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OSTEOTECH REPORTS 46 PERCENT INCREASE IN SIX MONTH REVENUES

 OSTEOTECH REPORTS 46 PERCENT INCREASE IN SIX MONTH REVENUES
 SHREWSBURY, N.J., Aug. 5 /PRNewswire/ -- Osteotech, Inc. (NASDAQ: OSTE) announced today that revenues increased approximately 46 percent to $6,660,000 in the six months ended June 30, 1992 as compared to $4,584,000 for the same period last year, which is the highest six month revenue performance in the company's history. Revenues for the second quarter ended June 30, 1992 increased approximately 62 percent to $3,776,000 from $2,329,000 in the same period last year, representing the best single quarter revenue performance in the company's history.
 Net income for the six months ended June 30, 1992 was $93,000 or $.01 per share (including a one time pretax benefit of $670,000 from the settlement of a joint-development agreement) compared to net income of $391,000 in the same period last year. The company also reported a net loss of $232,000 in the second quarter ended June 30, 1992, or ($.03) per share compared to net income of $214,000 or $.04 per share in the same period last year. These results were expected because of planned increased spending in research and marketing.
 Patrick McBrayer, president and chief executive officer of Osteotech, stated that "Actual six month performance and second quarter results (which include the results of HC Implants B.V., acquired by the company in the second quarter of 1992) were in accordance with expectations." He further said that "Revenues continue to expand as a result of the initial response to the introduction of Grafton(TM) processed Allogenic Bone Matrix and the increase in the amount of tissue recovered by our clients and processed by the company for transplantation." He also stated "as a result of the company's expansion of the marketing force and investment in new products, as expected, earnings were negatively impacted."
 Osteotech, Inc. headquartered in Shrewsbury, N.J., is a leading processor of human bone and bone connective tissue for transplantation and an innovator in the development of tissue products for musculoskeletal surgery.
 OSTEOTECH, INC.
 Summary of Financial Information
 (Unaudited - In thousands, except per share data)
 Periods ended Three Months Six Months
 June 30 1992(A) 1991 1992(A) 1991
 Revenues:
 Service $3,177 $2,160 $5,910 $4,259
 Product 525 169 706 325
 Grant 74 -- 74 --
 Total 3,776 2,329 6,690 4,584
 Costs and Expenses:
 Cost of sales 1,970 1,351 3,580 2,632
 Marketing, general
 and administrative 1,704 791 3,091 1,411
 R&D 694 314 1,174 580
 Total 4,368 2,456 7,845 4,623
 Other Income (Expense):
 Interest income, net 365 343 556 435
 Gain on termination
 of joint development
 agreement -- -- 670 --
 Other (5) -- 14 --
 Total 360 343 1,240 435
 Income (loss) before income
 taxes and cumulative effect
 of accounting change (232) 216 85 396
 Provision For Income Taxes:
 Provision before benefit of
 net oper. loss carryforward -- 91 138 166
 Benefit of utilization of net
 operating loss carryforward -- (89) (131) (161)
 Total -- 2 7 5
 Income (loss) before
 cumulative effect of a change
 in accounting principle (232) 214 78 391
 Cumulative effect of change in
 accounting for income taxes -- -- 15 --
 Net income (loss) $(232) $214 $93(B) $391
 Net income (loss) per share $(.03) $.04 $.01 $.07
 Shares used in computing
 net income (loss)
 per share 7,500,426 6,198,865 8,215,058 5,833,521
 (A) Includes the results of operations of HC Implants, B.V. since April 1, 1992.
 (B) Includes a one-time benefit of $670,000 before income taxes from the gain of termination of a joint development agreement.
 -0- 8/5/92
 /CONTACT: Michael J. Jeffries of Osteotech, 908-542-2800/
 (OSTE) CO: Osteotech, Inc. ST: New Jersey IN: MTC SU: ERN


PS-SM -- NY014 -- 6978 08/05/92 09:59 EDT
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Date:Aug 5, 1992
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