OraSure Technologies, Inc. (Nasdaq NM:OSUR), a market leader in
oral fluid diagnostics, today announced record revenues of $17.4
million for the quarter ended June 30, 2005, representing a 32%
increase over the $13.2 million in revenues recorded for the
comparable period in 2004. The Company's net income was $1.4
million, or $0.03 per share on a basic and fully-diluted basis, for
the second quarter of 2005. These results compare to net income of
$142,000, or $0.00 per share on a basic and fully-diluted basis,
reported in the second quarter of 2004. For the six months ended
June 30, 2005, the Company had revenues of $33.3 million, a 30%
increase over revenues of $25.6 million for the six months ended
June 30, 2004. The Company recorded net income of $3.0 million, or
$0.07 per share on a basic and fully-diluted basis, for the six
months ended June 30, 2005, compared to a net loss of $20,000, or
$(0.00) per share on a basic and fully-diluted basis, for the
comparable period in 2004. "We are extremely pleased with the
Company's financial results for the second quarter of 2005," said
Douglas A. Michels, President and Chief Executive Officer of
OraSure Technologies. "Our strong performance this quarter was
driven primarily by increased sales to the infectious disease and
substance abuse testing markets. I believe we are well positioned
to achieve our financial goals for the full year. As a result of
the earnings growth experienced, we are increasing our full-year
earnings per share guidance to $0.14 to $0.16 per share on a basic
and fully-diluted basis." The revenue increase for the second
quarter was primarily attributable to increased sales of the
Company's OraQuick(R) ADVANCE(TM) rapid HIV-1/2 antibody test and
Intercept(R) oral fluid drug test. These increases were partially
offset by lower sales to the cryosurgical systems market. The
Company's second quarter results reflect a $1.5 million charge for
a reserve related to the value of inventory and certain fixed
assets for the UPlink(R) rapid point-of-care oral fluid drug
detection system. During the first half of 2005, the Company
explored the possible transition of UPlink(R) manufacturing to
Drager Safety, the Company's distributor in the roadside testing
market. The Company was not able to reach an agreement with Drager
Safety or determine an alternative outlet for this product and,
therefore, has recorded a reserve against the carrying value of the
related assets. Excluding this charge, the Company's net income was
approximately $3.0 million, or $0.06 per share on a basic and
fully-diluted basis, in the second quarter of 2005, and, for the
six months ended June 30, 2005, the Company's net income was
approximately $4.5 million, or $0.10 per share on a basic and
fully-diluted basis. Gross margin in the second quarter was 54%
compared to 58% in the second quarter of 2004. Excluding the
UPlink(R) charge, gross margin was 63% for the quarter. The
adjusted gross margin was positively affected by more efficient
utilization of the Company's manufacturing capacity. Operating
expenses for the second quarter of 2005 increased to approximately
$8.5 million from approximately $7.7 million in the comparable
period in 2004. This increase was primarily attributable to
increased charges for non-cash stock-based compensation and higher
staffing related charges in both the sales and marketing and
general and administrative areas, partially offset by a reduction
in research and development expenses. Operating expenses for the
six months ended June 30, 2005 were $16.7 million, compared to
$15.3 million for the comparable period in 2004. Cash, cash
equivalents and short-term investments totaled approximately $71.5
million and working capital equaled approximately $74.8 million at
June 30, 2005, compared to approximately $66.7 million and $68.9
million, respectively, at December 31, 2004. Cash flow from
operations was approximately $4.3 million for the second quarter of
2005, up substantially from the $1.7 million reported for the
second quarter of 2004. Cash flow from operations for the six
months ended June 30, 2005 was $4.8 million, compared to $1.9
million for the comparable period in 2004. -0- *T Condensed
Financial Data (In thousands, except per-share data and
percentages) Unaudited Three months ended Six months ended June 30,
June 30, ----------------- ----------------- 2005 2004 2005 2004
-------- -------- -------- -------- Results of Operations Revenues
$17,430 $13,215 $33,258 $25,623 Cost of products sold 7,970 5,525
14,340 10,715 -------- -------- -------- -------- Gross profit
9,460 7,690 18,918 14,908 Operating expenses: Research and
development 1,254 1,514 2,453 3,281 Sales and marketing 4,456 3,781
