$OSUR
OraSure Technologies Inc

2018 Q1 Form 10-Q Financial Statement

#000156459018012418 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $41.99M $32.55M
YoY Change 29.01% 11.88%
Cost Of Revenue $17.52M $12.24M
YoY Change 43.18% 39.43%
Gross Profit $24.47M $20.31M
YoY Change 20.47% -0.01%
Gross Profit Margin 58.27% 62.4%
Selling, General & Admin $20.89M $13.97M
YoY Change 49.55% -8.39%
% of Gross Profit 85.38% 68.78%
Research & Development $4.075M $2.970M
YoY Change 37.21% 25.53%
% of Gross Profit 16.66% 14.62%
Depreciation & Amortization $1.868M $1.419M
YoY Change 31.64% 4.8%
% of Gross Profit 7.63% 6.99%
Operating Expenses $24.97M $4.439M
YoY Change 462.4% -74.8%
Operating Profit -$498.0K $15.87M
YoY Change -103.14% 488.03%
Interest Expense $250.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $412.0K $467.0K
YoY Change -11.78% -343.23%
Pretax Income -$86.00K $16.34M
YoY Change -100.53% 551.7%
Income Tax $2.033M $3.897M
% Of Pretax Income 23.85%
Net Earnings -$2.119M $12.44M
YoY Change -117.03% 408.63%
Net Earnings / Revenue -5.05% 38.23%
Basic Earnings Per Share -$0.03 $0.22
Diluted Earnings Per Share -$0.03 $0.21
COMMON SHARES
Basic Shares Outstanding 60.87M 56.93M
Diluted Shares Outstanding 60.87M 58.77M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.5M $139.6M
YoY Change 2.79% 36.59%
Cash & Equivalents $64.04M $120.9M
Short-Term Investments $79.40M $18.80M
Other Short-Term Assets $1.926M $633.0K
YoY Change 204.27% -33.92%
Inventory $20.91M $12.71M
Prepaid Expenses $2.213M $1.732M
Receivables $28.20M $24.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $196.8M $180.5M
YoY Change 8.98% 34.39%
LONG-TERM ASSETS
Property, Plant & Equipment $23.00M $20.13M
YoY Change 14.23% -0.35%
Goodwill $19.58M $18.97M
YoY Change 3.23% -2.32%
Intangibles $7.390M $9.779M
YoY Change -24.43% -22.49%
Long-Term Investments $34.90M
YoY Change
Other Assets $4.340M $3.173M
YoY Change 36.78% 66.82%
Total Long-Term Assets $89.17M $52.06M
YoY Change 71.29% -3.85%
TOTAL ASSETS
Total Short-Term Assets $196.8M $180.5M
Total Long-Term Assets $89.17M $52.06M
Total Assets $285.9M $232.6M
YoY Change 22.93% 23.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.622M $7.286M
YoY Change 32.06% 37.81%
Accrued Expenses $9.765M $9.685M
YoY Change 0.83% 23.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.19M $18.28M
YoY Change 15.92% -10.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.258M $3.160M
YoY Change 34.75% 52.66%
Total Long-Term Liabilities $4.258M $3.160M
YoY Change 34.75% 52.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.19M $18.28M
Total Long-Term Liabilities $4.258M $3.160M
Total Liabilities $25.44M $21.44M
YoY Change 18.69% -4.36%
SHAREHOLDERS EQUITY
Retained Earnings -$121.7M -$138.0M
YoY Change -11.82% -17.72%
Common Stock $393.4M $360.6M
YoY Change 9.1% 4.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $258.7M $208.8M
YoY Change
Total Liabilities & Shareholders Equity $285.9M $232.6M
YoY Change 22.93% 23.4%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$2.119M $12.44M
YoY Change -117.03% 408.63%
Depreciation, Depletion And Amortization $1.868M $1.419M
YoY Change 31.64% 4.8%
Cash From Operating Activities $7.636M $12.62M
YoY Change -39.49% 166.24%
INVESTING ACTIVITIES
Capital Expenditures $1.897M $878.0K
YoY Change 116.06% -44.88%
Acquisitions
YoY Change
Other Investing Activities -$11.87M -$7.510M
YoY Change 58.06%
Cash From Investing Activities -$13.77M -$8.390M
YoY Change 64.11% 427.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.959M $851.0K
YoY Change 247.71% -73.3%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.005M 8.570M
YoY Change -123.4% -368.65%
NET CHANGE
Cash From Operating Activities 7.636M 12.62M
Cash From Investing Activities -13.77M -8.390M
Cash From Financing Activities -2.005M 8.570M
Net Change In Cash -8.804M 12.89M
YoY Change -168.29% -32330.0%
FREE CASH FLOW
Cash From Operating Activities $7.636M $12.62M
Capital Expenditures $1.897M $878.0K
Free Cash Flow $5.739M $11.74M
YoY Change -51.12% 273.12%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Use of Estimates</font>.<font style="font-style:normal;"> 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 accruals, taxes, and performance-based compensation expense, among others. These estimates and assumptions are based on management&#8217;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. 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.</font></p></div>
