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Osiris Therapeutics Announces Second Quarter 2013 Financial Results

Stocks in this article: OSIR

Osiris Therapeutics, Inc. (NASDAQ: OSIR), the leading stem cell company focused on developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets, announced today its results for the second quarter of 2013.

Highlights and Recent Developments

  • Product revenue for the quarter rose to $5.3 million - up 231% from the second quarter of 2012.
  • Gross profit increased to $3.8M for the quarter, on 245% from the second quarter of 2012.
  • Significantly advanced our multicenter, randomized, controlled trial evaluating the efficacy and safety of Grafix® in diabetic foot ulcers – now nearing completion of patient enrollment.
  • Expanded our overall commercial infrastructure, including the addition of direct sales representatives in sports medicine for Cartiform®.
  • Completed a 67 patient clinical evaluation of Grafix across multiple wound types, demonstrating an overall closure rate of 81% with a 71% closure rate in difficult to treat venous leg ulcers.
  • Ended the quarter with a strong cash, receivables and short-term investment position of $33.6 million.

“We are very pleased with the return our new sales team is delivering on our investments in commercial infrastructure as demonstrated by our continued revenue growth,” said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. “We are also excited about the progress of Protocol 302, our randomized, controlled clinical trial evaluating Grafix for chronic diabetic foot ulcers. By balancing our commercial and developmental activities, we continue to advance towards our goal of creating a profitable business in cell therapy by providing best-in-class products and service.”

Second Quarter Financial Results

Product revenues during the second quarter of 2013 were $5.3 million, compared to $1.6 million during the second quarter of 2012, an increase of 231%. Gross margin during the second quarter was 72% compared to 66% during the second quarter of 2012. Gross profit was $3.8 million during the second quarter of 2013 and $1.1 million during the same period of 2012. The net loss was $3.8 million in the second quarter of 2013 compared to $4.3 M during the second quarter of 2012. As of June 30, 2013, Osiris had $33.6 million in cash, receivables and short-term investments.

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