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.
- 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.