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OraSure Announces Record Full-Year And Quarterly Revenues

Stocks in this article: OSUR

BETHLEHEM, Pa., Feb. 5, 2014 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq:OSUR), a market leader in oral fluid diagnostics, today announced its consolidated financial results for the full-year and fourth quarter of 2013.

Financial Highlights

  • The Company reported record revenues for both the fourth quarter and full-year 2013. Consolidated net revenues for the fourth quarter were $28.8 million, a 30% increase from the comparable quarter of 2012. Consolidated net revenues for the full-year were $98.9 million, a 13% increase from the comparable period of 2012. During the fourth quarter and full-year period, net product revenues increased 31% and 15%, respectively, compared to the year ago periods. These increases were primarily due to sales of the Company's OraQuick® In-Home HIV test (which included a non-recurring revenue adjustment described below) and higher revenues from the Company's molecular collection systems subsidiary, DNA Genotek ("DNAG").  
  • Gross sales of the Company's OraQuick® In-Home HIV test were $4.3 million and $9.9 million for the fourth quarter and full-year 2013, respectively. These gross sales included a non-recurring favorable $2.7 million adjustment made in December 2013 to account for a change in the Company's revenue recognition policy related to this product. The gross sales for the fourth quarter and full-year of 2013 were reduced by customer allowances for cooperative advertising, cash discounts and other allowances, resulting in net revenues of $3.9 million and $9.1 million recorded in each respective period. Gross and net sales of the Company's OraQuick® In-Home test for the fourth quarter and full-year 2012 were $902,000 and $546,000, respectively.  
  • Net revenues generated by DNAG during the fourth quarter of 2013 were $6.8 million, a 60% increase from the comparable period in 2012. DNAG net revenues for the full-year 2013 were $20.4 million, a 43% increase from 2012. The increases in both periods were primarily the result of higher sales to commercial customers.  
  • Net revenues for the Company's OraQuick® rapid HCV test reached $1.9 million for the fourth quarter and $5.1 million for the full-year 2013, representing increases of 65% and 32%, respectively, from the comparable 2012 periods. This growth reflects increasing demand for the product in both the domestic and international markets.  
  • Consolidated net income for the fourth quarter of 2013 was $6.2 million, or $0.11 per share, which compares to a net loss of $5.9 million, or $0.11 per share, for the fourth quarter of 2012. Consolidated net loss for the full-year 2013 was $11.2 million, or $0.20 per share, which compares to a net loss of $15.1 million, or $0.29 per share, for 2012. The results for the fourth quarter and full-year 2013 included $4.6 million and $18.8 million in advertising and promotional expenses, respectively, associated with the Company's OraQuick® In-Home HIV test. Also included in the results for both periods was an $8.3 million settlement payment received by the Company for the termination of the Company's oral fluid assay collaboration agreement with Roche Diagnostics.

"We are pleased with the Company's overall financial results and especially the solid revenue growth delivered in 2013," said Douglas A. Michels, President and CEO of OraSure Technologies. "Our molecular collection systems business was particularly strong, growing by more than 40% for the year. Infectious disease revenues also increased largely due to contributions from our newest products, the OraQuick® In-Home HIV test and the OraQuick® rapid HCV test. The transition to a new collaboration for the supply of high throughput homogeneous drug assays represents another highlight from the year that should enable growth in our substance abuse testing business."

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