Osiris Therapeutics Reports Fourth Quarter and Full Year 2012 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 fourth quarter and full year ended December 31, 2012.

Recent and Full Year Highlights

With the approval of Prochymal, 2012 was an historic year for the entire field of stem cell medicine, said C. Randal Mills, Ph.D., President and Chief Executive Officer of Osiris. For Osiris, it was also a year of commercial transformation, having four products on the market and expanding capabilities in development, manufacturing, sales and marketing. Osiris is now a fully integrated commercial cell therapy company, well-positioned for future growth.

Fourth Quarter Financial Results

Revenues during the fourth quarter of 2012 were $3.1 million, including Biosurgery product revenues of $2.9 million compared to $0.8 million over the same period of 2011. Gross margin during the fourth quarter was 70% compared to 58% during the fourth quarter of 2011. Gross profit was $2.1 million during the fourth quarter of 2012 and $0.4 million during the same period of 2011. We reported a loss of $2.6 million in the fourth quarter of 2012. As of December 31, 2012, Osiris had $37.2 million in cash, receivables and short-term investments.

Research and development expenses for the fourth quarter of 2012 were $3.1 million, compared to $4.2 million incurred in the fourth quarter of 2011. General and administrative expenses were $1.8 million for the fourth quarter of 2012, compared to $1.5 million for the same period of the prior year.

Full Year 2012 Financial Highlights

Revenues of $11.8 million were recognized in 2012, including $7.8 million in Biosurgery product revenues compared to $1.3 million over the same period in 2011. We recognized $42.4 million of total revenues in 2011, including $40.0 million from the Genzyme collaboration agreement, $1.0 million from the research, development and commercialization agreement with the JDRF and $1.3 million of revenues from our Biosurgery products. Gross margin during 2012 was 67% compared to 58% during 2011. Gross profit was $5.3 million during fiscal 2012 and $0.7 million during fiscal 2011. We reported a loss of $11.1 million for the fiscal year ended December 31, 2012.

R&D expenses for the 2012 fiscal year were $14.1 million compared to $19.2 million in the prior year. G&A expenses in fiscal 2012 were $6.3 million, whereas G&A expenses in 2011 were $7.9 million, including $2.6 million of non-cash share-based payments.

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Osiris Therapeutics Reports Fourth Quarter and Full Year 2012 Financial Results