OraSure Technologies Inc. (OSUR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Orasure Technologies Inc. has a market cap of $290.9 million; its shares were traded at around $6.3 with and P/S ratio of 3.7. 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 three months ended March 31, 2010 was $5.0 million compared to the $2.7 million used in operating activities for the three months ended March 31, 2009. As of March 31, 2010, we had $73.4 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009.
Total revenues increased 4% to $17.9 million in the first quarter of 2010 from $17.3 million in the comparable quarter in 2009. Increased sales in the cryosurgical systems market 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 $3.1 million and $2.4 million, or 17% and 14% of total revenues, in the first 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 9% to $9.5 million in the first quarter of 2010. OraQuick® sales totaled $9.1 million and $9.8 million in the first quarters of 2010 and 2009, respectively. Sales of our OraSure® oral fluid collection device totaled $412,000 and $693,000 in the first quarters of 2010 and 2009, respectively.
Interest expense decreased to $76,000 in the first quarter of 2010 from $90,000 in the first quarter of 2009 as a result of lower average debt balances. Interest income decreased to $42,000 in the first quarter of 2010 from $335,000 in the first 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.
The $5.0 million of net cash used in operating activities in the first quarter of 2010 represented an increase of $2.4 million when compared to the same period in 2009. This increase resulted from our net loss of $2.2 million and reduced scrap and spoilage of $89,000, partially offset by non-cash stock-based compensation expense of $891,000 and depreciation and amortization of $650,000. Also contributing to the higher net cash used in operations were increases in inventory and prepaid expenses of $375,000 and $673,000, respectively. Inventory increased largely due to increased raw material purchases for our cryosurgical product line to take advantage of price discounts on bulk purchases. Prepaid expenses increased primarily as a result of $530,000 in prepaid royalties recorded in the first quarter of 2010 associated with the termination and buy-out of a license and supply agreement with our HIV peptide supplier. Additional uses of cash during the first quarter of 2010 resulted from a decrease in accounts payable of $254,000 and a $4.5 million decrease in accrued expenses and other liabilities associated with payment of our 2009 royalty obligations, management incentive bonuses and other accruals. Offsetting these uses of cash during the quarter was a $1.6 million decrease in accounts receivable, resulting from the timely collections of amounts due and the decrease in product revenues experienced in the first quarter of 2010 as compared to the fourth quarter of 2009.
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Orasure Technologies Inc. has a market cap of $290.9 million; its shares were traded at around $6.3 with and P/S ratio of 3.7. OSUR is in the portfolios of Manning & Napier Advisors, Inc, PRIMECAP Management, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
During the three months ended March 31, 2010, our total revenues were $17.9 million, which represents a 4% increase from the same period in 2009. Revenues include a $1.0 million milestone payment we 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 three months ended March 31, 2010 was $2.2 million or $0.05 per share, compared to a net loss of $1.6 million or $0.04 per share for the three months ended March 31, 2009.Cash flow used in operating activities for the three months ended March 31, 2010 was $5.0 million compared to the $2.7 million used in operating activities for the three months ended March 31, 2009. As of March 31, 2010, we had $73.4 million in cash, cash equivalents and short-term investments, compared to $79.7 million at December 31, 2009.
Total revenues increased 4% to $17.9 million in the first quarter of 2010 from $17.3 million in the comparable quarter in 2009. Increased sales in the cryosurgical systems market 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 $3.1 million and $2.4 million, or 17% and 14% of total revenues, in the first 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 9% to $9.5 million in the first quarter of 2010. OraQuick® sales totaled $9.1 million and $9.8 million in the first quarters of 2010 and 2009, respectively. Sales of our OraSure® oral fluid collection device totaled $412,000 and $693,000 in the first quarters of 2010 and 2009, respectively.
Interest expense decreased to $76,000 in the first quarter of 2010 from $90,000 in the first quarter of 2009 as a result of lower average debt balances. Interest income decreased to $42,000 in the first quarter of 2010 from $335,000 in the first 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.
The $5.0 million of net cash used in operating activities in the first quarter of 2010 represented an increase of $2.4 million when compared to the same period in 2009. This increase resulted from our net loss of $2.2 million and reduced scrap and spoilage of $89,000, partially offset by non-cash stock-based compensation expense of $891,000 and depreciation and amortization of $650,000. Also contributing to the higher net cash used in operations were increases in inventory and prepaid expenses of $375,000 and $673,000, respectively. Inventory increased largely due to increased raw material purchases for our cryosurgical product line to take advantage of price discounts on bulk purchases. Prepaid expenses increased primarily as a result of $530,000 in prepaid royalties recorded in the first quarter of 2010 associated with the termination and buy-out of a license and supply agreement with our HIV peptide supplier. Additional uses of cash during the first quarter of 2010 resulted from a decrease in accounts payable of $254,000 and a $4.5 million decrease in accrued expenses and other liabilities associated with payment of our 2009 royalty obligations, management incentive bonuses and other accruals. Offsetting these uses of cash during the quarter was a $1.6 million decrease in accounts receivable, resulting from the timely collections of amounts due and the decrease in product revenues experienced in the first quarter of 2010 as compared to the fourth quarter of 2009.
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