OraSure Technologies, Inc. (NASDAQ:OSUR), a leader in point-of-care
diagnostic tests and specimen collection devices, today announced
its consolidated financial results for the first quarter ended
March 31, 2017.
Financial Highlights
- Consolidated net revenues for the first quarter of 2017 were
$32.5 million, a 12% increase from the first quarter of 2016. Net
product revenues were $31.5 million, representing a 25% increase
over the first quarter of 2016.
- Net molecular collection systems revenues were $10.7 million
during the first quarter of 2017, which represents a 55% increase
over the first quarter of 2016.
- Total OraQuick® HCV sales of $6.1 million for the first quarter
of 2017 increased 111% compared to the first quarter of 2016 and
included a 340% increase in international sales of the product from
the prior year quarter.
- Net revenues from international sales of the Company’s
OraQuick® HIV products were $2.6 million in the first quarter of
2017, representing a 210% increase over the first quarter of 2016.
- First quarter 2017 results include a $12.5 million pre-tax gain
related to the settlement of litigation against Ancestry.com DNA
LLC and its contract manufacturer, which was accounted for as a
reduction of operating expenses.
- The Company entered into a contract to supply more than $20
million of its saliva DNA collection devices, which represents the
largest supply contract in the history of the Company’s molecular
business.
- Consolidated net income for the first quarter of 2017 was $12.4
million, or $0.21 per share on a fully diluted basis, which
compares to consolidated net income of $2.4 million, or $0.04 per
share on a fully diluted basis, for the first quarter of
2016.
- Cash and short-term investments totaled $141.5 million and
working capital amounted to $162.2 million at March 31, 2017.
”We are extremely pleased with our financial performance and the
progress made on our growth objectives during the first quarter,”
said Douglas A. Michels, President and Chief Executive Officer of
OraSure Technologies, Inc. “Product sales increased 25% over
the prior year, led by strong results from our molecular
business. International sales of our OraQuick® HIV self-test
and OraQuick® HCV product were also significant contributors in the
quarter. Our business momentum remains strong and we are well
positioned to further capitalize on the exciting market
opportunities we are pursuing.”
Financial Results
Consolidated net product revenues for the first
quarter of 2017 increased 25% over the comparable period of 2016,
primarily as a result of higher sales of the Company’s molecular
products and higher international sales of the OraQuick® HIV
self-test and OraQuick® HCV product, partially offset by lower
domestic sales of the Company’s professional OraQuick® HIV product
and lower cryosurgical systems sales.
Consolidated other revenues were $1.1 million
and $3.8 million for the first quarter of 2017 and 2016,
respectively. Other revenues in the first quarter of 2017 included
$1.1 million of funding received from the U.S. Biomedical Advanced
Research Development Authority (“BARDA”). Other revenues in the
first quarter of 2016 included $482,000 of funding received from
BARDA and $3.4 million of exclusivity revenues recognized under the
Company’s HCV co-promotion agreement with AbbVie, which terminated
effective December 31, 2016.
Consolidated gross margin for the three months
ended March 31, 2017 was 62% compared to 70% for the three months
ended March 31, 2016. Gross margin for the current quarter
decreased due to the absence of exclusivity revenues, increased
scrap and spoilage costs, and a less favorable product
mix.
Consolidated operating expenses decreased to $4.4
million during the first quarter of 2017 compared to $17.6 million
in the first quarter of 2016. The decrease was primarily due
to the $12.5 million gain on the litigation settlement, the absence
of costs associated with the AbbVie HCV co-promotion agreement and
lower legal fees. These decreases were partially offset by higher
research and development expenses and increased general and
administrative costs.
The Company’s cash and short-term investment balance totaled
$141.5 million at March 31, 2017, compared to $120.9 million at
December 31, 2016. Working capital was $162.2 million at
March 31, 2017, compared to $139.1 million at December 31,
2016. For the three months ended March 31, 2017, the Company
generated $12.6 million in cash from operations.
Second Quarter 2017
Outlook
The Company expects consolidated net revenues to
range from $36.5 to $37.0 million and is projecting consolidated
net income of $0.07 to $0.08 per share for the second quarter of
2017.