8,324 7,431 General and administrative 2,788 2,446 5,964 4,572
-------- -------- -------- -------- Total operating expenses 8,498
7,741 16,741 15,284 -------- -------- -------- -------- Operating
income (loss) 962 (51) 2,177 (376) Other income, net 481 193 827
356 -------- -------- -------- -------- Net income (loss) $1,443
$142 $3,004 $(20) ======== ======== ======== ======== Basic and
diluted earnings (loss) per share $0.03 $0.00 $0.07 $(0.00)
======== ======== ======== ======== Weighted average shares: Basic
44,784 44,465 44,715 44,368 ======== ======== ======== ========
Diluted 45,872 45,334 45,475 44,368 ======== ======== ========
======== Reconciliation of Non-GAAP Financial Measures Three months
ended Six months ended June 30, June 30, -----------------
----------------- 2005 2004 2005 2004 -------- -------- --------
-------- Net income (loss) - before UPlink(R) charge $2,956 $142
$4,517 $(20) UPlink(R) charge 1,513 -- 1,513 -- -------- --------
-------- -------- Net income (loss) - GAAP basis $1,443 $142 $3,004
$(20) -------- -------- -------- -------- Basic and diluted
earnings (loss) per share - before UPlink(R) charge $0.06 $0.00
$0.10 $(0.00) UPlink(R) charge 0.03 -- 0.03 -- -------- --------
-------- -------- Basic and diluted earnings (loss) per share -
GAAP basis $0.03 $0.00 $0.07 $(0.00) -------- -------- --------
-------- Gross margin - before UPlink(R) charge 63% 58% 61% 58%
UPlink(R) charge 9% -- 4% -- -------- -------- -------- --------
Gross margin - GAAP basis 54% 58% 57% 58% -------- --------
-------- -------- Three months ended June 30,
------------------------------------ Percentage of Dollars Total
Revenues ----------------- % ------------- Market Revenues 2005
2004 Change 2005 2004 -------- -------- ------ ------ Insurance
risk assessment $1,974 $1,905 4% 11% 14% Infectious disease testing
7,509 3,970 89 43 30 Substance abuse testing 3,540 2,389 48 20 18
Cryosurgical systems 4,281 4,858 (12) 25 37 -------- --------
------ ------ Product revenues 17,304 13,122 32 99 99 Licensing and
product development 126 93 35 1 1 -------- -------- ------ ------
Total revenues $17,430 $13,215 32% 100% 100% ======== ========
====== ====== Six months ended June 30,
------------------------------------ Percentage of Dollars Total
Revenues ----------------- % ------------- Market Revenues 2005
2004 Change 2005 2004 -------- -------- ------ ------ Insurance
risk assessment $4,089 $4,190 (2)% 12% 16% Infectious disease
testing 12,635 7,307 73 38 29 Substance abuse testing 6,465 4,583
41 19 18 Cryosurgical systems 9,859 9,331 6 30 36 -------- --------
------ ------ Product revenues 33,048 25,411 30 99 99 Licensing and
product development 210 212 (1) 1 1 -------- -------- ------ ------
Total revenues $33,258 $25,623 30% 100% 100% ======== ========
====== ====== Balance Sheets June 30, December 31, 2005 2004
------------ ------------ Assets ------ Cash, cash equivalents and
short-term investments $71,463 $66,723 Accounts receivable, net
8,753 7,074 Inventories 4,127 4,952 Other current assets 1,193
1,195 Property and equipment, net 5,144 5,551 Other non-current
assets 2,172 2,569 ------------ ------------ Total assets $92,852
$88,064 ============ ============ Liabilities and Stockholders'
Equity ------------------------------------ Current portion of
long-term debt $905 $1,123 Accounts payable 2,009 2,360 Accrued
expenses 7,800 7,552 Long-term debt, less current portion 993 1,334
Other liabilities 250 118 Stockholders' equity 80,895 75,577
------------ ------------ Total liabilities and stockholders'
equity $92,852 $88,064 ============ ============ *T Non-GAAP
Financial Measures Net income - before UPlink(R) charge, earnings
(loss) per share - before UPlink(R) charge, and gross margin -
before UPlink(R) charge, each exclude the impact of the $1.5
million UPlink(R) charge. These financial measures should not be
considered an alternative to net income (loss), earnings (loss) per
share, or gross margin, respectively, which are indicators of
operating performance determined in accordance with generally
accepted accounting principles (GAAP). OraSure Technologies
believes that net income (loss) - before UPlink(R) charge, earnings
(loss) per share - before UPlink(R) charge, and gross margin -
before UPlink(R) charge, although non-GAAP financial measures, are
also useful and meaningful to investors because they provide
investors with the Company's underlying earnings performance as
another criterion in making their investment decisions. OraSure's
management also uses these calculations in measuring certain
corporate performance goals. Other companies may use different
