OraSure Technologies, Inc. (Nasdaq:OSUR), a market leader in oral
fluid diagnostics, today announced its consolidated financial
results for the full-year and fourth quarter of 2012.
Quarterly Highlights
- Consolidated net revenues were $87.8 million for the full-year
2012, a 7% increase from the comparable period of 2011. Net
revenues for the current period included $14.3 million from the
Company's molecular collection systems subsidiary, DNA Genotek Inc.
("DNAG"), acquired in August 2011. DNAG net revenues from the
August 17, 2011 acquisition date through December 31, 2011 were
$6.2 million.
- Consolidated net revenues were $22.1 million for the fourth
quarter of 2012, a 7% decrease from the comparable quarter of
2011. This decrease was primarily the result of lower sales of
the Company's substance abuse testing and cryosurgical systems
products.
- Consolidated net loss for the year ended December 31, 2012 was
$15.1 million, or $0.29 per share, which compares to a net loss of
$8.8 million, or $0.19 per share, for 2011. The full-year net
loss for 2012 included $9.9 million in costs associated with the
commercialization of the Company's OraQuick® In-Home HIV test.
- Consolidated net loss for the fourth quarter of 2012 was $5.9
million, or $0.11 per share, which compares to net income of
$115,000, or $0.00 per share, for the fourth quarter of
2011. The fourth quarter 2012 net loss included $5.2 million
in costs associated with the OraQuick® In-Home HIV test
commercialization.
- Included in the 2012 full-year and fourth quarter revenues were
gross sales of the OraQuick® In-Home test of $902,000, which
were reduced by trade spend, cash discounts and an estimate for
returns and allowances resulting in net revenues of $546,000
recorded for each period. Revenue for this product is
recognized upon the consummation of a sale to a retail customer
either in a store or over the internet.
- Cash totaled $87.9 million at December 31, 2012 compared to
$23.9 million at December 31, 2011.
"The highlight of 2012 was the receipt of FDA approval of our
OraQuick® In-Home test," said Douglas A. Michels,
President and CEO of OraSure Technologies. "We now have the
first and only rapid HIV test available for use by consumers.
During the fourth quarter, we launched our national public
relations and advertising campaign and began selling this product
to retailers across the country. Apart from the commercial
opportunity for our Company, we believe the OraQuick® In-Home HIV
test will significantly benefit public health by offering
individuals who might not otherwise get tested a simple and
confidential way to learn their HIV status in the comfort of their
own homes."
Financial Results
Net product revenues for the year ended December 31, 2012
increased 6% primarily as a result of a full year of molecular
collection system sales and higher cryosurgical systems
sales. These increases were partially offset by lower sales of
the Company's infectious disease testing, substance abuse testing
and insurance risk assessment products. Product revenues for the
quarter ended December 31, 2012 decreased 7% primarily as a result
of lower sales of the Company's substance abuse testing and
cryosurgical systems products. These decreases were partially
offset by higher sales of infectious disease testing and molecular
collection systems products.
Licensing and product development revenues for the year ended
December 31, 2012 increased to $2.1 million from $1.2 million for
the full-year of 2011. This increase was primarily attributed to a
$1.0 million milestone payment received under the Company's HCV
collaboration agreement with Merck, partially offset by lower
royalties under a license related to the Company's cryosurgical
patents. The HCV collaboration with Merck has since been
terminated. Licensing and product development revenues for the
fourth quarter of 2012 and 2011 were $198,000 and $191,000,
respectively, reflecting royalties related to the Company's
cryosurgical patents.
Consolidated gross margin for each of the years ended December
31, 2012 and 2011 was 63%. Consolidated gross margin for the
three months ended December 31, 2012 was 60% compared to 62% for
the three months ended December 31, 2011. The current quarter gross
margin was negatively impacted by a change in product mix and
a decline in the absorption of labor and overhead
costs.
For the year ended December 31, 2012, consolidated operating
expenses were $71.8 million, an increase over the $61.1 million
reported for the year ended December 31, 2011. This increase
resulted from the inclusion of a full-year of DNAG operating
expenses and $9.9 million of costs related to the OraQuick® In-Home
HIV Test commercialization. These increases were partially offset
by lower clinical trial costs related to the Company's OraQuick®
In-Home HIV test.
Consolidated operating expenses increased to $19.4 million for
the fourth quarter of 2012, from $14.9 million in the comparable
period of 2011. This increase was the result of higher costs
related to the commercialization of the Company's OraQuick® In-Home
HIV test. The current quarter expenses included $5.2 million
of promotional and advertising costs related to this product.
For the year and three months ended December 31, 2012, the
Company recorded an income tax benefit of $1.4 million and
$259,000, respectively, associated with the DNAG loss before income
taxes and certain Canadian research and development and investment
tax credits. The income tax benefit recorded for the full year
of 2012 was negatively impacted by a second quarter adjustment to
the Company's Canadian deferred tax liability to reflect a change
in the enacted Canadian provincial income tax rates.
Cash totaled $87.9 million at December 31, 2012 compared to
$23.9 million at December 31, 2011. Working capital was $103.5
million at December 31, 2012 compared to $30.9 million at December
31, 2011. In July 2012, the Company completed a secondary
offering of 6.1 million shares of its common stock, resulting in
net proceeds of $70.2 million after expenses of the offering.
First Quarter 2013 Outlook
The Company expects total consolidated net revenues to range
from $20.0 to $21.0 million and is projecting a consolidated net
loss of approximately $0.18 - $0.19 per share for the first quarter
of 2013.
Revenues projected for the first quarter of 2013 are expected to
be sequentially down from the fourth quarter of 2012 primarily as a
result of lower infectious disease testing sales to the
professional market. During the past several years, the first
quarter of each year has historically been the lowest revenue
quarter of the year for this part of the Company's base business,
while the fourth quarter has been the highest.
The projected net loss for the first quarter includes the impact
of the medical device tax imposed under the Affordable Care Act and
higher patent royalties payable on the Company's OraQuick®
professional products under a litigation settlement previously
reached with Alere (formerly Inverness Medical) in 2009. In
addition, this projection includes approximately $7.3 million in
advertising and promotional costs related to the Company's
OraQuick® In-Home HIV test.
Financial Data
Condensed Consolidated
Financial Data |
(In thousands, except
per-share data) |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
Three months
ended |
Year
ended |
|
December
31, |
December
31, |
|
2012 |
2011 |
2012 |
2011 |
Results of Operations |
|
|
|
|
Net revenues |
$ 22,144 |
$ 23,690 |
$ 87,820 |
$ 81,881 |
Cost of products sold |
8,893 |
9,094 |
32,249 |
30,164 |
Gross profit |
13,251 |
14,596 |
55,571 |
51,717 |
Operating expenses: |
|
|
|
|
Research and development |
2,893 |
3,297 |
12,445 |
18,407 |
Sales and marketing |
11,597 |
6,357 |
37,087 |
22,383 |
General and administrative |
4,911 |
5,222 |
22,309 |
20,325 |
Total operating expenses |
19,401 |
14,876 |
71,841 |
61,115 |
Operating loss |
(6,150) |
(280) |
(16,270) |
(9,398) |
Other income (expense) |
25 |
(158) |
(242) |
(312) |
Loss before income taxes |
(6,125) |
(438) |
(16,512) |
(9,710) |
Income tax benefit |
(259) |
(553) |
(1,397) |
(869) |
Net income (loss) |
$ (5,866) |
$ 115 |
$ (15,115) |
$ (8,841) |
Earnings (loss) per share: |
|
|
|
|
Basic and Diluted |
$ (0.11) |
$ -- |
$ (0.29) |
$ (0.19) |
|
|
|
|
|
Weighted average shares: |
|
|
|
|
Basic |
55,224 |
47,264 |
51,457 |
46,908 |
Diluted |
55,224 |
48,893 |
51,457 |
46,908 |
|
Summary of Revenues by
Market and Product (Unaudited) |
|
|
|
|
|
|
|
Three Months
Ended December 31, |
|
Dollars |
|
Percentage of Net
Revenues |
Market |
2012 |
2011 |
% Change |
2012 |
2011 |
|
|
|
|
|
|
Infectious disease testing |
$ 11,846 |
$ 11,592 |
2% |
54% |
49% |
Substance abuse testing |
2,101 |
3,487 |
(40) |
9 |
15 |
Cryosurgical systems |
2,696 |
3,139 |
(14) |
12 |
13 |
Molecular collection systems |
4,266 |
4,194 |
2 |
19 |
17 |
Insurance risk assessment |
1,037 |
1,087 |
(5) |
5 |
5 |
Net product revenues |
21,946 |
23,499 |
(7) |
99 |
99 |
Licensing and product development |
198 |
191 |
4 |
1 |
1 |
