$OSUR
OraSure Technologies Inc

2016 Q4 Form 10-Q Financial Statement

#000119312516762972 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $35.50M $32.25M $32.38M
YoY Change 9.63% 8.0% 12.9%
Cost Of Revenue $11.55M $9.576M $10.45M
YoY Change 10.53% 4.18% -2.43%
Gross Profit $23.95M $22.68M $21.93M
YoY Change 9.21% 9.71% 21.97%
Gross Profit Margin 67.47% 70.31% 67.72%
Selling, General & Admin $15.67M $13.34M $15.15M
YoY Change 3.43% -19.71% -9.39%
% of Gross Profit 65.43% 58.81% 69.08%
Research & Development $1.210M $3.196M $2.690M
YoY Change -55.02% 26.57% -29.58%
% of Gross Profit 5.05% 14.09% 12.27%
Depreciation & Amortization $1.490M $1.414M $1.440M
YoY Change 3.47% 0.28% -8.86%
% of Gross Profit 6.22% 6.24% 6.57%
Operating Expenses $16.88M $16.53M $17.84M
YoY Change -5.38% -13.6% -13.1%
Operating Profit $7.073M $6.144M $4.092M
YoY Change 72.85% 300.0% -259.66%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $92.00K $498.0K $379.0K
YoY Change -75.73% 514.81% 32.06%
Pretax Income $7.165M $6.642M $4.471M
YoY Change 60.25% 310.76% -296.44%
Income Tax -$31.00K $400.0K -$145.0K
% Of Pretax Income -0.43% 6.02% -3.24%
Net Earnings $7.196M $6.242M $4.616M
YoY Change 55.89% 324.63% -274.06%
Net Earnings / Revenue 20.27% 19.35% 14.25%
Basic Earnings Per Share $0.13 $0.11 $0.08
Diluted Earnings Per Share $0.13 $0.11 $0.08
COMMON SHARES
Basic Shares Outstanding 55.73M shares 55.65M shares 56.48M shares
Diluted Shares Outstanding 56.53M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.1M $119.3M $101.3M
YoY Change 17.57% 10.26% 3.47%
Cash & Equivalents $108.0M $111.7M $94.09M
Short-Term Investments $11.20M $7.600M $7.200M
Other Short-Term Assets $2.143M $660.0K $1.355M
YoY Change 58.15% 315.09% 342.81%
Inventory $11.80M $12.07M $13.24M
Prepaid Expenses $1.722M $1.364M $1.533M
Receivables $19.83M $15.47M $19.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $156.4M $150.7M $136.7M
YoY Change 14.43% 6.27% 4.19%
LONG-TERM ASSETS
Property, Plant & Equipment $20.03M $20.07M $20.08M
YoY Change -0.25% 12.75% 11.98%
Goodwill $18.79M $19.24M $18.25M
YoY Change 2.98% 1.42% -16.03%
Intangibles $10.34M $11.21M $12.59M
YoY Change -17.9% -17.98% -28.07%
Long-Term Investments
YoY Change
Other Assets $2.331M $2.322M $1.683M
YoY Change 38.5% 46.13% 35.07%
Total Long-Term Assets $51.49M $52.84M $52.61M
YoY Change -2.12% 1.57% -9.95%
TOTAL ASSETS
Total Short-Term Assets $156.4M $150.7M $136.7M
Total Long-Term Assets $51.49M $52.84M $52.61M
Total Assets $207.9M $203.6M $189.3M
YoY Change 9.83% 5.01% -0.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.633M $4.422M $5.087M
YoY Change -8.92% -36.5% -28.83%
Accrued Expenses $11.31M $9.618M $10.41M
YoY Change 8.66% 3.34% -6.47%
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 $17.34M $21.95M $25.23M
YoY Change -31.3% -26.08% -4.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.304M $2.289M $1.768M
YoY Change 30.32% 100.44% 43.27%
Total Long-Term Liabilities $2.304M $2.289M $1.768M
YoY Change 30.32% 100.44% 43.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.34M $21.95M $25.23M
Total Long-Term Liabilities $2.304M $2.289M $1.768M
Total Liabilities $19.64M $24.24M $27.00M
YoY Change -27.27% -21.39% -2.51%
SHAREHOLDERS EQUITY
Retained Earnings -$150.5M -$157.7M -$170.2M
YoY Change -11.59% -9.81% -4.58%
Common Stock $350.5M $347.3M $345.3M
YoY Change 1.53% -0.4% 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.9M $176.5M $159.4M
YoY Change
Total Liabilities & Shareholders Equity $207.9M $203.6M $189.3M
YoY Change 9.83% 5.01% -0.16%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $7.196M $6.242M $4.616M
YoY Change 55.89% 324.63% -274.06%
Depreciation, Depletion And Amortization $1.490M $1.414M $1.440M
YoY Change 3.47% 0.28% -8.86%
Cash From Operating Activities -$580.0K $8.440M $660.0K
YoY Change -187.88% -54.45% -177.65%
INVESTING ACTIVITIES
Capital Expenditures -$840.0K $783.0K -$1.850M
YoY Change -54.59% 5.81% 180.3%
Acquisitions
YoY Change
Other Investing Activities -$3.710M $0.00 $0.00
YoY Change
Cash From Investing Activities -$4.560M -$780.0K -$1.860M
YoY Change 145.16% 5.41% 186.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.620M 320.0K -4.930M
YoY Change -132.86% -964.91%
NET CHANGE
Cash From Operating Activities -580.0K 8.440M 660.0K
Cash From Investing Activities -4.560M -780.0K -1.860M
Cash From Financing Activities 1.620M 320.0K -4.930M
Net Change In Cash -3.520M 7.980M -6.130M
YoY Change -42.58% -55.14% 559.14%
FREE CASH FLOW
Cash From Operating Activities -$580.0K $8.440M $660.0K
Capital Expenditures -$840.0K $783.0K -$1.850M
Free Cash Flow $260.0K $7.657M $2.510M
YoY Change -89.64% -56.96% -1421.05%

