$OSUR
OraSure Technologies Inc

2013 Q4 Form 10-Q Financial Statement

#000119312513431559 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $28.77M $24.67M $22.12M
YoY Change 29.91% 11.56% 1.87%
Cost Of Revenue $11.64M $9.738M $8.227M
YoY Change 30.93% 18.37% 1.32%
Gross Profit $17.13M $14.93M $13.89M
YoY Change 29.28% 7.52% 2.19%
Gross Profit Margin 59.55% 60.53% 62.8%
Selling, General & Admin $17.15M $14.32M $13.82M
YoY Change 3.88% 3.62% 12.83%
% of Gross Profit 100.12% 95.92% 99.52%
Research & Development $2.210M $2.670M $2.994M
YoY Change -23.53% -10.82% -46.05%
% of Gross Profit 12.9% 17.88% 21.56%
Depreciation & Amortization $1.700M $1.625M $1.841M
YoY Change -5.03% -11.73% 38.42%
% of Gross Profit 9.92% 10.88% 13.26%
Operating Expenses $19.37M $16.99M $16.82M
YoY Change -0.21% 1.05% -5.53%
Operating Profit $6.063M -$2.060M -$2.928M
YoY Change -198.59% -29.64% -30.45%
Interest Expense $0.00 $0.00 $22.00K
YoY Change -100.0% -173.33%
% of Operating Profit 0.0%
Other Income/Expense, Net $164.0K $41.00K -$35.00K
YoY Change 530.77% -217.14%
Pretax Income $6.227M -$2.019M -$2.963M
YoY Change -201.68% -31.86% -29.95%
Income Tax $14.00K -$127.0K -$527.0K
% Of Pretax Income 0.22%
Net Earnings $6.213M -$1.892M -$2.436M
YoY Change -205.92% -22.33% -37.86%
Net Earnings / Revenue 21.6% -7.67% -11.02%
Basic Earnings Per Share $0.11 -$0.03 -$0.04
Diluted Earnings Per Share $0.11 -$0.03 -$0.04
COMMON SHARES
Basic Shares Outstanding 55.60M shares 55.59M shares 54.44M shares
Diluted Shares Outstanding 55.59M shares 54.44M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.20M $82.60M $89.40M
YoY Change 6.03% -7.61% 317.76%
Cash & Equivalents $93.19M $82.59M $89.42M
Short-Term Investments
Other Short-Term Assets $200.0K $511.0K $2.000M
YoY Change -29.33% -74.45% -9.09%
Inventory $11.44M $12.00M $12.80M
Prepaid Expenses
Receivables $12.96M $14.29M $19.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $119.6M $111.4M $123.6M
YoY Change -0.45% -9.87% 160.76%
LONG-TERM ASSETS
Property, Plant & Equipment $17.93M $17.99M $18.80M
YoY Change -3.31% -4.31% -6.0%
Goodwill $23.78M $24.51M
YoY Change -6.54%
Intangibles $22.23M $23.70M
YoY Change -18.31%
Long-Term Investments
YoY Change
Other Assets $729.0K $614.0K $100.0K
YoY Change 487.9% 514.0% -50.0%
Total Long-Term Assets $64.67M $66.81M $73.00M
YoY Change -9.33% -8.47% -3.18%
TOTAL ASSETS
Total Short-Term Assets $119.6M $111.4M $123.6M
Total Long-Term Assets $64.67M $66.81M $73.00M
Total Assets $184.2M $178.2M $196.6M
YoY Change -3.76% -9.35% 60.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.834M $3.859M $5.100M
YoY Change 43.02% -24.33% 45.71%
Accrued Expenses $13.03M $11.00M $7.100M
YoY Change 68.15% 54.86% -7.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $18.99M $19.33M $17.00M
YoY Change 14.13% 13.68% -16.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $677.0K $539.0K $100.0K
YoY Change 660.67% 439.0%
Total Long-Term Liabilities $677.0K $539.0K $100.0K
YoY Change 660.67% 439.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.99M $19.33M $17.00M
Total Long-Term Liabilities $677.0K $539.0K $100.0K
Total Liabilities $19.66M $19.87M $21.80M
YoY Change 17.57% -8.88% -18.66%
SHAREHOLDERS EQUITY
Retained Earnings -$173.7M -$179.9M
YoY Change 6.88%
Common Stock $338.7M $337.2M
YoY Change 1.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $161.1M $154.9M $174.8M
YoY Change
Total Liabilities & Shareholders Equity $184.2M $178.2M $196.6M
YoY Change -3.76% -9.35% 60.1%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $6.213M -$1.892M -$2.436M
YoY Change -205.92% -22.33% -37.86%
Depreciation, Depletion And Amortization $1.700M $1.625M $1.841M
YoY Change -5.03% -11.73% 38.42%
Cash From Operating Activities $11.53M $6.140M -$1.710M
YoY Change -947.79% -459.06% -53.91%
INVESTING ACTIVITIES
Capital Expenditures -$760.0K $604.0K $672.0K
YoY Change 22.58% -10.12% -206.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$760.0K -$610.0K -$670.0K
YoY Change 22.58% -8.96% -98.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 0.000 68.53M
YoY Change -84.31% -100.0% 23531.03%
NET CHANGE
Cash From Operating Activities 11.53M 6.140M -1.710M
Cash From Investing Activities -760.0K -610.0K -670.0K
Cash From Financing Activities 80.00K 0.000 68.53M
Net Change In Cash 10.85M 5.530M 66.15M
YoY Change -838.1% -91.64% -222.45%
FREE CASH FLOW
Cash From Operating Activities $11.53M $6.140M -$1.710M
Capital Expenditures -$760.0K $604.0K $672.0K
Free Cash Flow $12.29M $5.536M -$2.382M
YoY Change -1760.81% -332.41% -22.66%

