Osiris Therapeutics Announces First Quarter 2015 Results

Cellular and regenerative medicine company Osiris Therapeutics Inc. has released its first quarter 2015 financial results.

Some highlights include:

• Increased product revenue for the quarter to $21.0 million, a 109 percent increase over Q1 2014;
• Gross margin remained consistent at 78 percent;
• Completed the quarter with after-tax income from operations of $1.4 million or $0.04 per share;
• Launched BIO4 in collaboration with Stryker at the American Academy of Orthopaedic Surgeons;
• Increased coverage to 40 million Medicare lives, 21 million Medicaid lives and initiated commercial coverage for 37 million lives for Grafix; and
• Ended the quarter with $101.6 million of total assets.

“I am encouraged by the continued growth of our business, despite the changing market dynamics we experienced in the first quarter,” said President and CEO Lode Debrabandere, Ph.D. “During this quarter, our business completed the transition from Ovation to BIO4 and also successfully adjusted to the CMS (Centers for Medicare and Medicaid Services) bundled-payment system inclusion of Grafix. The wound care business continues to gain momentum, supported by the expansion of Medicare, Medicaid and commercial insurance coverage.”

Research and development expenses for the first quarter of 2015 were $1.6 million, increased from the $0.7 million incurred in the first quarter of 2014. As a result of increased commercial activity, the company’s selling, general and administrative expenses were $12.8 million for the first quarter of 2015, compared to $7.2 million for the same period of the prior year.

The company is based in Columbia, Md.