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OraSure Announces 2013 Second Quarter Financial Results

BETHLEHEM, Pa., Aug. 7, 2013 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq:OSUR), a market leader in oral fluid diagnostics, today announced its consolidated financial results for the second quarter and six months ended June 30, 2013.

Financial Highlights

  • Consolidated net revenues for the second quarter of 2013 were $24.3 million, an 8% increase from the comparable quarter of 2012. Consolidated net revenues for the six months ended June 30, 2013 were $45.5 million, a 4% increase from the comparable period of 2012. During the quarter and the six month period, net product revenues increased 8% and 7%, respectively. These increases were primarily due to sales of the Company's OraQuick® In-Home HIV test and record sales from the Company's molecular collection systems subsidiary, DNA Genotek ("DNAG").  
  • Net revenues for the second quarter and first six months of 2013 included $2.1 million and $3.7 million in gross sales of the OraQuick® In-Home HIV test, respectively. These gross sales were reduced by customer allowances for cooperative advertising, cash discounts and other allowances, resulting in net revenues of $2.0 million and $3.4 million recorded in each respective period. There were no sales of this product in the comparable 2012 periods.  
  • Net revenues generated by DNAG during the second quarter of 2013 were $4.7 million, a 39% increase from the comparable period in 2012. DNAG net revenues during the six months ended June 30, 2013 were $8.6 million, a 29% increase from the comparable period in 2012. The increase in both periods was primarily the result of higher sales to commercial customers.  
  • Consolidated net loss for the second quarter of 2013 was $5.3 million, or $0.10 per share, which compares to a net loss of $3.6 million, or $0.07 per share, for the second quarter of 2012. Consolidated net loss for the six months ended June 30, 2013 was $15.5 million, or $0.28 per share, which compares to a net loss of $6.8 million, or $0.14 per share, for the comparable period of 2012. The net loss for the second quarter and first six months of 2013 included $5.4 million and $12.3 million in advertising and promotional expenses, respectively, associated with the Company's newly-launched OraQuick® In-Home HIV test.

"We are pleased with the Company's financial results for the second quarter," said Douglas A. Michels, President and CEO of OraSure Technologies, Inc. "A major contributor to this performance was the record level of revenues reported by our molecular collections subsidiary, DNA Genotek. We are also making good progress in commercializing the OraSure® In-Home HIV test, as we continue to refine our sales and marketing strategies to maximize the financial opportunity and health benefits offered by this important new product."

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