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OraSure Announces 2013 First Quarter Financial Results

Stocks in this article: OSUR

BETHLEHEM, Pa., May 8, 2013 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq:OSUR), a market leader in oral fluid diagnostics, today announced its consolidated financial results for the first quarter of 2013.

Quarterly Highlights

  • Consolidated net revenues were $21.2 million for the first quarter of 2013, a 1% increase from the comparable quarter of 2012. Net product revenues increased 6% primarily due to sales of the Company's OraQuick® In-Home HIV test and higher sales from the Company's molecular collection systems subsidiary, DNA Genotek ("DNAG").  
  • Included in the 2013 first quarter net revenues were $1.5 million in gross sales of the OraQuick®  In-Home HIV test, which were reduced by customer allowances for cooperative advertising, cash discounts and other allowances, resulting in net revenues of $1.4 million recorded for the period. Most revenue for this product is currently recognized upon the consummation of a sale to a retail customer either in a store or over the internet.  
  • Net revenues generated by DNAG during the first quarter of 2013 were $3.9 million, a 19% increase from the comparable period in 2012. This increase was primarily the result of higher sales to commercial customers.  
  • Consolidated net loss for the first quarter of 2013 was $10.2 million, or $0.18 per share, which compares to a net loss of $3.3 million, or $0.07 per share, for the first quarter of 2012. The net loss for the first quarter of 2013 included $6.9 million in advertising and promotional expenses for the Company's newly-launched OraQuick® In-Home HIV test.

"We are pleased to see the first quarter performance by our molecular collection systems business and the increasing sales of our OraQuick® In-Home HIV test," said Douglas A. Michels, President and Chief Executive Officer of OraSure Technologies, Inc. "We continue to refine our advertising and promotion strategies as we learn more about how consumers are responding to the availability of our In-Home HIV test."

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