Facts In Submission

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dei Trading Symbol
TradingSymbol
OSUR
dei Entity Registrant Name
EntityRegistrantName
ORASURE TECHNOLOGIES INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001116463
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Earnings Per Share Diluted
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us-gaap Number Of Reportable Segments
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i><u>Use of Estimates</u>.</i> The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events. These estimates and underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable and inventories and assumptions utilized in impairment testing for intangible assets and goodwill, as well as calculations related to contingencies and accruals, among others. These estimates and assumptions are based on management&#x2019;s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis, using historical experience and other factors which management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity and foreign currency markets, reductions in government funding and declines in consumer spending have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment and other factors will be reflected in the financial statements in those future periods.</p> </div>
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us-gaap Revenue Recognition Deferred Revenue
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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <i><u>Deferred Revenue</u>.</i> We record deferred revenue when funds are received prior to the recognition of the associated revenue and when shipments of our OraQuick&#xAE; In-Home HIV test are made to the retailers or distributors who have product return rights. Deferred revenue as of September&#xA0;30, 2013 and December&#xA0;31, 2012 included customer prepayments of $1,761 and $1,880, respectively, as well as $2,711 and $3,700, respectively, related to the OraQuick&#xAE; In-Home HIV test, representing the estimated value of product held by those retailers or distributors having product return rights.</p> </div>
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Gross Profit
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us-gaap Income Taxes Paid Net
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us-gaap Increase Decrease In Inventories
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3222000
us-gaap Payments For Repurchase Of Common Stock
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1539000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap General And Administrative Expense
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cost Of Goods Sold
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23356000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1138000
us-gaap Increase Decrease In Deferred Revenue
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3459000
us-gaap Share Based Compensation
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3845000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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65537000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
25490000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2164000
osur Significant Concentrations In Revenues
SignificantConcentrationsInRevenues
0
CY2012Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6100000 shares
us-gaap Interest Expense
InterestExpense
171000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
953000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
70292000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1402000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Proceeds From Stock Options Exercised
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9457000
us-gaap Depreciation Depletion And Amortization
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5455000
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
1138000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Operating Expenses
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us-gaap Income Tax Expense Benefit
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
27000
CY2012Q3 us-gaap Stock Issued During Period Value New Issues
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75030000
CY2012Q3 osur Offering Expenses
OfferingExpenses
236000
CY2012Q3 osur Underwriting Discounts And Commissions
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4502000
CY2012 us-gaap Concentration Risk Percentage1
ConcentrationRiskPercentage1
0.11 pure
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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54441000 shares
CY2012Q3 us-gaap Earnings Per Share Basic
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-0.04
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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54441000 shares
CY2012Q3 us-gaap Revenues
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22115000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
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-949000
CY2012Q3 us-gaap Gross Profit
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13888000
CY2012Q3 us-gaap Sales Revenue Goods Net
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21729000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12000
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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1486000
CY2012Q3 us-gaap Operating Income Loss
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-2928000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2962000
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1486000
CY2012Q3 us-gaap License And Maintenance Revenue
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386000
CY2012Q3 us-gaap Net Income Loss
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CY2012Q3 us-gaap Payments To Acquire Property Plant And Equipment
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CY2012Q3 us-gaap Cost Of Goods Sold
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8227000
CY2012Q3 us-gaap Selling And Marketing Expense
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CY2012Q3 us-gaap Current State And Local Tax Expense Benefit
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CY2012Q3 us-gaap Interest Expense
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CY2012Q3 us-gaap Research And Development Expense
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CY2012Q3 us-gaap Depreciation Depletion And Amortization
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CY2012Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
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527000
CY2012Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2012Q3 us-gaap Operating Expenses
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16816000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-527000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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55592000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
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CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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55592000 shares
CY2013Q3 us-gaap Revenues
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24671000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
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CY2013Q3 us-gaap Gross Profit
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CY2013Q3 us-gaap Sales Revenue Goods Net
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CY2013Q3 us-gaap Selling And Marketing Expense
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CY2013Q3 us-gaap Current State And Local Tax Expense Benefit
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0
CY2013Q3 us-gaap Other Nonoperating Income Expense
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41000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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876000
CY2013Q3 us-gaap Operating Income Loss
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CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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876000
CY2013Q3 us-gaap License And Maintenance Revenue
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147000
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CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
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CY2013Q3 us-gaap General And Administrative Expense
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CY2013Q3 us-gaap Cost Of Goods Sold
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9738000
CY2013Q3 us-gaap Research And Development Expense
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CY2013Q3 us-gaap Depreciation Depletion And Amortization
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1625000
CY2013Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
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127000
CY2013Q3 us-gaap Current Federal Tax Expense Benefit
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CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
16993000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-127000

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