CY2018Q1 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div> <p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p> <p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:6.25%;text-indent:3.12%;"><font style="text-decoration:underline;">Product sales</font>. <font style="font-style:normal;">Revenue from product sales is recognized upon transfer of control of a product to a customer, generally upon delivery, based on an amount that reflects the consideration we expect to be entitled to, net of allowances for any discounts or rebates.&nbsp;&nbsp; </font></p> <p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p> <p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:3.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our net revenues recorded on sales of the OraQuick<sup style="font-size:85%; vertical-align:top">&#174;</sup> In-Home HIV test represent total gross revenues, less an allowance for expected returns, and customer allowances for cooperative advertising, discounts, rebates, and chargebacks.&nbsp;&nbsp;The allowance for expected returns is an estimate established by management, based upon currently available information, and is adjusted to reflect known changes in the factors that impact this estimate.&nbsp;&nbsp;Other customer allowances are at contractual rates and are recorded as a reduction of gross revenue when recognized in our consolidated statements of operations.</p> <p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:3.12%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We record shipping and handling charges billed to our customers as product revenue and the related expense as cost of products sold.</p> <p style="margin-bottom:0pt;line-height:12pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></div>
CY2018Q1 us-gaap Revenue Recognition Multiple Element Arrangements
RevenueRecognitionMultipleElementArrangements
<div> <p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:3.12%;"><font style="text-decoration:underline;">Arrangements with multiple-performance obligations</font><font style="font-style:normal;">.&nbsp;&nbsp;In arrangements involving more than one performance obligation, each required performance obligation is evaluated to determine whether it qualifies as a distinct performance obligation based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or services is separately identifiable from other promises in the contract.&nbsp;&nbsp;The consideration under the arrangement is then allocated to each separate distinct performance obligation based on their respective relative stand-alone selling price.&nbsp;&nbsp;The estimated selling price of each deliverable reflects our best estimate of what the selling price would be if the deliverable was regularly sold by us on a stand-alone basis or using an adjusted market assessment approach if selling price on a stand-alone basis is not available.&nbsp;&nbsp;The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred for the related goods or services.&nbsp;&nbsp;&nbsp;&nbsp;</font></p></div>
CY2018Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:3.12%;"><font style="text-decoration:underline;">Deferred Revenue</font><font style="font-style:normal;">.&nbsp;&nbsp;</font><font style="font-style:normal;">We record deferred revenue when funds are received prior to the recognition of the associated revenue.&nbsp;&nbsp;Deferred revenue as of March 31, 2018 and December 31, 2017 includes customer prepayments of $1,480 and $1,314, respectively.&nbsp;&nbsp;Deferred revenue as of March 31, 2018 also includes $319 associated with a long-term contract that has variable pricing based on volume.&nbsp;&nbsp;The average price over the life of the contract was determined and revenue is recognized at that rate.</font></p></div>
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2018Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
115391000
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
104271000
CY2018Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1066000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
553000
CY2018Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
114326000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
103718000
CY2018Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3972000
CY2017Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
3514000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
10990000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
10299000
CY2018Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
388000
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
199000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9529000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8845000
CY2016Q3 osur Maximum Contract Revenue From Clinical And Regulatory Activities
MaximumContractRevenueFromClinicalAndRegulatoryActivities
16600000
CY2016Q3 osur Contract Expiration Period
ContractExpirationPeriod
P6Y
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
10000000
CY2017Q1 osur Contract Revenues From Clinical And Regulatory Activities
ContractRevenuesFromClinicalAndRegulatoryActivities
420000