Net revenues |
$ 22,144 |
$ 23,690 |
(7)% |
100% |
100% |
|
Year Ended
December 31, |
|
Dollars |
|
Percentage of
Total Revenues |
Market |
2012 |
2011 |
% Change |
2012 |
2011 |
|
|
|
|
|
|
Infectious disease testing |
$ 42,728 |
$ 44,691 |
(4)% |
49% |
55% |
Substance abuse testing |
9,407 |
12,498 |
(25) |
11 |
15 |
Cryosurgical systems |
14,876 |
12,046 |
23 |
17 |
15 |
Molecular collection systems |
14,258 |
6,216 |
129 |
16 |
8 |
Insurance risk assessment |
4,484 |
5,232 |
(14) |
5 |
6 |
Net product revenues |
85,753 |
80,683 |
6 |
98 |
99 |
Licensing and product development |
2,067 |
1,198 |
73 |
2 |
1 |
Net revenues |
$ 87,820 |
$ 81,881 |
7% |
100% |
100% |
|
|
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
OraQuick® Revenues |
2012 |
2011 |
% Change |
2012 |
2011 |
% Change |
|
|
|
|
|
|
|
Domestic HIV |
$ 9,157 |
$ 9,775 |
(6)% |
$34,265 |
$ 38,722 |
(12)% |
International HIV |
773 |
721 |
7 |
3,061 |
3,011 |
2 |
Domestic HIV OTC |
546 |
-- |
N/A |
546 |
-- |
N/A |
Domestic HCV |
847 |
426 |
99 |
2,805 |
890 |
215 |
International HCV |
326 |
387 |
(16) |
1,059 |
672 |
58 |
Net OraQuick® revenues |
$ 11,649 |
$ 11,309 |
3% |
$41,736 |
$ 43,295 |
(4)% |
|
|
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
Intercept® Revenues |
2012 |
2011 |
% Change |
2012 |
2011 |
% Change |
|
|
|
|
|
|
|
Domestic |
$ 1,354 |
$ 2,096 |
(35)% |
$ 6,335 |
$ 8,004 |
(21)% |
International |
90 |
439 |
(79) |
706 |
1,912 |
(63) |
Net Intercept® revenues |
$ 1,444 |
$ 2,535 |
(43)% |
$ 7,041 |
$ 9,916 |
(29)% |
|
|
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
Cryosurgical Systems
Revenues |
2012 |
2011 |
% Change |
2012 |
2011 |
% Change |
|
|
|
|
|
|
|
Professional domestic |
$ 1,818 |
$ 1,678 |
8% |
$ 7,159 |
$ 6,775 |
6% |
Professional international |
352 |
412 |
(15) |
1,462 |
1,400 |
4 |
Over-the-Counter |
526 |
1,049 |
(50) |
6,255 |
3,871 |
62 |
Net cryosurgical systems revenues |
$ 2,696 |
$ 3,139 |
(14)% |
$14,876 |
$ 12,046 |
23% |
|
|
|
Condensed Consolidated Balance
Sheets |
|
|
(Unaudited) |
December 31,
2012 |
December 31,
2011 |
Assets |
|
|
|
|
|
Cash |
$ 87,888 |
$ 23,878 |
Accounts receivable, net |
17,545 |
17,159 |
Inventories |
12,758 |
9,621 |
Other current assets |
2,212 |
2,178 |
Property and equipment, net |
18,546 |
19,855 |
Intangible assets, net |
27,207 |
30,383 |
Goodwill |
25,445 |
24,740 |
Other non-current assets |
124 |
47 |
Total assets |
$ 191,725 |
$ 127,861 |
|
|
|
Liabilities and Stockholders' Equity |
|
|
Current portion of long-term debt |
$ -- |
$ 7,292 |
Accounts payable |
3,380 |
4,142 |
Deferred revenue |
5,580 |
1,318 |
Accrued expenses |
7,960 |
9,224 |
Other non-current liabilities |
89 |
-- |
Deferred income taxes |
4,401 |
5,636 |
Stockholders' equity |
170,315 |
100,249 |
Total liabilities and stockholders'
equity |
$ 191,725 |
$ 127,861 |
|
Year
ended |
|
December
31, |
Additional Financial
Data (Unaudited) |
2012 |
2011 |
|
|
|
Capital expenditures |
$ 2,019 |
$ 2,505 |
Net proceeds from public offering |
$ 70,245 |
$ -- |
Acquisition of DNA Genotek, Inc., net of cash
acquired |
$ -- |
$ 49,730 |
Depreciation and amortization |
$ 7,250 |
$ 4,891 |
Stock based compensation |
$ 5,197 |
$ 4,100 |
Cash used in operating activities |
$ 5,372 |
$ 2,994 |
Conference Call
The Company will host a conference call and audio webcast to
discuss the Company's 2012 fourth quarter and full year financial
results, business developments and financial guidance for the first
quarter of 2013, beginning today at 5:00 p.m. Eastern Time (2:00
p.m. Pacific Time). On the call will be Douglas A. Michels,
President and Chief Executive Officer, Ronald H. Spair, Chief
Financial Officer and Chief Operating Officer and Kathy Weber,
Senior Vice President and General Manager, Consumer Products. The
call will include prepared remarks by management and a question and
answer session.
In order to listen to the conference call, please either dial
877-348-9357 (Domestic) or 970-315-0488 (International) and
reference Conference ID #87367276 or go to OraSure Technologies'
web site, www.orasure.com, and click on the Investor Info link. A
replay of the call will be archived on OraSure Technologies' web
site shortly after the call has ended and will be available for
seven days. A replay of the call can also be accessed until
February 13, 2013, by dialing 855-859-2056 (Domestic) or
404-537-3406 (International) and entering the Conference ID
#87367276.
About OraSure Technologies
OraSure Technologies is a leader in the development, manufacture
and distribution of oral fluid diagnostic and collection devices
and other technologies designed to detect or diagnose critical
medical conditions. Its innovative products include rapid tests for
the detection of antibodies to HIV and HCV at the point of care and
testing solutions for detecting various drugs of abuse. In July
2012, the Company received approval from the U.S. Food and Drug
Administration for the Company's OraQuick® In-Home HIV Test for
sale directly to consumers in the over-the-counter (OTC) market –
making it the first and only rapid OTC HIV test approved in the
U.S. In addition, the Company is a leading provider of oral fluid
sample collection, stabilization and preparation products for
molecular diagnostic applications. OraSure's portfolio of products
is sold globally to various clinical laboratories, hospitals,
clinics, community-based organizations and other public health
organizations, research and academic institutions, distributors,
government agencies, physicians' offices, and commercial and
industrial entities. The Company's products enable healthcare
providers to deliver critical information to patients, empowering
them to make decisions to improve and protect their
health. For more information on OraSure Technologies, please
visit www.orasure.com.
The OraSure Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6440
Important Information
This press release contains certain forward-looking statements,
including with respect to expected revenues and earnings/loss per
share. Forward-looking statements are not guarantees of future
performance or results. Known and unknown factors that could cause
actual performance or results to be materially different from those
expressed or implied in these statements include, but are not
limited to: ability to market and sell products, whether through an
internal, direct sales force or third parties; ability to
manufacture products in accordance with applicable specifications,
performance standards and quality requirements; ability to obtain,
and timing and cost of obtaining, necessary regulatory approvals
for new products or new indications or applications for existing
products; ability to comply with applicable regulatory
requirements; changes in relationships, including disputes or
disagreements, with strategic partners or other parties and
reliance on strategic partners for the performance of critical
activities under collaborative arrangements; failure of
distributors or other customers to meet purchase forecasts or
minimum purchase requirements for the Company's products; impact of
replacing distributors and success of direct sales efforts;
inventory levels at distributors and other customers; ability to
integrate and realize the full benefits of the Company's
acquisition of DNA Genotek; ability of DNA Genotek to achieve its
financial and strategic objectives; ability to identify, complete,
integrate and realize the full benefits of future acquisitions;
impact of competitors, competing products and technology changes;
impact of the economic downturn, high unemployment and poor credit
conditions; reduction or deferral of public funding available to
customers; competition from new or better technology or lower cost
products; ability to develop, commercialize and market new
products, including the OraQuick® In-Home HIV Test; market
acceptance of oral fluid testing or other products; changes in
market acceptance of products based on product performance,
extended shelf life or other factors; ability to fund research and
development and other products and operations; ability to obtain
and maintain new or existing product distribution channels;
reliance on sole supply sources for critical product components;
availability of related products produced by third parties or
products required for use of our products; history of losses and
ability to achieve sustained profitability; ability to utilize net
operating loss carry forwards or other deferred tax assets;
volatility of our stock price; uncertainty relating to patent
protection and potential patent infringement claims; uncertainty
and costs of litigation relating to patents and other intellectual
property; availability of licenses to patents or other technology;
ability to enter into international manufacturing agreements;
obstacles to international marketing and manufacturing of products;
ability to sell products internationally, including the impact of
changes in international funding sources and testing algorithms;
adverse movements in foreign currency exchange rates; loss or
impairment of sources of capital; ability to retain qualified
personnel; exposure to product liability and other types of
litigation; changes in international, federal or state laws and
regulations; customer consolidations and inventory practices;
equipment failures and ability to obtain needed raw materials and
components; the impact of terrorist attacks and civil unrest; and
general political, business and economic conditions. These and
other factors are discussed more fully in the Company's
Securities and Exchange Commission filings, including its
registration statements, Annual Report on Form 10-K for the year
ended December 31, 2011, Quarterly Reports on Form 10-Q, and other
filings with the SEC. Although forward-looking statements help to
provide information about future prospects, readers should keep in
mind that forward-looking statements may not be reliable. The
forward-looking statements are made as of the date of this press
release and OraSure Technologies undertakes no duty to update these
statements.
CONTACT: Company Contact:
Ronald H. Spair
Chief Financial Officer
610-882-1820
Investorinfo@orasure.com
www.orasure.com
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