OraSure third-quarter revenues dip slightly, gross margin unchanged at 64%

By Lisa Kerner

Charlotte, N.C., Nov. 1 - OraSure Technologies, Inc. announced revenues of $17.6 million for the quarter ended Sept.30, 2006, slightly below the $18.1 million in revenues reported for the third-quarter 2005.

The company's net income decreased for the quarter to $2.1 million, or $0.05 per share on a basic and fully-diluted basis, from $3.8 million, or $0.08 per share on a basic and fully-diluted basis, during the prior-year period.

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

Operating expenses were up slightly at $8.8 million for the third-quarter 2006, from $8.4 million in the comparable period in 2005.

Cash, cash equivalents and short-term investments totaled $89.5 million and working capital was $98.1 million at Sept. 30, 2006, compared to $77.6 million and $90.7 million, respectively, at Dec. 31, 2005, according to a company news release.

For the third-quarter 2006, cash flow from operations rose to $5.9 million from $3.6 million reported for the third quarter of 2005. Cash flow from operations for the nine-month period ended Sept. 30 also rose, to $14.1 million from $8.5 million for the prior-year period.

For the nine months ended Sept. 30, OraSure had revenues of $50.4 million, net income of $4.2 million, or $0.09 per share on a basic and fully-diluted basis, and operating expenses of $27.3 million.

"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," president and chief executive officer Douglas A. Michels said in the release.

OraSure is a diagnostic products company located in Bethlehem, Pa.

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