Bacterin 2012 revenue climbs but losses also grow

Bacterin International, a maker of bone graft materials and medical coatings, booked $33 million in revenue for 2012, a steady improvement over the $30 million generated during 2011. But losses grew to $7.7 million, up from a $3 million net loss during the same period a year ago. Bacterin attributed the former to more aggressive sales efforts, and the latter to an "evolving" sales environment. The company said it had $12.1 million in cash and equivalents on hand as of Dec. 31, up from $7.8 million at the end of 2011, and it is relying on a $20 million credit facility from OrbiMed. Bacterin also recently faced two FDA warning letters, but CEO Guy Cook told FierceMedicalDevices that the company would continue to collaborate with the FDA to improve its internal systems. Release

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