measures to present financial information. Conference Call The
Company will host a conference call and audio webcast today to
discuss the Company's second quarter 2005 financial results and to
provide an update on major business objectives, beginning at 5:00
p.m. Eastern Time (2:00 p.m. Pacific Time). On the call will be
Douglas A. Michels, President and Chief Executive Officer, and
Ronald H. Spair, Chief Financial Officer. The call will include
remarks by management and a question and answer session. In order
to listen to the conference call, please either dial 888-742-2024
(Domestic) or 706-643-0033 (International), or go to OraSure
Technologies' Web site, www.orasure.com, and click on the Investor
Info link. A replay of the call will be archived on OraSure
Technologies' web site shortly after the call has ended and will be
available for seven days. A replay of the call can also be accessed
until August 5, 2005, by dialing 800-642-1687 (Domestic) or
706-645-9291 (International) and entering the Conference ID
#7819208. About OraSure Technologies OraSure Technologies develops,
manufactures and markets oral fluid specimen collection devices and
tests and other diagnostic products using its proprietary
technologies, including immunoassays and other in vitro diagnostic
tests and other medical devices. These products are sold in the
United States and certain foreign countries to clinical
laboratories, hospitals, clinics, community-based organizations and
other public health organizations, distributors, government
agencies, physicians' offices, and commercial and industrial
entities. For more information on the Company, please visit
www.orasure.com. Important Information This press release contains
certain forward-looking statements, including with respect to
revenues, net income and products. Actual results could be
significantly different. Factors that could affect results include
the ability to market products; impact of competitors, competing
products and technology changes; ability to develop, commercialize
and market new products; market acceptance of oral fluid testing
products and other new products or technology; ability to fund
research and development and other projects and operations; ability
to obtain and maintain new or existing product distribution
channels; reliance on sole supply sources for critical product
components; availability of related products produced by third
parties; ability to obtain, and timing of obtaining, necessary
regulatory approvals; ability to comply with applicable regulatory
requirements; history of losses and ability to achieve sustained
profitability; volatility of our stock price; uncertainty relating
to patent protection and potential patent infringement claims;
uncertainty and costs of litigation relating to patents and other
intellectual property; availability of licenses to patents or other
technology; ability to enter into international manufacturing
agreements; obstacles to international marketing and manufacturing
of products; ability to sell products internationally; loss or
impairment of sources of capital; ability to meet financial
covenants in agreements with financial institutions; ability to
retain qualified personnel; exposure to product liability, patent
infringement, and other types of litigation; changes in
international, federal or state laws and regulations; changes in
relationships with strategic partners and reliance on strategic
partners for the performance of critical activities under
collaborative arrangements; customer consolidations and inventory
practices; equipment failures and ability to obtain needed raw
materials and components; the impact of terrorist attacks and civil
unrest; ability to complete consolidation or restructuring
activities; ability to identify, complete and realize the full
benefits of potential acquisitions; and general political, business
and economic conditions. These and other factors are discussed more
fully in the Securities and Exchange Commission ("SEC") filings of
OraSure Technologies, including its registration statements, its
Annual Report on Form 10-K for the year ended December 31, 2004,
its Quarterly Reports on Form 10-Q, and its other filings with the
SEC. Although forward-looking statements help to provide complete
information about future prospects, readers should keep in mind
that forward-looking statements may not be reliable. The
forward-looking statements are made as of the date of this press
release and OraSure Technologies undertakes no duty to update these
statements.
Grafico Azioni OraSure Technologies (NASDAQ:OSUR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni OraSure Technologies (NASDAQ:OSUR)
Storico
Da Lug 2023 a Lug 2024