$OSUR
OraSure Technologies Inc

2017 Q1 Form 10-Q Financial Statement

#000119312517164160 Filed on May 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q4
Revenue $32.55M $29.09M $32.38M
YoY Change 11.88% 7.39% 12.9%
Cost Of Revenue $12.24M $8.776M $10.45M
YoY Change 39.43% -13.02% -2.43%
Gross Profit $20.31M $20.31M $21.93M
YoY Change -0.01% 19.5% 21.97%
Gross Profit Margin 62.4% 69.83% 67.72%
Selling, General & Admin $13.97M $15.25M $15.15M
YoY Change -8.39% 10.1% -9.39%
% of Gross Profit 68.78% 75.07% 69.08%
Research & Development $2.970M $2.366M $2.690M
YoY Change 25.53% -31.22% -29.58%
% of Gross Profit 14.62% 11.65% 12.27%
Depreciation & Amortization $1.419M $1.354M $1.440M
YoY Change 4.8% -3.9% -8.86%
% of Gross Profit 6.99% 6.67% 6.57%
Operating Expenses $4.439M $17.61M $17.84M
YoY Change -74.8% 1.88% -13.1%
Operating Profit $15.87M $2.699M $4.092M
YoY Change 488.03% -1027.49% -259.66%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $467.0K -$192.0K $379.0K
YoY Change -343.23% -146.94% 32.06%
Pretax Income $16.34M $2.507M $4.471M
YoY Change 551.7% 2024.58% -296.44%
Income Tax $3.897M $61.00K -$145.0K
% Of Pretax Income 23.85% 2.43% -3.24%
Net Earnings $12.44M $2.446M $4.616M
YoY Change 408.63% 2064.6% -274.06%
Net Earnings / Revenue 38.23% 8.41% 14.25%
Basic Earnings Per Share $0.22 $0.04 $0.08
Diluted Earnings Per Share $0.21 $0.04 $0.08
COMMON SHARES
Basic Shares Outstanding 56.93M 55.45M shares 56.48M shares
Diluted Shares Outstanding 58.77M 56.08M shares

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.6M $102.2M $101.3M
YoY Change 36.59% 14.19% 3.47%
Cash & Equivalents $120.9M $94.56M $94.09M
Short-Term Investments $18.80M $7.700M $7.200M
Other Short-Term Assets $633.0K $958.0K $1.355M
YoY Change -33.92% 542.95% 342.81%
Inventory $12.71M $12.33M $13.24M
Prepaid Expenses $1.732M $2.071M $1.533M
Receivables $24.01M $16.73M $19.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.5M $134.3M $136.7M
YoY Change 34.39% 9.05% 4.19%
LONG-TERM ASSETS
Property, Plant & Equipment $20.13M $20.20M $20.08M
YoY Change -0.35% 14.5% 11.98%
Goodwill $18.97M $19.42M $18.25M
YoY Change -2.32% -2.47% -16.03%
Intangibles $9.779M $12.62M $12.59M
YoY Change -22.49% -19.03% -28.07%
Long-Term Investments
YoY Change
Other Assets $3.173M $1.902M $1.683M
YoY Change 66.82% 44.09% 35.07%
Total Long-Term Assets $52.06M $54.14M $52.61M
YoY Change -3.85% -0.58% -9.95%
TOTAL ASSETS
Total Short-Term Assets $180.5M $134.3M $136.7M
Total Long-Term Assets $52.06M $54.14M $52.61M
Total Assets $232.6M $188.5M $189.3M
YoY Change 23.4% 6.1% -0.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.286M $5.287M $5.087M
YoY Change 37.81% 4.96% -28.83%
Accrued Expenses $9.685M $7.821M $10.41M
YoY Change 23.83% 13.73% -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 $18.28M $20.34M $25.23M
YoY Change -10.16% 16.03% -4.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.160M $2.070M $1.768M
YoY Change 52.66% 57.89% 43.27%
Total Long-Term Liabilities $3.160M $2.070M $1.768M
YoY Change 52.66% 57.89% 43.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.28M $20.34M $25.23M
Total Long-Term Liabilities $3.160M $2.070M $1.768M
Total Liabilities $21.44M $22.41M $27.00M
YoY Change -4.36% 18.94% -2.51%
SHAREHOLDERS EQUITY
Retained Earnings -$138.0M -$167.7M -$170.2M
YoY Change -17.72% -5.89% -4.58%
Common Stock $360.6M $343.5M $345.3M
YoY Change 4.98% -0.64% 0.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.8M $163.0M $159.4M
YoY Change
Total Liabilities & Shareholders Equity $232.6M $188.5M $189.3M
YoY Change 23.4% 6.1% -0.16%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $12.44M $2.446M $4.616M
YoY Change 408.63% 2064.6% -274.06%
Depreciation, Depletion And Amortization $1.419M $1.354M $1.440M
YoY Change 4.8% -3.9% -8.86%
Cash From Operating Activities $12.62M $4.740M $660.0K
YoY Change 166.24% -171.93% -177.65%
INVESTING ACTIVITIES
Capital Expenditures $878.0K $1.593M -$1.850M
YoY Change -44.88% 264.53% 180.3%
Acquisitions
YoY Change
Other Investing Activities -$7.510M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.390M -$1.590M -$1.860M
YoY Change 427.67% -365.0% 186.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $851.0K $3.187M
YoY Change -73.3% 312.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.570M -3.190M -4.930M
YoY Change -368.65% 390.77% -964.91%
NET CHANGE
Cash From Operating Activities 12.62M 4.740M 660.0K
Cash From Investing Activities -8.390M -1.590M -1.860M
Cash From Financing Activities 8.570M -3.190M -4.930M
Net Change In Cash 12.89M -40.00K -6.130M
YoY Change -32330.0% -99.4% 559.14%
FREE CASH FLOW
Cash From Operating Activities $12.62M $4.740M $660.0K
Capital Expenditures $878.0K $1.593M -$1.850M
Free Cash Flow $11.74M $3.147M $2.510M
YoY Change 273.12% -144.78% -1421.05%

