OraSure Technologies Inc. (OSUR, Financial) filed Quarterly Report for the period ended 2010-06-30.
Orasure Technologies Inc. has a market cap of $205.6 million; its shares were traded at around $4.45 with and P/S ratio of 2.7. OSUR is in the portfolios of Manning & Napier Advisors, Inc, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.
Cash flow used in operating activities for the six months ended June 30, 2010 was $3.1 million compared to the $1.6 million used in operating activities for the six months ended June 30, 2009. As of June 30, 2010, we had $74.5 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009.
Total revenues increased 11% to $19.2 million in the second quarter of 2010 from $17.3 million in the comparable quarter of 2009 with sales increases experienced across all product lines. Revenues derived from products sold to customers outside the U.S. were $2.8 million and $3.4 million, or 14% and 20% of total revenues, in the second 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 increased 6% to $10.0 million in the second quarter of 2010. OraQuick® HIV sales totaled $9.6 million and $8.8 million in the second quarters of 2010 and 2009, respectively. Sales of our OraSure® oral fluid collection device totaled $409,000 and $630,000 in the second quarters of 2010 and 2009, respectively.
Interest expense decreased to $78,000 in the second quarter of 2010 from $90,000 in the second quarter of 2009 as a result of lower average debt balances. Interest income decreased to $49,000 in the second quarter of 2010 from $239,000 in the second 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 increased 8% to $37.2 million for the first six months of 2010 from $34.5 million in the comparable period in 2009. Increased sales in the cryosurgical systems and substance abuse testing markets and higher licensing and product development revenues were partially offset by lower revenues from our infectious disease testing and insurance risk assessment businesses. Revenues derived from products sold to customers outside the U.S. were $5.8 million, or 16% of total revenues, during the first six months of 2010 and $7.2 million, or 17% of total revenues, during the first six months of 2009. 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.
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Orasure Technologies Inc. has a market cap of $205.6 million; its shares were traded at around $4.45 with and P/S ratio of 2.7. OSUR is in the portfolios of Manning & Napier Advisors, Inc, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the six months ended June 30, 2010, our total revenues were $37.2 million, which represents an 8% increase from 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. In comparison to 2010, our 2009 revenues were negatively impacted by a manufacturing issue related to our OraQuick ADVANCE® rapid HIV-1/2 test, which was resolved during the third quarter of 2009. Our net loss for the six months ended June 30, 2010 was $2.7 million or $0.06 per share, compared to a net loss of $6.8 million or $0.15 per share for the six months ended June 30, 2009. The net loss for the first six months of 2009 included a $3.0 million pre-tax charge for the impairment of certain patents and product rights.Cash flow used in operating activities for the six months ended June 30, 2010 was $3.1 million compared to the $1.6 million used in operating activities for the six months ended June 30, 2009. As of June 30, 2010, we had $74.5 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009.
Total revenues increased 11% to $19.2 million in the second quarter of 2010 from $17.3 million in the comparable quarter of 2009 with sales increases experienced across all product lines. Revenues derived from products sold to customers outside the U.S. were $2.8 million and $3.4 million, or 14% and 20% of total revenues, in the second 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 increased 6% to $10.0 million in the second quarter of 2010. OraQuick® HIV sales totaled $9.6 million and $8.8 million in the second quarters of 2010 and 2009, respectively. Sales of our OraSure® oral fluid collection device totaled $409,000 and $630,000 in the second quarters of 2010 and 2009, respectively.
Interest expense decreased to $78,000 in the second quarter of 2010 from $90,000 in the second quarter of 2009 as a result of lower average debt balances. Interest income decreased to $49,000 in the second quarter of 2010 from $239,000 in the second 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 increased 8% to $37.2 million for the first six months of 2010 from $34.5 million in the comparable period in 2009. Increased sales in the cryosurgical systems and substance abuse testing markets and higher licensing and product development revenues were partially offset by lower revenues from our infectious disease testing and insurance risk assessment businesses. Revenues derived from products sold to customers outside the U.S. were $5.8 million, or 16% of total revenues, during the first six months of 2010 and $7.2 million, or 17% of total revenues, during the first six months of 2009. 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.
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