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us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
1081000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
22966000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3818000
us-gaap Line Of Credit Facility Collateral
LineOfCreditFacilityCollateral
Obligations under the Credit Agreement are secured by a first priority security interest in certain eligible accounts receivable, 65% of the equity of our subsidiary, DNAG, and certain related assets.
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-09-30
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3311000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-125000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1186000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1236000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
724000 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
13192000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-2784000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
22966000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1829000
us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
14413000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
634000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
23370000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3512000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1810000
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>
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
78286000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56273000 shares
us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
253000
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 income. 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, 2016 and December&#xA0;31, 2015, the reserve for sales returns and allowances was $253 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>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55549000 shares
dei Trading Symbol
TradingSymbol
OSUR
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8547000
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<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, 2016 and December&#xA0;31, 2015 includes customer prepayments of $1,797 and $784, respectively. Deferred revenue as of September&#xA0;30, 2016 and December&#xA0;31, 2015 also includes $6,114 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
894000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
22531000
us-gaap Share Based Compensation
ShareBasedCompensation
4438000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
241000
osur Rights Agreement Expiration Date
RightsAgreementExpirationDate
2019-12-31
osur Amortization Accretion Of Lease Incentives
AmortizationAccretionOfLeaseIncentives
-60000
CY2015Q3 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
7200000
CY2016Q3 osur Contract Expiration Period
ContractExpirationPeriod
P6Y
CY2016Q3 osur Remaining Contract Revenue From Clinical And Regulatory Activities
RemainingContractRevenueFromClinicalAndRegulatoryActivities
9600000
CY2016Q3 osur Initial Contract Revenue From Clinical And Regulatory Activities
InitialContractRevenueFromClinicalAndRegulatoryActivities
7000000
CY2016Q3 osur Maximum Contract Revenue From Clinical And Regulatory Activities
MaximumContractRevenueFromClinicalAndRegulatoryActivities
16600000
CY2015 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
310000
CY2015Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
315000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6931000
CY2015Q3 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1410000
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1388000
CY2015Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9192000
CY2015Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
188000
CY2015Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-168000
CY2015Q3 us-gaap Revenues
Revenues
29861000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
81000
CY2015Q3 us-gaap Gross Profit
GrossProfit
20669000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
19133000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
1470000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1617000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2858000
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
210000 shares
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1536000
CY2015Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4147000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
147000
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
740000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25714000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56692000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56482000 shares
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2525000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9677000
CY2016Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
561000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6907000
CY2016Q3 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.11
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1434000
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2016Q3 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
6791000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
400000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5513000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
9576000
CY2016Q3 us-gaap Contracts Revenue
ContractsRevenue
6114000
CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
84000
CY2016Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-161000
CY2016Q3 us-gaap Revenues
Revenues
32251000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
498000
CY2016Q3 us-gaap Gross Profit
GrossProfit
22675000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
16531000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
6242000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6642000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-729000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
877000 shares
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6144000
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
783000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25460000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56530000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55653000 shares
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3196000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6428000
CY2016Q3 osur Contract Revenues From Clinical And Regulatory Activities
ContractRevenuesFromClinicalAndRegulatoryActivities
203000

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