COLUMBIA, Md.–(BUSINESS WIRE)– Osiris Therapeutics, Inc. (NASDAQ:OSIR), the leading cellular regenerative medicine company focused on developing and marketing products to treat conditions in wound care, orthopaedics and sports medicine, announced today its financial results for the third quarter of 2015.
Highlights and Recent Developments
- Reported product revenue for the quarter of $24.3 million.
- Obtained coverage of Grafix® for 128 million lives, an increase of 5 million lives compared to the previous quarter.
- Initiated a Phase III clinical study for OTI-15-01 for the treatment of Diabetic Foot Ulcers. The next phase of the Biological License program for OTI-15-01 is to pursue a clinical indication for Venous Leg Ulcers.
- Launched two new products: TruSkin™ and Stravix™. These products will provide solutions to wound specialists and surgeons for the treatment of larger wounds and surgical reconstruction procedures.
- Continued to invest in our market access, finance and manufacturing departments. Osiris has also completed the transition from external vendor hotline services support to an Osiris Therapeutics Reimbursement Hotline and Insurance Verification Department supporting all company product lines and added additional resources to the finance and manufacturing teams. The management team was strengthened with the appointment of Greg Law as Chief Financial Officer and Dwayne Montgomery as Chief Business Officer.
- Completed the quarter with loss from continuing operations of $842,000 and with $102.4 million in total assets.
“Innovation remains a core asset to our company and the recent launch of TruSkin and Stravix demonstrates our commitment to discover cellular regenerative solutions for patients in need. We continue to strengthen our leadership position by adding innovative products to the portfolio and increasing regulatory barriers to entry,” said Lode Debrabandere, Ph.D., President and Chief Executive Officer.
Third Quarter Financial Results
Product revenues during the third quarter of 2015 were $24.3 million, compared to $17.2 million during the third quarter of 2014, an increase of 41%. Gross margin during the third quarter remained the same as the third quarter of 2014 at 78%. Gross profit was $18.8 million during the third quarter of 2015 and $13.4 million during the same period of 2014. Net loss from continuing operations was $842,000. Other expense was $1.1 million, which mostly represented an unrealized loss on the stock of Mesoblast Ltd., held by the company at September 30, 2015. The company recognized an income tax benefit of $376,000. As of September 30, 2015, Osiris had $102.4 million of total assets.
Research and development expenses for the third quarter of 2015 were $2.3 million, increased from the $1.2 million incurred in the third quarter of 2014. As a result of our increased commercial activity, our selling, general and administrative expenses were $16.7 million for the third quarter of 2015, compared to $11.0 million for the same period of the prior year.
A webcast and conference call to discuss the financial results is scheduled for today, November 6, at 9:00 a.m. ET. To access the webcast, visit the Investor Relations section of the company’s website at http://investor.osiris.com/events.cfm. Alternatively, callers may participate in the conference call by dialing (877) 303-6133 (U.S. participants) or (970) 315-0493 (international participants).
An archive of the webcast will be available approximately two hours after the completion of the call. To access the archived webcast, visit the Investor Relations section of the company’s website at http://investor.osiris.com/events.cfm.
About Osiris Therapeutics
Osiris Therapeutics, Inc., based in Columbia, Maryland, is a leader in researching, developing and marketing cellular regenerative medicine products that improve the health and lives of patients and lower overall healthcare costs. Having developed the world’s first approved stem cell drug, Osiris works to further advance the medical field. Osiris’ research and development in biotechnology focuses on innovation in regenerative medicine – including bioengineering, stem cell research and viable tissue based products. Osiris has achieved commercial success with products in orthopaedics, sports medicine and wound care, including BIO4 ®, a viable bone matrix, Cartiform®, a viable osteochondral allograft, Grafix, a cryopreserved placental membrane, TruSkin, a viable human skin allograft and Stravix, a durable placental allograft.
Osiris, Grafix and Cartiform are registered trademarks of Osiris Therapeutics, Inc.; TruSkin and Stravix are trademarks of Osiris Therapeutics, Inc.BIO4 is a registered trademark of Stryker Corporation (NYSE:SYK). More information can be found on the company’s website, www.Osiris.com. (OSIR-G)