OraSure Technologies Inc. (OSUR, Financial) filed Quarterly Report for the period ended 2009-03-31.
OraSure Technologies Inc. is the market leader for oral fluid diagnostics. The Company develops manufactures and markets medical devices and diagnostic products for use by insurance companies public health agencies clinical laboratories physicians' offices and workplace sites. OraSure Technologies Inc. has a market cap of $172.4 million; its shares were traded at around $3.76 with and P/S ratio of 2.4.
Cash flow used in operating activities for the three months ended March 31, 2009 was $2.7 million compared to $3.7 million for the three months ended March 31, 2008. The decrease in cash used in operating activities is primarily the result of the collection of a large outstanding balance from one of our international customers during the first quarter of 2009. In addition, decreases in accounts payable and accrued expenses, offset by non-cash charges for stock-based compensation, depreciation and amortization, contributed to the cash used in operations during the first quarter of 2009. As of March 31, 2009, we had $78.6 million in cash, cash equivalents and short-term investments, a $3.9 million decrease from December 31, 2008.
Sales to the infectious disease testing market increased 10% to $10.5 million in the first quarter of 2009, primarily as a result of the continued strong performance of our OraQuick ADVANCEĀ® rapid HIV-1/2 antibody test in an increasingly competitive environment. OraQuickĀ® sales totaled $9.8 million and $8.9 million in the first quarters of 2009 and 2008, respectively. Sales of our OraSureĀ® oral fluid collection device totaled $693,000 and $627,000 in the first quarters of 2009 and 2008, respectively.
Sales of our HistofreezerĀ® product to physicians offices in the United States decreased 9% to $942,000 in the first quarter of 2009, as compared to $1.0 million in 2008. Sales of HistofreezerĀ® in the international market decreased 15% to $629,000 in the first quarter of 2009, as compared to $737,000 in 2008. The selling prices for our HistofreezerĀ® product are lower in some foreign countries due to differences in the healthcare systems in those countries. During 2008, some distributors in these countries purchased English-labeled
Interest expense increased slightly to $90,000 in the first quarter of 2009 from $83,000 in the first quarter of 2008. Interest income decreased to $335,000 in the first quarter of 2009 from $1.0 million in the first quarter of 2008, primarily as a result of lower yields earned on our investment portfolio and an overall conservative, shorter-term investment approach.
Net cash used in operating activities was $2.7 million in the first quarter of 2009, resulting from our net loss of $1.6 million for the quarter offset by non-cash charges for depreciation and amortization of $848,000, non-cash stock-based compensation expense of $1.1 million, and a provision for scrap and spoilage of $146,000. Also contributing to the use of cash were decreases in accounts payable of $1.3 million and accrued expenses of $2.6 million, largely due to payments of our 2008 year-end royalty obligations, Abbott termination fee,
Read the The complete ReportOSUR is in the portfolios of PRIMECAP Management.
OraSure Technologies Inc. is the market leader for oral fluid diagnostics. The Company develops manufactures and markets medical devices and diagnostic products for use by insurance companies public health agencies clinical laboratories physicians' offices and workplace sites. OraSure Technologies Inc. has a market cap of $172.4 million; its shares were traded at around $3.76 with and P/S ratio of 2.4.
Highlight of Business Operations:
During the three months ended March 31, 2009, our total revenues were $17.3 million, which represents a 5% decrease from the same period in 2008. Our net loss for the three months ended March 31, 2009 was $1.6 million, compared to net income of $2.0 million for the three months ended March 31, 2008. Our net income during the first three months of 2008 included a $4.9 million payment received from Schering-Plough Healthcare Products, Inc. (Schering-Plough) to resolve our patent infringement litigation against them, which was recorded as other income.Cash flow used in operating activities for the three months ended March 31, 2009 was $2.7 million compared to $3.7 million for the three months ended March 31, 2008. The decrease in cash used in operating activities is primarily the result of the collection of a large outstanding balance from one of our international customers during the first quarter of 2009. In addition, decreases in accounts payable and accrued expenses, offset by non-cash charges for stock-based compensation, depreciation and amortization, contributed to the cash used in operations during the first quarter of 2009. As of March 31, 2009, we had $78.6 million in cash, cash equivalents and short-term investments, a $3.9 million decrease from December 31, 2008.
Sales to the infectious disease testing market increased 10% to $10.5 million in the first quarter of 2009, primarily as a result of the continued strong performance of our OraQuick ADVANCEĀ® rapid HIV-1/2 antibody test in an increasingly competitive environment. OraQuickĀ® sales totaled $9.8 million and $8.9 million in the first quarters of 2009 and 2008, respectively. Sales of our OraSureĀ® oral fluid collection device totaled $693,000 and $627,000 in the first quarters of 2009 and 2008, respectively.
Sales of our HistofreezerĀ® product to physicians offices in the United States decreased 9% to $942,000 in the first quarter of 2009, as compared to $1.0 million in 2008. Sales of HistofreezerĀ® in the international market decreased 15% to $629,000 in the first quarter of 2009, as compared to $737,000 in 2008. The selling prices for our HistofreezerĀ® product are lower in some foreign countries due to differences in the healthcare systems in those countries. During 2008, some distributors in these countries purchased English-labeled
Interest expense increased slightly to $90,000 in the first quarter of 2009 from $83,000 in the first quarter of 2008. Interest income decreased to $335,000 in the first quarter of 2009 from $1.0 million in the first quarter of 2008, primarily as a result of lower yields earned on our investment portfolio and an overall conservative, shorter-term investment approach.
Net cash used in operating activities was $2.7 million in the first quarter of 2009, resulting from our net loss of $1.6 million for the quarter offset by non-cash charges for depreciation and amortization of $848,000, non-cash stock-based compensation expense of $1.1 million, and a provision for scrap and spoilage of $146,000. Also contributing to the use of cash were decreases in accounts payable of $1.3 million and accrued expenses of $2.6 million, largely due to payments of our 2008 year-end royalty obligations, Abbott termination fee,
Read the The complete ReportOSUR is in the portfolios of PRIMECAP Management.
