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Osiris Therapeutics Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 10, 2012 05:35PM
Osiris Therapeutics Inc. (OSIR) filed Quarterly Report for the period ended 2012-03-31.
Highlight of Business Operations:Revenues from collaborative research agreements and royalties were $3.4 million for the three months ended March 31, 2012 compared to $10.4 million for the first quarter of fiscal 2011. During the three months ended March 31, 2012, we recognized the final $3.3 million in revenue from our collaborative agreement with Genzyme and $108,000 of royalty revenues. Revenues for the three months ended March 31, 2011 consisted primarily of $10.0 million from the Genzyme agreement, $240,000 from the JDRF collaboration and $115,000 of cost reimbursements from our expanded access program for adult acute Graft verse Host Disease.
During the three months ended March 31, 2012, we continued to expand our distribution efforts in our Biosurgery segment, both through in-house personnel as well as through our expanding distributor network. During the three months ended March 31, 2012, we recognized $1.1 million of product revenues from the distribution of Grafix and Ovation and realized gross profit of $750,000. Revenues from the distribution of Biosurgery products in the first fiscal quarter of 2011 were $37,000, and gross profit was $22,000. We are continuing to distribute a substantial amount of these products for clinical evaluation and expect commercial distribution to ramp up slowly until such time as we are able to build the commercial capabilities necessary to drive more widespread adoption. Until such time as we ramp up our Biosurgery manufacturing activities to fully utilize our manufacturing facilities, our costs to manufacture these products are likely to vary significantly.
General and administrative expenses were $1.5 million for the three months ended March 31, 2012 compared to $1.7 million for the corresponding period in fiscal 2011. We incurred $372,000 of sales, general and administrative expenses related to our Biosurgery segment during the three months ended March 31, 2012, compared to $197,000 in the corresponding period of fiscal 2011. General and administrative expenses incurred in our Therapeutics segment during the first quarter of fiscal 2012 were $1.2 million compared to $1.5 million in the corresponding period of fiscal 2011. This decrease is the result of our continued cost cutting efforts and the refinement of many of our general business processes.
Net cash used in operating activities for the three months ended March 31, 2012 was $4.0 million compared to $6.0 million in the corresponding fiscal period of the prior year. The 2012 net loss of $1.3 million was increased by the final amortization of deferred revenue, which was partially offset by $562,000 of non-cash expenses. Net cash used in operating activities during the first three months of 2011 reflect our net income of $4.0 million, which was offset primarily by reductions in deferred revenue and accounts payables and accrued expenses. Non-cash expenses incurred during the first quarter of 2011 were $793,000.
Cash provided by investing activities during the first three months of 2012 was $4.0 million compared to $6.0 million in the same period of the prior year. Cash provided by investing activities during both fiscal periods was primarily the result of the net sales of investment available for sale in order to provide funds for operating activities.
Stocks Discussed: OSIR,