OraSure Technologies Inc. (OSUR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Orasure Technologies Inc. has a market cap of $201.9 million; its shares were traded at around $4.37 with and P/S ratio of 2.6. OSUR is in the portfolios of Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC, PRIMECAP Management.
Cash flow provided by operating activities for the nine months ended September 30, 2010 was approximately $241,000, compared to the $2.7 million provided by operating activities for the nine months ended September 30, 2009. As of September 30, 2010, we had $73.7 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009. During the third quarter of 2010, we paid $3.5 million in milestone payments pursuant to our HCV patent license agreement with certain third parties. These milestone payments were accrued and capitalized during the first half of the year.
Total revenues decreased 12% to $19.0 million in the third quarter of 2010 from $21.6 million in the comparable quarter of 2009. Increased sales in our cryosurgical and insurance risk assessment markets were offset by decreased sales in the infectious disease and substance abuse testing markets, as well as a decrease in licensing and product development revenues. Revenues derived from products sold to customers outside the U.S. were $2.6 million and $3.9 million, or 14% and 18% of total revenues, in the third quarters of 2010 and 2009, respectively. Because the majority of our international sales are denominated in U.S. dollars, the impact of fluctuating foreign currency exchange rates was not material to our operating results.
Sales to the infectious disease testing market decreased 20% to $10.8 million in the third quarter of 2010. OraQuick® HIV sales totaled $10.5 million and $13.2 million in the third quarters of 2010 and 2009, respectively.
Interest expense decreased to $78,000 in the third quarter of 2010 from $90,000 in the third quarter of 2009 as a result of lower average debt balances. Interest income decreased to $48,000 in the third quarter of 2010 from $116,000 in the third quarter of 2009, primarily as a result of lower yields earned on our investment portfolio, lower investment balances and an overall conservative, shorter-term investment approach.
Total revenues remained flat at $56.2 million for the first nine months of 2010 compared to $56.1 million in the comparable period of 2009. Increased sales in the cryosurgical systems market and higher licensing and product development revenues were offset by lower revenues from our infectious disease testing, substance abuse testing and insurance risk assessment businesses. Revenues derived from products sold to customers outside the U.S. were $8.5 million, or 15% of total revenues, during the first nine months of 2010, and $9.8 million, or 17% of total revenues, during the first nine months of 2009. Because the majority of our international sales are denominated in U
Read the The complete Report
Orasure Technologies Inc. has a market cap of $201.9 million; its shares were traded at around $4.37 with and P/S ratio of 2.6. OSUR is in the portfolios of Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC, PRIMECAP Management.
Highlight of Business Operations:
During the nine months ended September 30, 2010, our total revenues were $56.2 million, remaining relatively flat when compared to the same period in 2009. Our 2010 revenues include $2.0 million in milestone payments received under the terms of our collaboration agreement with Merck & Co., Inc. (formerly called Schering-Plough) (Merck) for the development and promotion of our OraQuick® rapid HCV test. Our net loss for the nine months ended September 30, 2010 was $2.5 million or $0.05 per share, compared to a net loss of $5.0 million or $0.11 per share for the nine months ended September 30, 2009. The net loss for the first nine months of 2009 included a $3.0 million pre-tax charge for the impairment of certain patent and product rights.Cash flow provided by operating activities for the nine months ended September 30, 2010 was approximately $241,000, compared to the $2.7 million provided by operating activities for the nine months ended September 30, 2009. As of September 30, 2010, we had $73.7 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009. During the third quarter of 2010, we paid $3.5 million in milestone payments pursuant to our HCV patent license agreement with certain third parties. These milestone payments were accrued and capitalized during the first half of the year.
Total revenues decreased 12% to $19.0 million in the third quarter of 2010 from $21.6 million in the comparable quarter of 2009. Increased sales in our cryosurgical and insurance risk assessment markets were offset by decreased sales in the infectious disease and substance abuse testing markets, as well as a decrease in licensing and product development revenues. Revenues derived from products sold to customers outside the U.S. were $2.6 million and $3.9 million, or 14% and 18% of total revenues, in the third quarters of 2010 and 2009, respectively. Because the majority of our international sales are denominated in U.S. dollars, the impact of fluctuating foreign currency exchange rates was not material to our operating results.
Sales to the infectious disease testing market decreased 20% to $10.8 million in the third quarter of 2010. OraQuick® HIV sales totaled $10.5 million and $13.2 million in the third quarters of 2010 and 2009, respectively.
Interest expense decreased to $78,000 in the third quarter of 2010 from $90,000 in the third quarter of 2009 as a result of lower average debt balances. Interest income decreased to $48,000 in the third quarter of 2010 from $116,000 in the third quarter of 2009, primarily as a result of lower yields earned on our investment portfolio, lower investment balances and an overall conservative, shorter-term investment approach.
Total revenues remained flat at $56.2 million for the first nine months of 2010 compared to $56.1 million in the comparable period of 2009. Increased sales in the cryosurgical systems market and higher licensing and product development revenues were offset by lower revenues from our infectious disease testing, substance abuse testing and insurance risk assessment businesses. Revenues derived from products sold to customers outside the U.S. were $8.5 million, or 15% of total revenues, during the first nine months of 2010, and $9.8 million, or 17% of total revenues, during the first nine months of 2009. Because the majority of our international sales are denominated in U
Read the The complete Report
