$OSUR
OraSure Technologies Inc

2014 Q1 Form 10-Q Financial Statement

#000119312514188620 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $23.54M $21.16M
YoY Change 11.21% 1.05%
Cost Of Revenue $9.610M $9.135M
YoY Change 5.2% 26.7%
Gross Profit $13.93M $12.03M
YoY Change 15.78% -12.39%
Gross Profit Margin 59.17% 56.84%
Selling, General & Admin $17.06M $19.26M
YoY Change -11.41% 38.17%
% of Gross Profit 122.52% 160.12%
Research & Development $2.481M $3.357M
YoY Change -26.09% -2.41%
% of Gross Profit 17.81% 27.91%
Depreciation & Amortization $1.539M $1.602M
YoY Change -3.93% -11.49%
% of Gross Profit 11.05% 13.32%
Operating Expenses $19.55M $22.62M
YoY Change -13.59% 30.06%
Operating Profit -$5.618M -$10.59M
YoY Change -46.94% 189.95%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $118.0K -$47.00K
YoY Change -351.06% -60.83%
Pretax Income -$5.500M -$10.64M
YoY Change -48.29% 181.97%
Income Tax $131.0K -$410.0K
% Of Pretax Income
Net Earnings -$5.631M -$10.23M
YoY Change -44.93% 214.55%
Net Earnings / Revenue -23.92% -48.32%
Basic Earnings Per Share -$0.10 -$0.18
Diluted Earnings Per Share -$0.10 -$0.18
COMMON SHARES
Basic Shares Outstanding 55.76M shares 55.45M shares
Diluted Shares Outstanding 55.76M shares 55.45M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.20M $79.30M
YoY Change 6.18% 247.81%
Cash & Equivalents $84.19M $87.89M
Short-Term Investments
Other Short-Term Assets $197.0K $3.600M
YoY Change -94.53% 20.0%
Inventory $11.99M $13.10M
Prepaid Expenses
Receivables $13.29M $17.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $111.8M $112.9M
YoY Change -1.01% 126.25%
LONG-TERM ASSETS
Property, Plant & Equipment $17.83M $18.30M
YoY Change -2.59% -5.67%
Goodwill $22.86M
YoY Change
Intangibles $20.66M
YoY Change
Long-Term Investments
YoY Change
Other Assets $980.0K $300.0K
YoY Change 226.67% 200.0%
Total Long-Term Assets $62.33M $69.10M
YoY Change -9.8% -7.62%
TOTAL ASSETS
Total Short-Term Assets $111.8M $112.9M
Total Long-Term Assets $62.33M $69.10M
Total Assets $174.1M $182.0M
YoY Change -4.35% 45.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.114M $5.600M
YoY Change -26.54% 60.0%
Accrued Expenses $9.902M $6.800M
YoY Change 45.62% -2.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.97M $18.00M
YoY Change -16.83% -5.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $961.0K $200.0K
YoY Change 380.5%
Total Long-Term Liabilities $961.0K $200.0K
YoY Change 380.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.97M $18.00M
Total Long-Term Liabilities $961.0K $200.0K
Total Liabilities $15.93M $22.10M
YoY Change -27.91% -9.43%
SHAREHOLDERS EQUITY
Retained Earnings -$179.4M
YoY Change
Common Stock $339.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $154.7M $170.3M
YoY Change
Total Liabilities & Shareholders Equity $174.1M $182.0M
YoY Change -4.35% 45.95%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$5.631M -$10.23M
YoY Change -44.93% 214.55%
Depreciation, Depletion And Amortization $1.539M $1.602M
YoY Change -3.93% -11.49%
Cash From Operating Activities -$7.670M -$7.670M
YoY Change 0.0% 463.97%
INVESTING ACTIVITIES
Capital Expenditures $647.0K $480.0K
YoY Change 34.79% -254.84%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$650.0K -$480.0K
YoY Change 35.42% 54.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $521.0K $743.0K
YoY Change -29.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -430.0K -440.0K
YoY Change -2.27% -174.58%
NET CHANGE
Cash From Operating Activities -7.670M -7.670M
Cash From Investing Activities -650.0K -480.0K
Cash From Financing Activities -430.0K -440.0K
Net Change In Cash -8.750M -8.590M
YoY Change 1.86% 695.37%
FREE CASH FLOW
Cash From Operating Activities -$7.670M -$7.670M
Capital Expenditures $647.0K $480.0K
Free Cash Flow -$8.317M -$8.150M
YoY Change 2.05% 676.19%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i><u>Customer Sales Returns and Allowances</u>.</i> We do not grant product return rights to our customers, except for our OraQuick&#xAE; In-Home HIV test. Accordingly, we have recorded an estimate of expected returns as a reduction of gross OraQuick&#xAE; In-Home HIV product revenues in our consolidated statements of operations. This estimate reflects our historical sales experience to retailers and consumers, as well as other retail factors, and is reviewed regularly to ensure that it reflects potential product returns. As of March&#xA0;31, 2014 and December&#xA0;31, 2013, the reserve for sales returns and allowances was $329 and $279, respectively. If actual product returns differ materially from our reserve amount, or if a determination is made that this product&#x2019;s distribution would be discontinued in whole or in part by certain retailers, then we would need to adjust our reserve. Should the actual level of product returns vary significantly from our estimates, our operating and financial results could be materially affected.</p> </div>
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CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <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>
CY2014Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <i><u>Deferred Revenue</u>.</i> We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue at March&#xA0;31, 2014 and December&#xA0;31, 2013 included customer prepayments of $954 and $1,119, respectively.</p> </div>
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
276000 shares
CY2014Q1 us-gaap Revenues
Revenues
23537000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
280000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7409000
CY2014Q1 us-gaap Gross Profit
GrossProfit
13927000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
40000
CY2014Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
329000
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
23537000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5618000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-5500000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1778000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
402000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-5631000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
586000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
521000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
647000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5724000
CY2014Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9610000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-428000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-153000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1406000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-8998000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11340000
CY2014Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-647000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3009000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-683000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2481000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
93000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1539000
CY2014Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
131000
CY2014Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
19545000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
131000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-255000
CY2014Q1 osur Significant Concentrations In Revenues
SignificantConcentrationsInRevenues
0

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