05.22.15
Osiris Therapeutics Inc., a cellular and regenerative medicine company making products to treat conditions in wound care, orthopedics and sports medicine, is evaluating the establishment of an international subsidiary outside the United States in recognition of its expanding research and commercial business operations. The company is currently evaluating different locations, including United Kingdom, Singapore and Switzerland.
This news comes soon after the release of the company’s fiurst quarter results, which were positive. Product revenues during the first quarter of 2015 were $21 million, compared to $10.1 million during the first quarter of 2014, an increase of 109 percent. Gross margin during the first quarter remained the same as the first quarter of 2014 at 78 percent. Gross profit was $16.4 million during the first quarter of 2015 and $7.8 million during the same period of 2014. The net income from continuing operations was $1.4 million in the first quarter of 2015 after recognizing income taxes of $0.6 million. As of March 31, 2015, Osiris had $101.6 million of total assets.
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, 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.
“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. “ … The wound care business continues to gain momentum, supported by the expansion of Medicare, Medicaid and commercial insurance coverage.”
Osiris Therapeutics is based in Columbia, Md.
This news comes soon after the release of the company’s fiurst quarter results, which were positive. Product revenues during the first quarter of 2015 were $21 million, compared to $10.1 million during the first quarter of 2014, an increase of 109 percent. Gross margin during the first quarter remained the same as the first quarter of 2014 at 78 percent. Gross profit was $16.4 million during the first quarter of 2015 and $7.8 million during the same period of 2014. The net income from continuing operations was $1.4 million in the first quarter of 2015 after recognizing income taxes of $0.6 million. As of March 31, 2015, Osiris had $101.6 million of total assets.
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, 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.
“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. “ … The wound care business continues to gain momentum, supported by the expansion of Medicare, Medicaid and commercial insurance coverage.”
Osiris Therapeutics is based in Columbia, Md.