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 second quarter of 2015.
Second Quarter Highlights and Developments
- Increased product revenue for the quarter to $23.7 million – a 78% increase over Q2 2014 and a 13% increase over previous quarter.
- Increased coverage for Grafix® to 123 million lives, an increase of 25 million lives compared to the previous quarter.
- Published seven peer reviewed manuscripts, including data on a prospective study of Grafix in chronic venous ulcers.
- Initiated preparations for a Phase III confirmatory study in venous ulcers with the goal to prepare a supplemental BLA for that indication.
- Invested further in the expansion of the commercial infrastructure, including the addition of sales and marketing professionals and establishment of an internal hotline and insurance verification department.
- Completed the quarter with after-tax income from operations of $1.2 million or $0.03 per share and with $103 millionin total assets.
“We remain laser focused on growing revenue and investing in our leading brands,” said Lode Debrabandere, Ph.D., President and Chief Executive Officer. “Despite the expiration of pass-through status for Grafix in early January, the wound care business continues to grow revenue by double-digits. The team has made tremendous progress in opening more accounts and increasing the number of patients treated with Grafix.” 
Second Quarter Financial Results
Product revenues during the second quarter of 2015 were $23.7 million, compared to $13.3 million during the second quarter of 2014, an increase of 78%. Gross margin during the second quarter remained the same as the second quarter of 2014 at 78%. Gross profit was $18.5 million during the second quarter of 2015 and $10.4 million during the same period of 2014. The net income from continuing operations was $1.2 million in the second quarter of 2015 after recognizing income taxes of $0.4 million. As of June 30, 2015, Osiris had $103 million of total assets.
Research and development expenses for the second quarter of 2015 were $2.3 million, increased from the $1.1 millionincurred in the second quarter of 2014. As a result of our increased commercial activity, our selling, general and administrative expenses were $14.5 million for the second quarter of 2015, compared to $9.4 million for the same period of the prior year.
Conference Call
A webcast and conference call to discuss the financial results is scheduled for today, August 5, 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 the world leader in researching, developing and marketing regenerative medicine products that improve health and lives of patients and lower overall healthcare costs. Having developed the world’s first approved stem cell drug, the company continues to advance its research and development in biotechnology by focusing 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 ™, Cartiform® and Grafix.
Osiris, Grafix and Cartiform are registered trademarks of Osiris Therapeutics, Inc. BIO4 is a trademark of Stryker Corporation (NYSE: SYK). More information can be found on the company’s website, www.Osiris.com. (OSIR-G)