Osiris Therapeutics Announces Second Quarter 2013 Financial Results

COLUMBIA, Md.--(BUSINESS WIRE)--

Osiris Therapeutics, Inc. (OSIR), the leading stem cell company focused on developing and marketing products to treat medical conditions in inflammatory, cardiovascular, orthopedic and wound healing markets, announced today its results for the second quarter of 2013.

Highlights and Recent Developments

We are very pleased with the return our new sales team is delivering on our investments in commercial infrastructure as demonstrated by our continued revenue growth, said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. We are also excited about the progress of Protocol 302, our randomized, controlled clinical trial evaluating Grafix for chronic diabetic foot ulcers. By balancing our commercial and developmental activities, we continue to advance towards our goal of creating a profitable business in cell therapy by providing best-in-class products and service.

Second Quarter Financial Results

Product revenues during the second quarter of 2013 were $5.3 million, compared to $1.6 million during the second quarter of 2012, an increase of 231%. Gross margin during the second quarter was 72% compared to 66% during the second quarter of 2012. Gross profit was $3.8 million during the second quarter of 2013 and $1.1 million during the same period of 2012. The net loss was $3.8 million in the second quarter of 2013 compared to $4.3 M during the second quarter of 2012. As of June 30, 2013, Osiris had $33.6 million in cash, receivables and short-term investments.

Research and development expenses for the second quarter of 2013 were $3.3 million, decreased from the $4.1 million incurred in the second quarter of 2012. As a result of our increased commercial activity, our selling, general and administrative expenses were $4.4 million for the second quarter of 2013, compared to $1.4 million for the same period of the prior year.

Webcast and Conference Call

A webcast and conference call to discuss the financial results is scheduled for today, August 5, 2013, 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). Note that a presentation will accompany the webcast.

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.

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Osiris Therapeutics Announces Second Quarter 2013 Financial Results