OraSure Technologies, Inc (OSUR) has reported a 324.63 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $6.24 million, or $0.11 a share in the quarter, compared with $1.47 million, or $0.03 a share for the same period last year.
Revenue during the quarter grew 8 percent to $32.25 million from $29.86 million in the previous year period. Gross margin for the quarter expanded 109 basis points over the previous year period to 70.31 percent. Total expenses were 80.95 percent of quarterly revenues, down from 94.86 percent for the same period last year. This has led to an improvement of 1391 basis points in operating margin to 19.05 percent.
Operating income for the quarter was $6.14 million, compared with $1.54 million in the previous year period.
“We are very pleased with the Company’s financial performance for the third quarter, especially our strong bottom line results,” said Douglas A. Michels, president and chief executive officer of OraSure Technologies. “We continue to build on numerous international opportunities and have executed an $18 million product supply agreement with a foreign government in support of a country-wide HCV elimination program. Our molecular business continues to generate impressive growth and we were successful in obtaining government funding for continued work on our rapid Zika test. We believe the progress we have made on these key objectives has positioned us well for future success.”
The company forecasts diluted earnings per share to be in the range of $0.05 to $0.06 for the fourth-quarter.
Working capital increases
OraSure Technologies, Inc has recorded an increase in the working capital over the last year. It stood at $128.77 million as at Sep. 30, 2016, up 14.84 percent or $16.64 million from $112.13 million on Sep. 30, 2015. Current ratio was at 6.87 as on Sep. 30, 2016, up from 4.78 on Sep. 30, 2015.
Cash conversion cycle (CCC) has decreased to 59 days for the quarter from 146 days for the last year period. Days sales outstanding went down to 45 days for the quarter compared with 52 days for the same period last year.
Days inventory outstanding has decreased to 58 days for the quarter compared with 153 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 59 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
