$OSUR
OraSure Technologies Inc

2014 Q4 Form 10-Q Financial Statement

#000119312514403358 Filed on November 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $28.68M $27.85M $24.67M
YoY Change -0.3% 12.87% 11.56%
Cost Of Revenue $10.71M $9.140M $9.738M
YoY Change -7.99% -6.14% 18.37%
Gross Profit $17.98M $18.71M $14.93M
YoY Change 4.96% 25.26% 7.52%
Gross Profit Margin 62.69% 67.18% 60.53%
Selling, General & Admin $16.72M $14.83M $14.32M
YoY Change -2.51% 3.56% 3.62%
% of Gross Profit 92.99% 79.3% 95.92%
Research & Development $3.820M $2.990M $2.670M
YoY Change 72.85% 11.99% -10.82%
% of Gross Profit 21.25% 15.99% 17.88%
Depreciation & Amortization $1.580M $1.624M $1.625M
YoY Change -7.06% -0.06% -11.73%
% of Gross Profit 8.79% 8.68% 10.88%
Operating Expenses $20.53M $17.82M $16.99M
YoY Change 5.99% 4.88% 1.05%
Operating Profit -$2.563M $882.0K -$2.060M
YoY Change -142.27% -142.82% -29.64%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $287.0K $268.0K $41.00K
YoY Change 75.0% 553.66% -217.14%
Pretax Income -$2.276M $1.150M -$2.019M
YoY Change -136.55% -156.96% -31.86%
Income Tax $376.0K $10.00K -$127.0K
% Of Pretax Income 0.87%
Net Earnings -$2.652M $1.140M -$1.892M
YoY Change -142.68% -160.25% -22.33%
Net Earnings / Revenue -9.25% 4.09% -7.67%
Basic Earnings Per Share -$0.05 $0.02 -$0.03
Diluted Earnings Per Share -$0.05 $0.02 -$0.03
COMMON SHARES
Basic Shares Outstanding 56.06M shares 56.02M shares 55.59M shares
Diluted Shares Outstanding 56.67M shares 55.59M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.90M $98.90M $82.60M
YoY Change 5.04% 19.73% -7.61%
Cash & Equivalents $92.87M $93.86M $82.59M
Short-Term Investments $5.000M $5.000M
Other Short-Term Assets $306.0K $273.0K $511.0K
YoY Change 53.0% -46.58% -74.45%
Inventory $15.76M $14.84M $12.00M
Prepaid Expenses $1.140M
Receivables $16.14M $14.92M $14.29M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $131.2M $130.0M $111.4M
YoY Change 9.73% 16.74% -9.87%
LONG-TERM ASSETS
Property, Plant & Equipment $17.93M $17.96M $17.99M
YoY Change 0.01% -0.17% -4.31%
Goodwill $21.73M $22.56M $24.51M
YoY Change -8.61% -7.95%
Intangibles $17.51M $13.66M $23.70M
YoY Change -21.24% -42.36%
Long-Term Investments
YoY Change
Other Assets $1.246M $1.102M $614.0K
YoY Change 70.92% 79.48% 514.0%
Total Long-Term Assets $58.42M $60.45M $66.81M
YoY Change -9.67% -9.52% -8.47%
TOTAL ASSETS
Total Short-Term Assets $131.2M $130.0M $111.4M
Total Long-Term Assets $58.42M $60.45M $66.81M
Total Assets $189.6M $190.5M $178.2M
YoY Change 2.92% 6.9% -9.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.148M $4.510M $3.859M
YoY Change 47.87% 16.87% -24.33%
Accrued Expenses $11.13M $9.203M $11.00M
YoY Change -14.58% -16.3% 54.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.46M $25.25M $19.33M
YoY Change 39.38% 30.67% 13.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.234M $1.090M $539.0K
YoY Change 82.27% 102.23% 439.0%
Total Long-Term Liabilities $1.234M $1.090M $539.0K
YoY Change 82.27% 102.23% 439.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.46M $25.25M $19.33M
Total Long-Term Liabilities $1.234M $1.090M $539.0K
Total Liabilities $27.70M $26.34M $19.87M
YoY Change 40.86% 32.61% -8.88%
SHAREHOLDERS EQUITY
Retained Earnings -$178.3M -$175.7M -$179.9M
YoY Change 2.66% -2.36%
Common Stock $344.9M $342.9M $337.2M
YoY Change 1.84% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $158.7M $160.9M $154.9M
YoY Change
Total Liabilities & Shareholders Equity $189.6M $190.5M $178.2M
YoY Change 2.92% 6.9% -9.35%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$2.652M $1.140M -$1.892M
YoY Change -142.68% -160.25% -22.33%
Depreciation, Depletion And Amortization $1.580M $1.624M $1.625M
YoY Change -7.06% -0.06% -11.73%
Cash From Operating Activities -$850.0K $18.78M $6.140M
YoY Change -107.37% 205.86% -459.06%
INVESTING ACTIVITIES
Capital Expenditures -$660.0K $365.0K $604.0K
YoY Change -13.16% -39.57% -10.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$550.0K
YoY Change
Cash From Investing Activities -$650.0K -$910.0K -$610.0K
YoY Change -14.47% 49.18% -8.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 570.0K 350.0K 0.000
YoY Change 612.5% -100.0%
NET CHANGE
Cash From Operating Activities -850.0K 18.78M 6.140M
Cash From Investing Activities -650.0K -910.0K -610.0K
Cash From Financing Activities 570.0K 350.0K 0.000
Net Change In Cash -930.0K 18.22M 5.530M
YoY Change -108.57% 229.48% -91.64%
FREE CASH FLOW
Cash From Operating Activities -$850.0K $18.78M $6.140M
Capital Expenditures -$660.0K $365.0K $604.0K
Free Cash Flow -$190.0K $18.42M $5.536M
YoY Change -101.55% 232.64% -332.41%

