This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

OraSure Announces 2014 First Quarter Financial Results

BETHLEHEM, Pa., May 7, 2014 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (Nasdaq:OSUR), a market leader in oral fluid diagnostics, today announced its consolidated financial results for the first quarter of 2014.

Financial Highlights

  • Consolidated net revenues for the first quarter of 2014 were $23.5 million, an 11% increase from the comparable quarter of 2013. Net product revenues increased 12% primarily due to higher revenues from the Company's molecular collection systems subsidiary, DNA Genotek ("DNAG"), and higher sales of the Company's OraQuick® HCV test, cryosurgical systems products, and OraQuick® In-Home HIV test.
  • Net revenues generated by DNAG during the first quarter of 2014 were $5.8 million, a 46% increase from the comparable period in 2013. This increase was the result of higher sales to both commercial and academic customers.
  • Net revenues for the Company's OraQuick® rapid HCV test reached $1.6 million for the first quarter of 2014, an increase of 133% from the comparable 2013 period. This growth reflects increasing demand for the product in both the domestic and international markets.
  • Gross sales of the Company's OraQuick® In-Home HIV test were $2.2 million for the first quarter of 2014 and $1.5 million in the first quarter of 2013. 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 $1.4 million recorded in each respective period. Revenues for these periods were not recorded using the same revenue recognition policy. In December 2013, the Company changed its policy from recognizing revenue upon consummation of a purchase by the consumer to recognizing revenue upon shipment to the retailer or distributor. Based on available point-of-sale data, unit purchases by consumers increased approximately 22% in the first quarter of 2014 compared to the first quarter of 2013.
  • Net cryosurgical systems revenues in the first quarter of 2014 were $4.0 million, a 29% increase over the first quarter of 2013. This increase was primarily due to higher sales in both the U.S. professional market and the international over-the-counter ("OTC") market.
  • Consolidated net loss for the first quarter of 2014 was $5.6 million, or $0.10 per share, which compares to a net loss of $10.2 million, or $0.18 per share, for the first quarter of 2013. The improvement in net loss for the quarter resulted primarily from the higher revenues and lower sales and marketing expenses.

"Solid revenue growth for the first quarter was in line with our projections and our bottom line performance was better than expected," said Douglas A. Michels, President and CEO of OraSure Technologies. "Our business growth continues to be driven primarily by the strong performance of our molecular collection systems business and by contributions from our OraQuick® HCV Test and OraQuick® In-Home HIV Test. We are pleased with our first quarter results and expect our performance to improve through the remainder of 2014."

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,143.77 +63.63 0.35%
S&P 500 2,125.19 +7.50 0.35%
NASDAQ 5,118.1670 +26.0820 0.51%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs