$OSUR
OraSure Technologies Inc

2014 Q2 Form 10-Q Financial Statement

#000119312514298314 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $26.40M $24.34M
YoY Change 8.48% 7.61%
Cost Of Revenue $10.39M $9.838M
YoY Change 5.56% 24.26%
Gross Profit $16.02M $14.50M
YoY Change 10.46% -1.36%
Gross Profit Margin 60.66% 59.58%
Selling, General & Admin $16.25M $17.38M
YoY Change -6.52% 14.91%
% of Gross Profit 101.45% 119.88%
Research & Development $2.771M $2.693M
YoY Change 2.9% -13.49%
% of Gross Profit 17.3% 18.57%
Depreciation & Amortization $1.569M $1.619M
YoY Change -3.09% -10.3%
% of Gross Profit 9.8% 11.17%
Operating Expenses $13.52M $20.08M
YoY Change -32.66% 10.07%
Operating Profit $2.497M -$5.576M
YoY Change -144.78% 57.51%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$142.0K $42.00K
YoY Change -438.1% -137.17%
Pretax Income $2.355M -$5.534M
YoY Change -142.56% 51.49%
Income Tax -$174.0K -$249.0K
% Of Pretax Income -7.39%
Net Earnings $2.529M -$5.285M
YoY Change -147.85% 48.37%
Net Earnings / Revenue 9.58% -21.72%
Basic Earnings Per Share $0.05 -$0.10
Diluted Earnings Per Share $0.04 -$0.10
COMMON SHARES
Basic Shares Outstanding 55.91M shares 55.56M shares
Diluted Shares Outstanding 57.24M shares 55.56M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.30M $77.00M
YoY Change 4.29% 230.47%
Cash & Equivalents $75.83M $76.96M
Short-Term Investments $4.400M
Other Short-Term Assets $6.627M $365.0K
YoY Change 1715.62% -85.96%
Inventory $13.23M $12.50M
Prepaid Expenses
Receivables $14.15M $15.36M
Other Receivables $0.00 $0.00
Total Short-Term Assets $115.8M $107.7M
YoY Change 7.52% 105.93%
LONG-TERM ASSETS
Property, Plant & Equipment $18.47M $18.14M
YoY Change 1.84% -4.54%
Goodwill $23.67M $24.02M
YoY Change -1.43%
Intangibles $20.44M $24.16M
YoY Change -15.38%
Long-Term Investments
YoY Change
Other Assets $1.172M $410.0K
YoY Change 185.85% 310.0%
Total Long-Term Assets $63.76M $66.72M
YoY Change -4.44% -7.84%
TOTAL ASSETS
Total Short-Term Assets $115.8M $107.7M
Total Long-Term Assets $63.76M $66.72M
Total Assets $179.6M $174.4M
YoY Change 2.95% 39.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.647M $3.381M
YoY Change 37.44% -21.37%
Accrued Expenses $9.366M $8.196M
YoY Change 14.28% 3.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.71M $15.98M
YoY Change -7.95% -23.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.157M $383.0K
YoY Change 202.09%
Total Long-Term Liabilities $1.157M $383.0K
YoY Change 202.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.71M $15.98M
Total Long-Term Liabilities $1.157M $383.0K
Total Liabilities $15.86M $16.36M
YoY Change -3.03% -36.83%
SHAREHOLDERS EQUITY
Retained Earnings -$176.8M -$178.1M
YoY Change -0.68%
Common Stock $341.1M $335.9M
YoY Change 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.3M $154.6M
YoY Change
Total Liabilities & Shareholders Equity $179.6M $174.4M
YoY Change 2.95% 39.88%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.529M -$5.285M
YoY Change -147.85% 48.37%
Depreciation, Depletion And Amortization $1.569M $1.619M
YoY Change -3.09% -10.3%
Cash From Operating Activities -$2.730M -$1.610M
YoY Change 69.57% 71.28%
INVESTING ACTIVITIES
Capital Expenditures $1.341M $612.0K
YoY Change 119.12% -245.71%
Acquisitions
YoY Change
Other Investing Activities -$4.430M
YoY Change
Cash From Investing Activities -$5.770M -$610.0K
YoY Change 845.9% 45.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K -60.00K
YoY Change -83.33% -103.33%
NET CHANGE
Cash From Operating Activities -2.730M -1.610M
Cash From Investing Activities -5.770M -610.0K
Cash From Financing Activities -10.00K -60.00K
Net Change In Cash -8.510M -2.280M
YoY Change 273.25% -618.18%
FREE CASH FLOW
Cash From Operating Activities -$2.730M -$1.610M
Capital Expenditures $1.341M $612.0K
Free Cash Flow -$4.071M -$2.222M
YoY Change 83.21% 327.31%

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
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Central Index Key
EntityCentralIndexKey
0001116463
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
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Q2
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us-gaap Number Of Reportable Segments
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us-gaap Revenue Recognition Sales Returns
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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 return rights to our customers for any product, except for our OraQuick<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> In-Home HIV test. Accordingly, we have recorded an estimate of expected returns as a reduction of gross OraQuick<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: top">&#xAE;</sup> 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 June&#xA0;30, 2014 and December&#xA0;31, 2013, the reserve for sales returns and allowances was $363 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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Use Of Estimates
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<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>
us-gaap Revenue Recognition Deferred Revenue
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<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 June&#xA0;30, 2014 and December&#xA0;31, 2013 included customer prepayments of $694 and $1,119, respectively.</p> </div>
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