$OSUR
OraSure Technologies Inc

2015 Q2 Form 10-Q Financial Statement

#000119312515283158 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $30.39M $26.40M
YoY Change 15.1% 8.48%
Cost Of Revenue $9.692M $10.39M
YoY Change -6.67% 5.56%
Gross Profit $20.70M $16.02M
YoY Change 29.22% 10.46%
Gross Profit Margin 68.11% 60.66%
Selling, General & Admin $14.98M $16.25M
YoY Change -7.81% -6.52%
% of Gross Profit 72.38% 101.45%
Research & Development $2.996M $2.771M
YoY Change 8.12% 2.9%
% of Gross Profit 14.48% 17.3%
Depreciation & Amortization $1.440M $1.569M
YoY Change -8.22% -3.09%
% of Gross Profit 6.96% 9.8%
Operating Expenses $17.98M $13.52M
YoY Change 32.96% -32.66%
Operating Profit $2.721M $2.497M
YoY Change 8.97% -144.78%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$95.00K -$142.0K
YoY Change -33.1% -438.1%
Pretax Income $2.626M $2.355M
YoY Change 11.51% -142.56%
Income Tax $658.0K -$174.0K
% Of Pretax Income 25.06% -7.39%
Net Earnings $1.968M $2.529M
YoY Change -22.18% -147.85%
Net Earnings / Revenue 6.48% 9.58%
Basic Earnings Per Share $0.03 $0.05
Diluted Earnings Per Share $0.03 $0.04
COMMON SHARES
Basic Shares Outstanding 56.45M shares 55.91M shares
Diluted Shares Outstanding 56.69M shares 57.24M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.40M $80.30M
YoY Change 13.82% 4.29%
Cash & Equivalents $83.40M $75.83M
Short-Term Investments $8.000M $4.400M
Other Short-Term Assets $239.0K $6.627M
YoY Change -96.39% 1715.62%
Inventory $15.65M $13.23M
Prepaid Expenses
Receivables $16.36M $14.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $125.3M $115.8M
YoY Change 8.17% 7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $17.89M $18.47M
YoY Change -3.16% 1.84%
Goodwill $20.22M $23.67M
YoY Change -14.58% -1.43%
Intangibles $15.11M $20.44M
YoY Change -26.11% -15.38%
Long-Term Investments
YoY Change
Other Assets $1.599M $1.172M
YoY Change 36.43% 185.85%
Total Long-Term Assets $54.81M $63.76M
YoY Change -14.03% -4.44%
TOTAL ASSETS
Total Short-Term Assets $125.3M $115.8M
Total Long-Term Assets $54.81M $63.76M
Total Assets $180.1M $179.6M
YoY Change 0.29% 2.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.729M $4.647M
YoY Change 1.76% 37.44%
Accrued Expenses $8.964M $9.366M
YoY Change -4.29% 14.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.60M $14.71M
YoY Change 6.09% -7.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.258M $1.157M
YoY Change 8.73% 202.09%
Total Long-Term Liabilities $1.258M $1.157M
YoY Change 8.73% 202.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.60M $14.71M
Total Long-Term Liabilities $1.258M $1.157M
Total Liabilities $16.86M $15.86M
YoY Change 6.28% -3.03%
SHAREHOLDERS EQUITY
Retained Earnings -$176.3M -$176.8M
YoY Change -0.32% -0.68%
Common Stock $347.1M $341.1M
YoY Change 1.77% 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $159.9M $160.3M
YoY Change
Total Liabilities & Shareholders Equity $180.1M $179.6M
YoY Change 0.29% 2.95%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $1.968M $2.529M
YoY Change -22.18% -147.85%
Depreciation, Depletion And Amortization $1.440M $1.569M
YoY Change -8.22% -3.09%
Cash From Operating Activities $3.170M -$2.730M
YoY Change -216.12% 69.57%
INVESTING ACTIVITIES
Capital Expenditures $708.0K $1.341M
YoY Change -47.2% 119.12%
Acquisitions
YoY Change
Other Investing Activities -$4.000M -$4.430M
YoY Change -9.71%
Cash From Investing Activities -$4.710M -$5.770M
YoY Change -18.37% 845.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K -10.00K
YoY Change 1000.0% -83.33%
NET CHANGE
Cash From Operating Activities 3.170M -2.730M
Cash From Investing Activities -4.710M -5.770M
Cash From Financing Activities -110.0K -10.00K
Net Change In Cash -1.650M -8.510M
YoY Change -80.61% 273.25%
FREE CASH FLOW
Cash From Operating Activities $3.170M -$2.730M
Capital Expenditures $708.0K $1.341M
Free Cash Flow $2.462M -$4.071M
YoY Change -160.48% 83.21%

Facts In Submission

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dei Document Type
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dei Entity Central Index Key
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <em><u>Deferred Revenue</u>.</em> We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue as of June&#xA0;30, 2015 and December&#xA0;31, 2014 includes customer prepayments of $1,034 and $613, respectively. Deferred revenue as of June&#xA0;30, 2015 and December&#xA0;31, 2014 also includes $746 and $7,430 from AbbVie, respectively, which represents the $15,000 payment received in July 2014 under the terms of our HCV co-promotion agreement with AbbVie, less amounts recognized ratably in revenue.</p> </div>
dei Current Fiscal Year End Date
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--12-31
dei Entity Registrant Name
EntityRegistrantName
ORASURE TECHNOLOGIES INC
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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, 2015 and December&#xA0;31, 2014, the reserve for sales returns and allowances was $280 and $437, 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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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 Trading Symbol
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us-gaap Earnings Per Share Basic
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We may 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 term of the agreement. The first performance-based milestone period ends on December 31, 2015.
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