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.
- 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.