$OSUR
OraSure Technologies Inc

2015 Q4 Form 10-Q Financial Statement

#000119312515370144 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $32.38M $29.86M $27.85M
YoY Change 12.9% 7.24% 12.87%
Cost Of Revenue $10.45M $9.192M $9.140M
YoY Change -2.43% 0.57% -6.14%
Gross Profit $21.93M $20.67M $18.71M
YoY Change 21.97% 10.5% 25.26%
Gross Profit Margin 67.72% 69.22% 67.18%
Selling, General & Admin $15.15M $16.61M $14.83M
YoY Change -9.39% 11.97% 3.56%
% of Gross Profit 69.08% 80.35% 79.3%
Research & Development $2.690M $2.525M $2.990M
YoY Change -29.58% -15.55% 11.99%
% of Gross Profit 12.27% 12.22% 15.99%
Depreciation & Amortization $1.440M $1.410M $1.624M
YoY Change -8.86% -13.18% -0.06%
% of Gross Profit 6.57% 6.82% 8.68%
Operating Expenses $17.84M $19.13M $17.82M
YoY Change -13.1% 7.35% 4.88%
Operating Profit $4.092M $1.536M $882.0K
YoY Change -259.66% 74.15% -142.82%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $379.0K $81.00K $268.0K
YoY Change 32.06% -69.78% 553.66%
Pretax Income $4.471M $1.617M $1.150M
YoY Change -296.44% 40.61% -156.96%
Income Tax -$145.0K $147.0K $10.00K
% Of Pretax Income -3.24% 9.09% 0.87%
Net Earnings $4.616M $1.470M $1.140M
YoY Change -274.06% 28.95% -160.25%
Net Earnings / Revenue 14.25% 4.92% 4.09%
Basic Earnings Per Share $0.08 $0.03 $0.02
Diluted Earnings Per Share $0.08 $0.03 $0.02
COMMON SHARES
Basic Shares Outstanding 56.48M shares 56.48M shares 56.02M shares
Diluted Shares Outstanding 56.69M shares 56.67M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.3M $108.2M $98.90M
YoY Change 3.47% 9.4% 19.73%
Cash & Equivalents $94.09M $100.7M $93.86M
Short-Term Investments $7.200M $7.500M $5.000M
Other Short-Term Assets $1.355M $159.0K $273.0K
YoY Change 342.81% -41.76% -46.58%
Inventory $13.24M $14.99M $14.84M
Prepaid Expenses $1.533M
Receivables $19.27M $17.09M $14.92M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.7M $141.8M $130.0M
YoY Change 4.19% 9.05% 16.74%
LONG-TERM ASSETS
Property, Plant & Equipment $20.08M $17.80M $17.96M
YoY Change 11.98% -0.88% -0.17%
Goodwill $18.25M $18.97M $22.56M
YoY Change -16.03% -15.9% -7.95%
Intangibles $12.59M $13.66M $13.66M
YoY Change -28.07% 0.0% -42.36%
Long-Term Investments
YoY Change
Other Assets $1.683M $1.589M $1.102M
YoY Change 35.07% 44.19% 79.48%
Total Long-Term Assets $52.61M $52.02M $60.45M
YoY Change -9.95% -13.94% -9.52%
TOTAL ASSETS
Total Short-Term Assets $136.7M $141.8M $130.0M
Total Long-Term Assets $52.61M $52.02M $60.45M
Total Assets $189.3M $193.8M $190.5M
YoY Change -0.16% 1.76% 6.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.087M $6.964M $4.510M
YoY Change -28.83% 54.41% 16.87%
Accrued Expenses $10.41M $9.307M $9.203M
YoY Change -6.47% 1.13% -16.3%
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 $25.23M $29.70M $25.25M
YoY Change -4.64% 17.59% 30.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.768M $1.142M $1.090M
YoY Change 43.27% 4.77% 102.23%
Total Long-Term Liabilities $1.768M $1.142M $1.090M
YoY Change 43.27% 4.77% 102.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.23M $29.70M $25.25M
Total Long-Term Liabilities $1.768M $1.142M $1.090M
Total Liabilities $27.00M $30.84M $26.34M
YoY Change -2.51% 17.06% 32.61%
SHAREHOLDERS EQUITY
Retained Earnings -$170.2M -$174.8M -$175.7M
YoY Change -4.58% -0.51% -2.36%
Common Stock $345.3M $348.7M $342.9M
YoY Change 0.1% 1.7% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $159.4M $160.0M $160.9M
YoY Change
Total Liabilities & Shareholders Equity $189.3M $193.8M $190.5M
YoY Change -0.16% 1.76% 6.9%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $4.616M $1.470M $1.140M
YoY Change -274.06% 28.95% -160.25%
Depreciation, Depletion And Amortization $1.440M $1.410M $1.624M
YoY Change -8.86% -13.18% -0.06%
Cash From Operating Activities $660.0K $18.53M $18.78M
YoY Change -177.65% -1.33% 205.86%
INVESTING ACTIVITIES
Capital Expenditures -$1.850M $740.0K $365.0K
YoY Change 180.3% 102.74% -39.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$550.0K
YoY Change -100.0%
Cash From Investing Activities -$1.860M -$740.0K -$910.0K
YoY Change 186.15% -18.68% 49.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.930M 0.000 350.0K
YoY Change -964.91% -100.0%
NET CHANGE
Cash From Operating Activities 660.0K 18.53M 18.78M
Cash From Investing Activities -1.860M -740.0K -910.0K
Cash From Financing Activities -4.930M 0.000 350.0K
Net Change In Cash -6.130M 17.79M 18.22M
YoY Change 559.14% -2.36% 229.48%
FREE CASH FLOW
Cash From Operating Activities $660.0K $18.53M $18.78M
Capital Expenditures -$1.850M $740.0K $365.0K
Free Cash Flow $2.510M $17.79M $18.42M
YoY Change -1421.05% -3.39% 232.64%

