Osteotech Inc. (NSDQ:OSTE) posted lower sales and net losses for the first quarter.
The Eatontown, N.J.-based regenerative therapy developer’s revenues dropped to $22.5 million from $23.9 million, down 5.9 percent. Excluding revenues from of private label sales and client services, sales grew 2.4 percent to $21.6 million. Revenues from new products were $1.8 million during the three months ended March 31.
President and CEO Sam Owusu-Akyaw said that the company’s focus on marking its new Plexur M Innovative Grafting and MagniFuse Bone Graft products, along with new instrumentation for its FacetLinx Fusion Technology device, resulted in sequential revenue growth of 88 percent compared with the fourth quarter. Those products are slated for national launch during the second quarter.
Osteotech also said quarterly losses decreased due to lower year-over-year expenses. Net losses were $1.6 million, or 9 cents per diluted share, compared with net losses of $1.8 million, or 10 cents per share, during the first quarter of 2009.