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OraSure Announces Full-Year And Fourth Quarter 2012 Financial Results

Stocks in this article: OSUR

BETHLEHEM, Pa., Feb. 6, 2013 (GLOBE NEWSWIRE) -- 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. 

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