EATONTOWN, N.J., Feb. 7 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE) announced today that preliminary fourth quarter 2006
consolidated revenues increased 16% to $25.4 million from $21.9 million in
fourth quarter 2005. Preliminary consolidated revenues for full-year 2006
were $99.2 million, an increase of 6% over full-year 2005 consolidated
revenues of $93.3 million. The increase in revenues in the fourth quarter
and year ended December 31, 2006 was primarily related to increased demand
for the Company's products and services.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
commented, "Throughout 2006, our goal was to achieve consistent quarterly
revenue performance and to develop a revenue baseline for our business. We
believe we have been successful in this endeavor and are now
well-positioned to strategically focus on growth from new products and
improving our distribution channel effectiveness. As we have previously
announced, we expect to invest approximately $4.0 million in our
distribution channel in 2007."
Osteotech anticipates releasing its fourth quarter and full-year 2006
financial results in early March 2007. The Company will also provide an
update on strategic initiatives at that time.
All statements relating to the Company's fourth quarter and full-year
2006 revenues contained in this release are preliminary and unaudited and
may change based on the completion by the Company's management and
independent auditors of customary year-end closing procedures.
Certain statements made throughout this press release that are not
historical facts contain forward-looking statements (as such are defined in
the Private Securities Litigation Reform Act of 1995) regarding the
Company's future plans, objectives and expected performance. Any such
forward-looking statements are based on assumptions that the Company
believes are reasonable, but are subject to a wide range of risks and
uncertainties and, therefore, there can be no assurance that actual results
may not differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, changes to preliminary
financial results caused by completion by the Company and its independent
auditors of customary year-end closing procedures, differences in
anticipated and actual product and service introduction dates, the ultimate
success of those products in the marketplace, the continued acceptance and
growth of current products and services, the impact of competitive products
and services, the availability of sufficient quantities of suitable donated
tissue and the success of cost control and margin improvement efforts.
Certain of these factors are detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission. All
information in this press release is as of February 7, 2007 and the Company
undertakes no duty to update this information.
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a leading
provider of human bone and bone connective tissue for transplantation and
an innovator in the development and marketing of biomaterial and implant
products for musculoskeletal surgery. For further information regarding
Osteotech or this press release, please go to Osteotech's website at
http://www.osteotech.com.
SOURCE Osteotech, Inc.
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Related links:
http://www.osteotech.com
http://www.prnewswire.com/comp/668050.html /
CONTACT:
Mark H. Burroughs, Osteotech, Inc.,
+1-732-542-2800
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