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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 as of September&#xA0;30, 2015 and December&#xA0;31, 2014 includes customer prepayments of $953 and $613, respectively. Deferred revenue as of September&#xA0;30, 2015 and December&#xA0;31, 2014 also includes $12,349 and $7,430, respectively, from AbbVie, which represents the excess of the payments received from AbbVie over the amounts earned and recognized ratably in revenue.</p> </div>
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ORASURE TECHNOLOGIES INC
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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 September&#xA0;30, 2015 and December&#xA0;31, 2014, the reserve for sales returns and allowances was $277 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 Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-6036000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
19411000
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>
dei Trading Symbol
TradingSymbol
OSUR
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
us-gaap Revenue Recognition Milestone Method Milestone
RevenueRecognitionMilestoneMethodMilestone
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,
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1885000
us-gaap Net Income Loss
NetIncomeLoss
3551000
us-gaap Revenues
Revenues
87337000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
614000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
883000
us-gaap Operating Income Loss
OperatingIncomeLoss
3966000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-633000
us-gaap Income Taxes Paid
IncomeTaxesPaid
230000
us-gaap Gross Profit
GrossProfit
58363000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2485000
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6036000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4361000
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
277000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
75792000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
11545000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-450000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
810000
us-gaap Share Based Compensation
ShareBasedCompensation
4543000
us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
612000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
5269000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
26465000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
7810000
us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
198000
us-gaap Operating Expenses
OperatingExpenses
54397000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4846000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-759000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8961000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
198000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1540000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
16450000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18971000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1690000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Cost Of Goods Sold
CostOfGoodsSold
28974000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-72000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4259000
us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
810000
us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
osur Rights Agreement Expiration Date
RightsAgreementExpirationDate
2019-12-31
CY2015Q3 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
7200000
CY2014 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
437000
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2647000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56666000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
648000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56018000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
365000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1140000
CY2014Q3 us-gaap Revenues
Revenues
27845000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
882000
CY2014Q3 us-gaap Gross Profit
GrossProfit
18705000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
268000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2295000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1155000
CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2295000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1150000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
24447000
CY2014Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3398000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9216000
CY2014Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
10000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
17823000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2990000
CY2014Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5617000
CY2014Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9140000
CY2014Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1624000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6231000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56692000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
210000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56482000 shares
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
740000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1470000
CY2015Q3 us-gaap Revenues
Revenues
29861000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1536000
CY2015Q3 us-gaap Gross Profit
GrossProfit
20669000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
81000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2858000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1388000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2858000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1617000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25714000
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4147000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
147000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
19133000
CY2015Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
315000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9677000
CY2015Q3 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-168000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2525000
CY2015Q3 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6931000
CY2015Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9192000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1410000
CY2015Q3 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
147000

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