Financial Data
Condensed Consolidated Financial
Data |
(In thousands, except per-share
data) |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
Three months ended |
|
March 31, |
|
|
2017 |
|
2016 |
|
Results of
Operations |
|
|
|
|
|
Net revenues |
|
$ |
32,546 |
|
$ |
29,089 |
|
Cost of products
sold |
|
12,236 |
|
8,776 |
|
Gross
profit |
|
20,310 |
|
20,313 |
|
Operating
expenses: |
|
|
|
|
|
Research
and development |
|
2,970 |
|
2,366 |
|
Sales and
marketing |
|
6,877 |
|
8,706 |
|
General
and administrative |
|
7,092 |
|
6,542 |
|
Gain on
litigation settlement |
|
(12,500) |
|
- |
|
Total
operating expenses |
|
4,439 |
|
17,614 |
|
Operating
income |
|
15,871 |
|
2,699 |
|
Other income
(expense) |
|
467 |
|
(192) |
|
Income before income
taxes |
|
16,338 |
|
2,507 |
|
Income tax expense |
|
3,897 |
|
61 |
|
Net income |
|
$ |
12,441 |
|
$ |
2,446 |
|
Earnings per
share: |
|
|
|
|
|
Basic |
|
$ |
0.22 |
|
$ |
0.04 |
|
Diluted |
|
$ |
0.21 |
|
$ |
0.04 |
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
Basic |
|
56,929 |
|
55,451 |
|
Diluted |
|
58,772 |
|
56,079 |
|
|
|
|
|
|
|
Summary of Net Revenues by Market and
Product (Unaudited)
|
|
Three Months Ended March
31, |
|
|
|
Dollars |
|
|
|
|
Percentage of Total Net Revenues |
|
Market |
2017 |
|
2016 |
|
% Change |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infectious
disease testing |
$ |
14,583 |
|
$ |
11,368 |
|
28 |
% |
45 |
% |
|
39 |
% |
Risk
assessment testing |
3,130 |
|
3,105 |
|
1 |
|
|
10 |
|
|
11 |
|
Cryosurgical systems |
3,063 |
|
3,882 |
|
(21) |
|
|
9 |
|
|
13 |
|
Molecular
collection systems |
10,706 |
|
6,890 |
|
55 |
|
|
33 |
|
|
24 |
|
|
Net product
revenues |
31,482 |
|
25,245 |
|
25 |
|
|
97 |
|
|
87 |
|
Other |
|
1,064 |
|
3,844 |
|
(72) |
|
|
3 |
|
|
13 |
|
|
Net revenues |
$ |
32,546 |
|
$ |
29,089 |
|
12 |
% |
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
HIV
Revenues |
2017 |
|
2016 |
|
% Change |
|
|
|
|
|
|
|
|
Domestic |
$ |
3,812 |
|
$ |
5,703 |
|
(33) |
% |
International |
2,644 |
|
854 |
|
210 |
|
Domestic OTC |
1,542 |
|
1,523 |
|
1 |
|
|
Net product
revenues |
$ |
7,998 |
|
$ |
8,080 |
|
(1) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
HCV
Revenues |
2017 |
|
2016 |
|
%Change |
|
|
|
|
|
|
|
|
Domestic |
$ |
1,709 |
|
$ |
1,900 |
|
(10) |
% |
International |
4,402 |
|
1,001 |
|
340 |
|
|
Net product
revenues |
6,111 |
|
2,901 |
|
111 |
|
Amortization of exclusivity payments |
- |
|
3,362 |
|
(100) |
|
|
Net HCV-related
revenues |
$ |
6,111 |
|
$ |
6,263 |
|
(2) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
Cryosurgical Systems Revenues |
2017 |
|
2016 |
|
% Change |
|
|
|
|
|
|
|
|
Domestic
professional |
$ |
1,496 |
|
$ |
1,554 |
|
(4) |
% |
International professional |
130 |
|
235 |
|
(45) |
|
Domestic
OTC |
285 |
|
378 |
|
(25) |
|
International OTC |
1,152 |
|
1,715 |
|
(33) |
|
|
Net product
revenues |
$ |
3,063 |
|
$ |
3,882 |
|
(21) |
% |
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
|
March 31, 2017 |
|
December 31, 2016 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
122,682 |
|
$ |
109,790 |
Short-term
investments |
18,776 |
|
11,160 |
Accounts receivable,
net |
24,005 |
|
19,827 |
Inventories |
12,707 |
|
11,799 |
Other current
assets |
2,365 |
|
3,865 |
Property and equipment,
net |
20,134 |
|
20,033 |
Intangible assets,
net |
9,779 |
|
10,337 |
Goodwill |
18,971 |
|
18,793 |
Other non-current
assets |
3,173 |
|
2,331 |
Total
assets |
$ |
232,592 |
|
$ |
207,935 |
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
Accounts payable |
$ |
7,286 |
|
$ |
4,633 |
Deferred revenue |
1,306 |
|
1,388 |
Other current
liabilities |
9,685 |
|
11,314 |
Other non-current
liabilities |
3,160 |
|
2,304 |
Deferred income
taxes |
2,330 |
|
2,446 |
Stockholders’
equity |
208,825 |
|
185,850 |
Total
liabilities and stockholders’ equity |
$ |
232,592 |
|
$ |
207,935 |
|
|
|
|
|
Three months ended |
March 31, |
Additional
Financial Data (Unaudited) |
2017 |
|
2016 |
|
|
|
|
Capital
expenditures |
$ |
878 |
|
$ |
