$OSUR
OraSure Technologies Inc

2016 Q1 Form 10-Q Financial Statement

#000119312516585580 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $29.09M $27.09M
YoY Change 7.39% 15.09%
Cost Of Revenue $8.776M $10.09M
YoY Change -13.02% 4.99%
Gross Profit $20.31M $17.00M
YoY Change 19.5% 22.05%
Gross Profit Margin 69.83% 62.75%
Selling, General & Admin $15.25M $13.85M
YoY Change 10.1% -18.84%
% of Gross Profit 75.07% 81.47%
Research & Development $2.366M $3.440M
YoY Change -31.22% 38.65%
% of Gross Profit 11.65% 20.24%
Depreciation & Amortization $1.354M $1.409M
YoY Change -3.9% -8.45%
% of Gross Profit 6.67% 8.29%
Operating Expenses $17.61M $17.29M
YoY Change 1.88% -11.54%
Operating Profit $2.699M -$291.0K
YoY Change -1027.49% -94.82%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$192.0K $409.0K
YoY Change -146.94% 246.61%
Pretax Income $2.507M $118.0K
YoY Change 2024.58% -102.15%
Income Tax $61.00K $5.000K
% Of Pretax Income 2.43% 4.24%
Net Earnings $2.446M $113.0K
YoY Change 2064.6% -102.01%
Net Earnings / Revenue 8.41% 0.42%
Basic Earnings Per Share $0.04 $0.00
Diluted Earnings Per Share $0.04 $0.00
COMMON SHARES
Basic Shares Outstanding 55.45M shares 56.34M shares
Diluted Shares Outstanding 56.08M shares 57.17M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.2M $89.50M
YoY Change 14.19% 6.29%
Cash & Equivalents $94.56M $85.55M
Short-Term Investments $7.700M $3.900M
Other Short-Term Assets $958.0K $149.0K
YoY Change 542.95% -24.37%
Inventory $12.33M $15.62M
Prepaid Expenses $2.071M
Receivables $16.73M $16.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $134.3M $123.2M
YoY Change 9.05% 10.23%
LONG-TERM ASSETS
Property, Plant & Equipment $20.20M $17.65M
YoY Change 14.5% -1.02%
Goodwill $19.42M $19.91M
YoY Change -2.47% -12.89%
Intangibles $12.62M $15.58M
YoY Change -19.03% -24.58%
Long-Term Investments
YoY Change
Other Assets $1.902M $1.320M
YoY Change 44.09% 34.69%
Total Long-Term Assets $54.14M $54.46M
YoY Change -0.58% -12.62%
TOTAL ASSETS
Total Short-Term Assets $134.3M $123.2M
Total Long-Term Assets $54.14M $54.46M
Total Assets $188.5M $177.6M
YoY Change 6.1% 2.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.287M $5.037M
YoY Change 4.96% 22.44%
Accrued Expenses $7.821M $6.877M
YoY Change 13.73% -30.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.34M $17.53M
YoY Change 16.03% 17.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.070M $1.311M
YoY Change 57.89% 36.42%
Total Long-Term Liabilities $2.070M $1.311M
YoY Change 57.89% 36.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.34M $17.53M
Total Long-Term Liabilities $2.070M $1.311M
Total Liabilities $22.41M $18.85M
YoY Change 18.94% 18.29%
SHAREHOLDERS EQUITY
Retained Earnings -$167.7M -$178.2M
YoY Change -5.89% -0.63%
Common Stock $343.5M $345.7M
YoY Change -0.64% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $163.0M $155.8M
YoY Change
Total Liabilities & Shareholders Equity $188.5M $177.6M
YoY Change 6.1% 2.05%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $2.446M $113.0K
YoY Change 2064.6% -102.01%
Depreciation, Depletion And Amortization $1.354M $1.409M
YoY Change -3.9% -8.45%
Cash From Operating Activities $4.740M -$6.590M
YoY Change -171.93% -14.08%
INVESTING ACTIVITIES
Capital Expenditures $1.593M $437.0K
YoY Change 264.53% -32.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.040M
YoY Change -100.0%
Cash From Investing Activities -$1.590M $600.0K
YoY Change -365.0% -192.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.187M $772.0K
YoY Change 312.82% 48.18%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.190M -650.0K
YoY Change 390.77% 51.16%
NET CHANGE
Cash From Operating Activities 4.740M -6.590M
Cash From Investing Activities -1.590M 600.0K
Cash From Financing Activities -3.190M -650.0K
Net Change In Cash -40.00K -6.640M
YoY Change -99.4% -24.11%
FREE CASH FLOW
Cash From Operating Activities $4.740M -$6.590M
Capital Expenditures $1.593M $437.0K
Free Cash Flow $3.147M -$7.027M
YoY Change -144.78% -15.51%

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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 March&#xA0;31, 2016 and December&#xA0;31, 2015 includes customer prepayments of $1,647 and $784, respectively. Deferred revenue as of March&#xA0;31, 2016 and December&#xA0;31, 2015 also includes $5,589 and $8,951, respectively, from AbbVie, which represents the excess of the payments received from AbbVie over the amounts earned and recognized ratably in our consolidated statement of operations.</p> </div>
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CY2016Q1 us-gaap Revenue Recognition Sales Returns
RevenueRecognitionSalesReturns
<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 March&#xA0;31, 2016 and December&#xA0;31, 2015, the reserve for sales returns and allowances was $329 and $310, 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>
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55451000 shares
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 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>
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2016Q1 dei Trading Symbol
TradingSymbol
OSUR
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1593000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
2446000
CY2016Q1 us-gaap Revenues
Revenues
29089000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-26000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3187000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2699000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-990000
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
84000
CY2016Q1 us-gaap Gross Profit
GrossProfit
20313000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-192000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2489000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-346000
CY2016Q1 us-gaap Contracts Revenue
ContractsRevenue
3362000
CY2016Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
7689000
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5313000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2867000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2507000
CY2016Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
329000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25245000
CY2016Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3844000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-141000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1452000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
444000
CY2016Q1 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
79000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2504000
CY2016Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-18000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
17614000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8706000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
464000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1593000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
8776000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
758000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1354000
CY2016Q1 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
61000
CY2016Q1 us-gaap Amortization Of Lease Incentives
AmortizationOfLeaseIncentives
19000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3187000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2366000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-18000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2371000
CY2016Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2016Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
7689000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6542000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
500000
CY2016Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2016Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
CY2016Q1 osur Rights Agreement Expiration Date
RightsAgreementExpirationDate
2019-12-31

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