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OraSure Announces 2013 First Quarter Financial Results

Cash totaled $79.3 million at March 31, 2013 compared to $87.9 million at December 31, 2012. Working capital was $94.9 million at March 31, 2013 compared to $103.5 million at December 31, 2012. For the three months ended March 31, 2013, the Company used $7.7 million to fund operations, including the advertising and promotional activities related to the OraQuick® In-Home HIV test. 

Second Quarter 2013 Outlook

The Company expects consolidated net revenues to range from $23.5 to $24.0 million and is projecting a consolidated net loss of approximately $0.15 - $0.16 per share for the second quarter of 2013.

Financial Data

Condensed Consolidated Financial Data
(In thousands, except per-share data)
     
Unaudited
   
  Three months ended
  March 31,
  2013 2012
Results of Operations    
Net revenues  $ 21,164  $ 20,944
Cost of products sold  9,135  7,212
Gross profit  12,029  13,732
Operating expenses:    
Research and development  3,357  3,444
Sales and marketing  13,874  7,874
General and administrative  5,387  6,066
Total operating expenses  22,618  17,384
Operating loss  (10,589)  (3,652)
Other expense  (47)  (121)
Loss before income taxes  (10,636)  (3,773)
Income tax benefit  (410)  (521)
Net loss  $ (10,226)  $ (3,252)
Loss per share:    
Basic and Diluted  $ (0.18)  $ (0.07)
     
Weighted average shares:    
Basic and Diluted 55,449 47,807
 
Summary of Revenues by Market and Product (Unaudited)
           
  Three Months Ended March 31,
  Dollars   Percentage of Total Net Revenues
Market 2013 2012 % Change 2013 2012
           
Infectious disease testing  $ 10,687  $ 9,776 9% 49% 47%
Substance abuse testing  2,249  2,087 8 11 10
Cryosurgical systems  3,085  3,478 (11) 15 16
Molecular collection systems  3,932  3,298 19 19 16
Insurance risk assessment  1,009  1,099 (8) 5 5
Net product revenues  20,962  19,738 6 99 94
Licensing and product development  202  1,206 (83) 1 6
Net revenues  $ 21,164  $ 20,944 1% 100% 100%
   
  Three Months Ended
  March 31, 
OraQuick ® Revenues 2013 2012 % Change
       
Domestic HIV  $ 7,672  $ 8,148 (6)%
International HIV  554  660 (16)
Domestic HIV OTC  1,442  -- N/A
Domestic HCV  428  536 (20)
International HCV  240  282 (15)
Net OraQuick® revenues  $ 10,336  $ 9,626 7%
   
  Three Months Ended
  March 31, 
Intercept ® Revenues 2013 2012 % Change
       
Domestic  $ 1,274  $ 1,523 (16)%
International  388  46 743
Net Intercept® revenues  $ 1,662  $ 1,569 6%
   
  Three Months Ended
  March 31, 
Cryosurgical Systems Revenues 2013 2012 % Change
       
Professional domestic  $ 891  $ 1,371 (35)%
Professional international  348  287 21
Over-the-Counter  1,846  1,820 1
Net cryosurgical systems revenues  $ 3,085  $ 3,478 (11)%
     
Condensed Consolidated Balance Sheets (Unaudited) March 31, 2013 December 31, 2012
Assets    
     
Cash  $ 79,276  $ 87,888
Accounts receivable, net  16,955  17,545
Inventories  13,056  12,758
Other current assets  3,599  2,212
Property and equipment, net  18,297  18,546
Intangible assets, net  25,749  27,207
Goodwill  24,823  25,445
Other non-current assets  281  124
Total assets  $ 182,036  $ 191,725
     
Liabilities and Stockholders' Equity    
Accounts payable  $ 5,622  $ 3,380
Deferred revenue  5,611  5,580
Accrued expenses  6,756  7,960
Other non-current liabilities  249  89
Deferred income taxes  3,881  4,401
Stockholders' equity  159,917  170,315
Total liabilities and stockholders' equity  $ 182,036  $ 191,725
   
  Three months ended
  March 31, 
Additional Financial Data (Unaudited) 2013 2012
     
Capital expenditures  $ 480  $ 306
Depreciation and amortization  $ 1,602  $ 1,809
Stock based compensation  $ 1,394  $ 1,192
Cash used in operating activities  $ 7,674  $ 1,356

Conference Call

The Company will host a conference call and audio webcast to discuss the Company's 2013 first quarter financial results, business developments and financial guidance for the second 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 Kathleen Weber, Senior Vice President and General Manager, Consumer Products. The call will include prepared remarks by management and a question and answer session.

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