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CY2017Q1 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><i>.</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, accruals, and performance- based compensation expense, 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>
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
31482000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58772000 shares
CY2017Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
235000
CY2017Q1 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> 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> <font style="WHITE-SPACE: nowrap">In-Home</font> 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> <font style="WHITE-SPACE: nowrap">In-Home</font> 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 March&#xA0;31, 2017 and December&#xA0;31, 2016, the reserve for sales returns and allowances was $235 and $217, 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>
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56929000 shares
CY2017Q1 dei Trading Symbol
TradingSymbol
OSUR
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2970000
CY2017Q1 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><i>.</i> We record deferred revenue when funds are received prior to the recognition of the associated revenue. Deferred revenue as of March&#xA0;31, 2017 and December&#xA0;31, 2016 includes customer prepayments of $1,306 and $1,388, respectively.</p> </div>
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9417000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
27000 shares
CY2017Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
297000
CY2017Q1 osur Contract Revenues From Clinical And Regulatory Activities
ContractRevenuesFromClinicalAndRegulatoryActivities
644000
CY2017Q1 osur Amortization Accretion Of Lease Incentives
AmortizationAccretionOfLeaseIncentives
-20000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
464000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
191000 shares
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6877000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
19000 shares
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1518000
CY2016Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
500000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6542000
CY2016Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1354000
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5313000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
8776000
CY2016Q1 us-gaap Contracts Revenue
ContractsRevenue
3362000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-346000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-141000
CY2016Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-18000
CY2016Q1 us-gaap Revenues
Revenues
29089000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-192000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2371000
CY2016Q1 us-gaap Gross Profit
GrossProfit
20313000
CY2016Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
84000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
17614000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
2446000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2507000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1593000
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2867000
CY2016Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
7689000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2489000
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3187000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
758000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-26000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-990000
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
628000 shares
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2699000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3187000
CY2016Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
7689000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2504000
CY2016Q1 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
3844000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4744000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1593000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25245000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56079000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55451000 shares
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2366000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8706000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1452000
CY2016Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
444000
CY2016Q1 osur Amortization Accretion Of Lease Incentives
AmortizationAccretionOfLeaseIncentives
-19000

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