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40059000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
39379000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18990000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
18692000
CY2018Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
7390000
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8223000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
664000
CY2018Q1 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-169000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1843000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
254000
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-200000
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
11941000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
9787000
CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1065000
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
553000
CY2015Q2 osur Maximum Contract Revenue From Clinical And Regulatory Activities
MaximumContractRevenueFromClinicalAndRegulatoryActivities
10400000
CY2015Q2 osur Contract Expiration Period
ContractExpirationPeriod
P3Y
CY2015Q2 osur Initial Contract Revenue From Clinical And Regulatory Activities
InitialContractRevenueFromClinicalAndRegulatoryActivities
1800000
CY2015Q2 osur Remaining Contract Revenue From Clinical And Regulatory Activities
RemainingContractRevenueFromClinicalAndRegulatoryActivities
8600000
CY2015Q3 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
7200000
CY2017Q3 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
1330000
CY2018Q1 osur Contract Revenues From Clinical And Regulatory Activities
ContractRevenuesFromClinicalAndRegulatoryActivities
836000
CY2016Q3 osur Initial Contract Revenue From Clinical And Regulatory Activities
InitialContractRevenueFromClinicalAndRegulatoryActivities
7000000
CY2016Q3 osur Remaining Contract Revenue From Clinical And Regulatory Activities
RemainingContractRevenueFromClinicalAndRegulatoryActivities
9600000
CY2017Q2 osur Additional Contract Revenue From Clinical And Regulatory Activities
AdditionalContractRevenueFromClinicalAndRegulatoryActivities
2600000
CY2018Q1 us-gaap Contract With Customer Timing Of Satisfaction Of Performance Obligation And Payment
ContractWithCustomerTimingOfSatisfactionOfPerformanceObligationAndPayment
Payment terms differ by jurisdiction and customer but payment is generally required in a term ranging from 30 to 120 days from date of shipment or satisfaction of the performance obligation.
CY2018Q1 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
218000
CY2017 us-gaap Revenue Recognition Sales Returns Reserve For Sales Returns
RevenueRecognitionSalesReturnsReserveForSalesReturns
217000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
41987000
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32546000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5006000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9265000
CY2018Q1 osur Taxes Payable Receivable Current And Noncurrent
TaxesPayableReceivableCurrentAndNoncurrent
-357000
CY2017Q4 osur Taxes Payable Receivable Current And Noncurrent
TaxesPayableReceivableCurrentAndNoncurrent
6469000
CY2018Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1489000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1064000
CY2018Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
885000
CY2017Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
845000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2742000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3052000
CY2018Q1 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.
CY2018Q1 us-gaap Line Of Credit
LineOfCredit
0
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2018Q1 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
CY2018Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2019-09-30
CY2018Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
CY2017Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
0
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1201000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
24000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
24000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1142000
CY2008Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2018Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2017Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 osur Non Cash Charges Related To Equity Based Compensation Of Retiring Executives And Expenses Associated With Onboarding New Executives
NonCashChargesRelatedToEquityBasedCompensationOfRetiringExecutivesAndExpensesAssociatedWithOnboardingNewExecutives
6440000
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
122000
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
133000

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