OraSure Technologies, Inc. (NASDAQ: OSUR), a market leader in oral
fluid diagnostics, today announced record quarterly revenues of
$20.1 million for the three months ended March 31, 2007, compared
to $15.2 million in revenues recorded for the three months ended
March 31, 2006. Increased sales of the Company�s OraQuick ADVANCE�
rapid HIV-1/2 antibody test, substance abuse testing products and
cryosurgery products, together with an increase in funded research
and development related to the Company�s rapid Hepatitis C (�HCV�)
test, contributed to the 32% increase in total revenues during the
first quarter. The Company�s net income increased 65% to
$1,487,000, or $0.03 per share on a fully-diluted basis, for the
first quarter of 2007 compared to net income of $900,000, or $0.02
per share on a fully-diluted basis, during the first quarter of
2006. The 2007 results include a gain from the sale of the
Company�s equity interest in a foreign distributor. Gross margin in
the first quarter of 2007 was 62% compared with 63% in the first
quarter of 2006. Gross margin was affected by increased product
support costs, offset by the benefit derived from increased
licensing and product development revenue. Operating expenses for
the first quarter of 2007 increased $3.2 million to $11.9 million,
from $8.7 million in the comparable period in 2006. This increase
was primarily attributable to higher research and development costs
associated with the product development and clinical work for an
OraQuick ADVANCE� HIV test for home use and an OraQuick� HCV test
for professional use, higher staffing related expenses and
additional consulting expenses related to the successful
implementation of the Company�s new enterprise resource planning
system. �Our business performed very well during the first quarter,
and this outstanding performance provides a great start for the
year,� said Douglas A. Michels, President and Chief Executive
Officer of OraSure Technologies. �We are particularly pleased with
the continued strong performance of our infectious disease and
substance abuse testing businesses and the increase in cryosurgical
systems revenues. During the quarter, we also made very good
progress on several of our most important strategic initiatives,
including the ongoing development of our over-the-counter OraQuick�
HIV test and an OraQuick� HCV test for professional use. We
continue to believe 2007 will be a very successful year and we are
creating a solid foundation for the future.� Cash, cash equivalents
and short-term investments were $86.5 million and working capital
was $100.2 million at March 31, 2007, compared to $91.0 million and
$96.0 million, respectively, at December 31, 2006. The decrease in
cash, cash equivalents and short-term investments is primarily the
result of the Company�s $4.0 million payment for patents and
licenses during the current quarter. Cash flow used in operating
activities was $1.0 million in the first quarter of 2007 compared
to $2.6 million of cash flow provided by operating activities in
the first quarter of 2006. Financial Guidance Based on the
Company�s performance in the first quarter and the recent receipt
of an additional order for approximately $1.0 million from Prestige
Brands for delivery of over-the-counter (�OTC�) cryosurgery product
in the second quarter of 2007, the Company expects revenues to
approximate $20.0 million in the second quarter and $81.0 million
for the full year. Fully diluted earnings per share are expected to
range from breakeven to $0.01 per share in the second quarter and
from $0.03 to $0.05 per share for the full year. (in thousands,
except per-share data and percentages) Three months ended March 31,
(Unaudited) 2007� 2006� Results of Operations Revenues $ 20,109� $
15,217� Cost of products sold � 7,584� � 5,618� Gross profit �
12,525� � 9,599� Operating expenses: Research and development
2,920� 1,649� Sales and marketing 4,771� 4,106� General and
administrative � 4,237� � 2,958� Total operating expenses � 11,928�
� 8,713� Operating income 597� 886� Other income, net � 2,389� �
791� Pre-tax income 2,986� 1,677� Income tax provision � 1,499� �
777� Net income $ 1,487� $ 900� Earnings per share Basic $ 0.03� $
0.02� Diluted $ 0.03� $ 0.02� Weighted average shares: Basic �
46,114� � 45,840� Diluted � 46,554� � 46,833� Three months ended
March 31, � Market Revenues 2007� 2006� % Change� � Infectious
disease testing $ 8,932� $ 6,142� 45% Substance abuse testing
3,929� 3,442� 14� Cryosurgical systems 5,680� 4,458� 27� Insurance
risk assessment � 889� � 1,086� (18) Product revenues 19,430�
15,128� 28� Licensing and product development � 679� � 89� 663�
Total revenues $ 20,109� $ 15,217� 32% Three months ended March 31,
� OraQuick� Revenues 2007� 2006� % Change� � Direct to U.S. Public
Health $ 4,342� $ 2,897� 50% Abbott 2,151� 1,482� 45� SAMHSA 329�
256� 29� CDC 620� 0� N/A� International � 747� � 561� 33� Total
OraQuick� revenues $ 8,189� $ 5,196� 58% Three months ended March
31, � Intercept� Revenues 2007� 2006� % Change� � Workplace testing
$ 1,545� $ 1,280� 21% Criminal Justice 645� 534� 21� International
600� 557� 8� Direct � 202� � 137� 47� Total Intercept� revenues $
2,992� $ 2,508� 19% Three months ended March 31, � Cryosurgery
Revenues 2007� 2006� % Change� � Professional domestic $ 1,053� $
1,089� (3)% Professional international 467� 370� 26� OTC domestic
2,150� 1,819� 18� OTC international � 2,010� � 1,180� 70� Total
cryosurgery revenues $ 5,680� $ 4,458� 27% Balance Sheets March 31,
2007 December 31, 2006 (Unaudited) Assets Cash, cash equivalents
and short-term investments $ 86,542� $ 91,001� Accounts receivable,
net 14,844� 10,357� Inventories 6,089� 5,535� Deferred income taxes
4,269� 3,676� Other current assets 1,936� 1,990� Property and
equipment, net 18,004� 17,375� Deferred income taxes 18,276�
19,845� Other non-current assets � 6,184� � 6,786� Total assets $
156,144� $ 156,565� � Liabilities and Stockholders� Equity Current
portion of long-term debt $ 597� $ 609� Accounts payable 4,176�
3,312� Accrued expenses 8,722� 12,659� Long-term debt 10,007�
10,030� Other liabilities 525� 451� Stockholders� equity � 132,117�
� 129,504� Total liabilities and stockholders� equity $ 156,144� $
156,565� Three months ended March 31, Additional Financial Data
2007� 2006� � Capital expenditures $ 898� $ 665� Depreciation and
amortization $ 656� $ 447� Accounts receivable � days sales
outstanding 66 days 58 days Conference Call The Company will host a
conference call and audio webcast today to discuss the Company's
2007 first quarter financial results, business developments and the
Company�s 2007 outlook, 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
Operating Officer and 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 dial 888-742-2024
(Domestic) or 706-643-0033 (International) and reference 5389843 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 May 15, 2007, by dialing 800-642-1687 (Domestic) or
706-645-9291 (International) and entering the Conference ID
#5389843. 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 and sell products; changes in relationships,
including disputes or disagreements, with strategic partners and
reliance on strategic partners for the performance of critical
activities under collaborative arrangements; failure of
distributors or other customers to meet purchase forecasts or
minimum purchase requirements for the Company�s products; impact of
competitors, competing products and technology changes; ability to
develop, commercialize and market new products; market acceptance
of oral fluid testing or other products; changes in market
acceptance of products based on product performance; continued bulk
purchases by customers, including governmental agencies, and the
ability to fully deploy those purchases in a timely manner; ability
to fund research and development and other products 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 or products required for use of our products; ability to
obtain, and timing and cost of obtaining, necessary regulatory
approvals for new products or new indications or applications for
existing products; 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; 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, 2006, 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.
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