Net loss for the first quarter of 2012 was $1.3 million, compared to $1.9 million net loss during the first quarter of 2011. Cash and cash equivalents decreased $3.8 million over the fourth quarter of 2011, reflecting a payment of $5 million to Cross Medical as part of an agreement.
United States revenues were reported as $32.6 million, slightly less than the first quarter of 2011. U.S. hospital sales grew 3 percent, which was driven by biologics and minimally invasive products. International revenue was flat from last year to this year. Company CEO and Chairman Les Cross attributes the decreases to a challenging spine market.
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