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OraSure Announces 2014 First Quarter Financial Results

Stocks in this article: OSUR

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."

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