1,593 |
Depreciation and
amortization |
$ |
1,408 |
|
$ |
1,354 |
Stock-based
compensation |
$ |
1,518 |
|
$ |
1,452 |
Cash provided by
operating activities |
$ |
12,619 |
|
$ |
4,744 |
|
|
|
|
Conference
Call
The Company will host a conference call and
audio webcast to discuss the Company’s 2017 first quarter financial
results, certain business developments and financial guidance for
the second quarter of 2017, 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, and Ronald H.
Spair, Chief Financial Officer and Chief Operating Officer. 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 844-831-3030 (Domestic) or 315-625-6887
(International) and reference Conference ID #3133897 or go to
OraSure Technologies' web site, www.orasure.com, and click on the
Investor Relations page. Please click on the webcast link and
follow the prompts for registration and access 10 minutes prior to
the call. 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 May 10, 2017, by dialing 855-859-2056 (Domestic) or
404-537-3406 (International) and entering the Conference ID
#3133897.
About OraSure
Technologies
OraSure Technologies is a leader in the
development, manufacture and distribution of point-of-care
diagnostic and collection devices and other technologies designed
to detect or diagnose critical medical conditions. Its
first-to-market, innovative products include rapid tests for the
detection of antibodies to HIV and HCV on the OraQuick® platform,
oral fluid sample collection, stabilization and preparation
products for molecular diagnostic applications, and oral fluid
laboratory tests for detecting various drugs of abuse. 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, commercial and industrial entities and consumers. The
Company's products enable healthcare providers to deliver critical
information to patients, empowering them to make decisions to
improve and protect their health.
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 our 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; ability to effectively resolve
warning letters, audit observations and other findings or comments
from the FDA or other regulators; 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; impact of increased reliance on U.S. government
contracts; failure of distributors or other customers to meet
purchase forecasts, historic purchase levels or minimum purchase
requirements for our products; impact of replacing distributors;
inventory levels at distributors and other customers; ability of
the Company to achieve its financial and strategic objectives and
continue to increase its revenues, including the ability to expand
international sales; ability to identify, complete, integrate and
realize the full benefits of future acquisitions; impact of
competitors, competing products and technology changes; impact of
negative economic conditions, high unemployment levels 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; market acceptance of oral fluid testing or
other products; changes in market acceptance of products based on
product performance or other factors, including changes in testing
guidelines, algorithms or other recommendations by the Centers for
Disease Control and Prevention (“CDC”) or other agencies; 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 products and
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 the Company’s 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 meet
financial covenants in credit agreements; ability to attract and
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 (“SEC”)
filings, including our registration statements, Annual Report on
Form 10-K for the year ended December 31, 2016, 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.
Company Contact:
Ronald H. Spair
Chief Financial Officer
610-882-1820
Investorinfo@orasure.com
www.orasure.com
OraSure Technologies (NASDAQ:OSUR)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
OraSure Technologies (NASDAQ:OSUR)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024