development, as well as to enhance its recently acquired Robinson MedSurg orthopedic implants with Bacterin anti-microbial coating technology.
Bacterin said it plans on submitting an application later this year to get FDA approval for its anti-microbial coatings technology.
For more information visit bacterin.com
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