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OSTEOTECH REVENUES UP 71 PERCENT FOR QUARTER ENDED SEPT. 30, 1992

 OSTEOTECH REVENUES UP 71 PERCENT FOR QUARTER ENDED SEPT. 30, 1992
 SHREWSBURY, N.J., Oct. 29 /PRNewswire/ -- Osteotech, Inc. (NASDAQ: OSTE), announced today that revenues increased 71 percent to $4,072,000 in the third quarter ended Sept. 30, 1992, as compared to $2,381,000 for the same period last year. Net income for the quarter was $51,000 or $.01 per share compared to net income of $159,000 or $.02 per share in 1991.
 During the first nine months of 1992, revenues were $10,762,000, representing a 55 percent increase over revenues of $6,965,000 in 1991. Net income was $144,000 or $.02 per share (including a one-time pretax benefit, which was reported in the first quarter of 1992, of $670,000 from the settlement of a joint development agreement) compared to net income of $551,000 or $.09 per share in the same period last year.
 The revenue increases, which were primarily attributable to the continued expansion of Grafton(TM) Allogenic Bone Matrix and to HC Implants, represent the highest three-month and nine-month performance in the company's history. The continued investment in building the marketing organization and in research and development resulted in the earnings decline in the third quarter and nine months ended Sept. 30, 1992. Earnings in the fourth quarter of 1992 are expected to improve over the third quarter as sales continue to build.
 Patrick McBrayer, president and chief executive officer of Osteotech, stated, "We are very pleased with the company's third quarter results. The investment the company made in the expansion of its marketing force, earlier in the year, has resulted in excellent revenue performance and the company's return to profitability in the third quarter. As a result of this investment, the company had previously reported a loss before nonrecurring income of $345,000 in the first quarter of 1992 and a loss of $232,000 in the second quarter of 1992. The company's allograft processing business continues to be strong and Grafton continues to be well received."
 He further said, "We are also very pleased with the progress being made by our ceramic and biomaterial operations as they prepare to introduce new products over the next six months."
 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 biologic and biomaterial products for musculoskeletal surgery.
 OSTEOTECH, INC.
 Consolidated Summary Financial Information
 (Unaudited; in thousands except per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992(A) 1991
 Revenues:
 Service $3,521 $2,212 $ 9,431 $6,471
 Product 479 169 1,185 494
 Grant 72 -- 146 --
 Total 4,072 2,381 10,762 6,965
 Costs and expenses:
 Cost of sales 1,946 1,371 5,526 4,004
 Marketing, general &
 administrative 1,606 773 4,697 2,183
 Research and development 742 382 1,916 962
 Total 4,294 2,526 12,139 7,149
 Other income (expense):
 Interest income, net 204 307 760 742
 Gain on termination of joint
 development agreement -- -- 670 --
 Other 80 -- 94 --
 Total 284 307 1,524 742
 Income before income taxes
 and cumulative effect of
 accounting change 62 162 147 558
 Provision for income taxes:
 Provision before benefit of net
 operating loss carryforward 70 68 208 234
 Benefit of utilization of net
 operating loss carryforward (59) (65) (190) (227)
 Total 11 3 18 7
 Income before cumulative
 effect of a change in
 accounting principle 51 159 129 551
 Cumulative effect of change in
 accounting for income taxes -- -- 15 --
 Net income $ 51 $ 159 $ 144(B) $ 551
 Net income per share $.01 $.02 $.02 $.09
 Shares used in computing net
 income per share 8,116,092 7,830,785 8,174,132 6,346,273
 (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 on termination of a joint development agreement.
 -0- 10/29/92
 /CONTACT: Michael J. Jeffries of Osteotech, 908-542-2800/
 (OSTE) CO: Osteotech, Inc. ST: New Jersey IN: MTC SU: ERN


GK-LR -- NY013 -- 6450 10/29/92 09:46 EST
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Date:Oct 29, 1992
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