$OSUR
OraSure Technologies Inc

2016 Q2 Form 10-Q Financial Statement

#000119312516675198 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $31.36M $30.39M
YoY Change 3.2% 15.1%
Cost Of Revenue $10.27M $9.692M
YoY Change 6.0% -6.67%
Gross Profit $21.09M $20.70M
YoY Change 1.88% 29.22%
Gross Profit Margin 67.24% 68.11%
Selling, General & Admin $13.75M $14.98M
YoY Change -8.2% -7.81%
% of Gross Profit 65.22% 72.38%
Research & Development $2.985M $2.996M
YoY Change -0.37% 8.12%
% of Gross Profit 14.16% 14.48%
Depreciation & Amortization $1.388M $1.440M
YoY Change -3.61% -8.22%
% of Gross Profit 6.58% 6.96%
Operating Expenses $16.74M $17.98M
YoY Change -6.89% 32.96%
Operating Profit $4.349M $2.721M
YoY Change 59.83% 8.97%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$340.0K -$95.00K
YoY Change 257.89% -33.1%
Pretax Income $4.009M $2.626M
YoY Change 52.67% 11.51%
Income Tax $173.0K $658.0K
% Of Pretax Income 4.32% 25.06%
Net Earnings $3.836M $1.968M
YoY Change 94.92% -22.18%
Net Earnings / Revenue 12.23% 6.48%
Basic Earnings Per Share $0.07 $0.03
Diluted Earnings Per Share $0.07 $0.03
COMMON SHARES
Basic Shares Outstanding 55.54M shares 56.45M shares
Diluted Shares Outstanding 56.21M shares 56.69M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.4M $91.40M
YoY Change 24.07% 13.82%
Cash & Equivalents $105.7M $83.40M
Short-Term Investments $7.700M $8.000M
Other Short-Term Assets $1.194M $239.0K
YoY Change 399.58% -96.39%
Inventory $11.37M $15.65M
Prepaid Expenses $1.942M
Receivables $18.44M $16.36M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.4M $125.3M
YoY Change 16.85% 8.17%
LONG-TERM ASSETS
Property, Plant & Equipment $20.20M $17.89M
YoY Change 12.92% -3.16%
Goodwill $19.54M $20.22M
YoY Change -3.37% -14.58%
Intangibles $12.02M $15.11M
YoY Change -20.42% -26.11%
Long-Term Investments
YoY Change
Other Assets $1.784M $1.599M
YoY Change 11.57% 36.43%
Total Long-Term Assets $53.55M $54.81M
YoY Change -2.32% -14.03%
TOTAL ASSETS
Total Short-Term Assets $146.4M $125.3M
Total Long-Term Assets $53.55M $54.81M
Total Assets $199.9M $180.1M
YoY Change 11.02% 0.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.956M $4.729M
YoY Change -16.35% 1.76%
Accrued Expenses $8.293M $8.964M
YoY Change -7.49% -4.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.07M $15.60M
YoY Change 67.09% 6.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.018M $1.258M
YoY Change 60.41% 8.73%
Total Long-Term Liabilities $2.018M $1.258M
YoY Change 60.41% 8.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.07M $15.60M
Total Long-Term Liabilities $2.018M $1.258M
Total Liabilities $28.09M $16.86M
YoY Change 66.59% 6.28%
SHAREHOLDERS EQUITY
Retained Earnings -$163.9M -$176.3M
YoY Change -7.02% -0.32%
Common Stock $345.1M $347.1M
YoY Change -0.59% 1.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $168.8M $159.9M
YoY Change
Total Liabilities & Shareholders Equity $199.9M $180.1M
YoY Change 11.02% 0.29%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $3.836M $1.968M
YoY Change 94.92% -22.18%
Depreciation, Depletion And Amortization $1.388M $1.440M
YoY Change -3.61% -8.22%
Cash From Operating Activities $12.00M $3.170M
YoY Change 278.55% -216.12%
INVESTING ACTIVITIES
Capital Expenditures $1.121M $708.0K
YoY Change 58.33% -47.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.000M
YoY Change -100.0% -9.71%
Cash From Investing Activities -$1.140M -$4.710M
YoY Change -75.8% -18.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 90.00K -110.0K
YoY Change -181.82% 1000.0%
NET CHANGE
Cash From Operating Activities 12.00M 3.170M
Cash From Investing Activities -1.140M -4.710M
Cash From Financing Activities 90.00K -110.0K
Net Change In Cash 10.95M -1.650M
YoY Change -763.64% -80.61%
FREE CASH FLOW
Cash From Operating Activities $12.00M $3.170M
Capital Expenditures $1.121M $708.0K
Free Cash Flow $10.88M $2.462M
YoY Change 341.88% -160.48%

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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><i>.</i><i>&#xA0;</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.&#xA0;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.&#xA0;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.&#xA0;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.&#xA0;We adjust such estimates and assumptions when facts and circumstances dictate.&#xA0;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.&#xA0;As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.&#xA0;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 Sales Revenue Goods Net
SalesRevenueGoodsNet
52827000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56144000 shares
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
328000
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><i>.</i>&#xA0;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.&#xA0;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 income.&#xA0;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.&#xA0;As of June 30, 2016 and December 31, 2015, the reserve for sales returns and allowances was $328 and $310, respectively.&#xA0;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.&#xA0;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 Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55497000 shares
dei Trading Symbol
TradingSymbol
OSUR
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5351000
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <i><u>Deferred Revenue</u></i><i>.</i>&#xA0;We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue as of June 30, 2016 and December 31, 2015 includes customer prepayments of $1,593 and $784, respectively.&#xA0;Deferred revenue as of June 30, 2016 and December 31, 2015 also includes $12,229 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 statements of income.</p> </div>
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
209000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16103000
us-gaap Share Based Compensation
ShareBasedCompensation
2942000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
287000
osur Rights Agreement Expiration Date
RightsAgreementExpirationDate
2019-12-31
CY2015Q3 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
7200000
CY2015 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
310000
CY2015Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
292000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6075000
CY2015Q2 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
17975000
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-47000
CY2015Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
366000
CY2015Q2 us-gaap Revenues
Revenues
30388000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-95000
CY2015Q2 us-gaap Gross Profit
GrossProfit
20696000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1440000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2601000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9692000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
1968000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2626000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
633000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
234000 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2721000
CY2015Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4075000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
658000
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
708000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
26313000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56687000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56453000 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2996000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8904000
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2016Q2 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
199000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6354000
CY2016Q2 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2016Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1408000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4199000
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
10274000
CY2016Q2 us-gaap Contracts Revenue
ContractsRevenue
3360000
CY2016Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-302000
CY2016Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-26000
CY2016Q2 us-gaap Revenues
Revenues
31359000
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-340000
CY2016Q2 us-gaap Gross Profit
GrossProfit
21085000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
16736000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
3836000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4009000
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
363000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
665000 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4349000
CY2016Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3777000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
173000
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1121000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27582000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56208000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55543000 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2985000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7397000

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