Facts In Submission

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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 September&#xA0;30, 2014 and December&#xA0;31, 2013 includes customer prepayments of $713 and $1,119, respectively. Deferred revenue also includes $10,827 which represents the $15,000 payment received in July 2014 under the terms of our HCV collaboration with AbbVie, less amounts recognized ratably in revenue.</p> </div>
us-gaap Revenue Recognition Milestone Method Milestone
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We could be eligible to receive additional milestone payments. These payments would be based upon the aggregate number of new patients enrolled in the patient care database, in a given calendar year, after exceeding a baseline threshold, and could range from $3,500 to $55,500 annually over the life of the agreement. The first performance-based milestone period ends on December 31,2015.
dei Document Type
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10-Q
dei Entity Registrant Name
EntityRegistrantName
ORASURE TECHNOLOGIES INC
dei Trading Symbol
TradingSymbol
OSUR
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: 0pt"> <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 September&#xA0;30, 2014 and December&#xA0;31, 2013, the reserve for sales returns and allowances was $398 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>
dei Entity Filer Category
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Accelerated Filer
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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>
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Amendment Flag
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--12-31
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2014
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us-gaap Earnings Per Share Basic
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dei Entity Central Index Key
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0001116463
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3313000 shares
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2451000
us-gaap Gross Profit
GrossProfit
48648000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
42000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
73000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55897000 shares
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
73610000
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
398000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
9407000
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-4432000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2451000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-576000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3444000
us-gaap Operating Income Loss
OperatingIncomeLoss
-2239000
us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
4173000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4413000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1995000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
639000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
244000
us-gaap Revenues
Revenues
77783000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2353000
us-gaap Net Income Loss
NetIncomeLoss
-1962000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2111000
us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
5500000
us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4732000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-299000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
10433000
us-gaap Operating Expenses
OperatingExpenses
50887000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8242000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30828000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
664000
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-33000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-33000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Cost Of Goods Sold
CostOfGoodsSold
29135000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-93000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3734000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-7328000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
546000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
17317000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-284000
us-gaap Share Based Compensation
ShareBasedCompensation
4284000
osur Rights Agreement Expiration Date
RightsAgreementExpirationDate
2019-12-31
osur Payments Received For Sale Of Exclusive Rights
PaymentsReceivedForSaleOfExclusiveRights
75000000
CY2013 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
279000
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55592000 shares
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5499000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55592000 shares
CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
876000
CY2013Q3 us-gaap Gross Profit
GrossProfit
14933000
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
24524000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
876000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2060000
CY2013Q3 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
147000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1016000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2019000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41000
CY2013Q3 us-gaap Revenues
Revenues
24671000
CY2013Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
604000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-1892000
CY2013Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1625000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
16993000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2670000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8981000
CY2013Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-127000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-127000
CY2013Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9738000
CY2013Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5342000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
648000 shares
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2647000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56018000 shares
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2295000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56666000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2014Q3 us-gaap Gross Profit
GrossProfit
18705000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
24447000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2295000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
882000
CY2014Q3 us-gaap License And Maintenance Revenue
LicenseAndMaintenanceRevenue
3398000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1155000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1150000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
268000
CY2014Q3 us-gaap Revenues
Revenues
27845000
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
365000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1140000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1624000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
17823000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2990000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9216000
CY2014Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
10000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000
CY2014Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9140000
CY2014Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5617000

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