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OSTEOTECH ANNOUNCES FIRST-QUARTER RESULTS

 OSTEOTECH ANNOUNCES FIRST-QUARTER RESULTS
 SHREWSBURY, N.J., April 29 /PRNewswire/ -- Osteotech, Inc. (NASDAQ: OSTE)


today announced that revenues in the first quarter of 1992 increased 29.2 percent over the first quarter of 1991 to $2,914,000 from $2,255,000.
 Net income also increased to $325,000 or $.04 per share (including a one- time pretax benefit of $670,000 from the settlement of a joint-development agreement) for the quarter ended March 31, 1992, compared to net income of $177,000 or $.03 per share in the first quarter of 1991.
 Patrick McBrayer stated that "the quarter's operating results were in accordance with expectations." He further said that the "company's revenues continued to expand as a result of the increase in the amount of tissue recovered by our clients and processed by the company for transplantation during the quarter, as well as initial positive results from the introduction of Grafton(TM) processed Allogeneic Bone Matrix." McBrayer also stated, "As a result of the company's planned expansion of the marketing and education force, earnings were reduced, as expected, by costs associated with the hiring and training of the new individuals. We do not expect the positive efforts of these new individuals to be reflected in the company's earnings before the third quarter," he said.
 Osteotech, Inc., headquartered in Shrewsbury, is a leading processor of human bone and bone connective tissue for transplantation and an innovator in the development of tissue-related biomaterials and pharmaceutical delivery systems for musculoskeletal surgery.
 OSTEOTECH, INC.
 Summary Financial Information
 (Unaudited; in thousands, except per-share data)
 Three months ended March 31 1992 1991
 Revenues:
 Service $2,733 $2,099
 Product 181 156
 Total 2,914 2,255
 Costs and expenses:
 Cost of sales 1,610 1,281
 Marketing, general and administrative 1,387 620
 Research and development 480 266
 Total 3,477 2,167
 Other income (expense):
 Interest income 224 133
 Interest expense (33) (41)
 Gain on termination of joint
 development agreement 670 --
 Other 19 --
 Total 880 92
 Income before income taxes and
 cumulative effect of accounting change 317 180
 Provision for income taxes:
 Provision before benefit of
 operating loss carryforward 138 75
 Benefit of utilization of net
 operating loss carryforward (131) (72)
 Total 7 3
 Income before cumulative effect of a
 change in accounting principle 310 177
 Cumulative effect of change in
 accounting for income taxes 15 --
 Net income 325(A) 177
 Net income per share $0.04 $0.03
 Shares used in computing
 net income per share 8,234,895 5,172,317
 (A) -- Includes a one-time benefit of $670,000 before income taxes from the gain on termination of a joint development agreement.
 -0- 4/29/92 R
 /CONTACT: Michael J. Jeffries of Osteotech, 908-542-2800/
 (OSTE) CO: Osteotech, Inc. ST: New Jersey IN: HEA SU: ERN


CK-OS -- NY018 -- 4332 04/29/92 11:42 EDT
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Date:Apr 29, 1992
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