News: Portfolio 2006

OraSure Announces Third Quarter Financial Results

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"We are pleased with the Company's financial performance for the third quarter," said Douglas A. Michels, President and Chief Executive Officer of OraSure Technologies. "Our financial results exceeded our expectations and were driven primarily by continued strong performance of our infectious disease testing business along with the increased sales of our substance abuse testing and insurance risk assessment products. Offsetting these increases was a reduction in our cryosurgical systems sales."

 

Gross margin in both the third quarters of 2006 and 2005 was 64%.

 

 

Operating expenses for the third quarter of 2006 increased to $8.8 million from $8.4 million in the comparable period in 2005. This increase was primarily attributable to stock option expense, increased research and development expenses and costs related to the implementation of a new enterprise resource planning system, offset by lower legal and advertising costs. Operating expenses for the nine months ended September 30, 2006 were $27.3 million, compared to $25.2 million for the comparable period in 2005.

 

Cash, cash equivalents and short-term investments totaled $89.5 million and working capital was $98.1 million at September 30, 2006, compared to $77.6 million and $90.7 million, respectively, at December 31, 2005. Cash flow from operations was $5.9 million for the third quarter of 2006, up from the $3.6 million reported for the third quarter of 2005. Cash flow from operations for the nine months ended September 30, 2006 was $14.1 million, compared to $8.5 million for the comparable period in 2005.

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