Osiris Therapeutics Inc.’s (OSIR) fourth quarter 2013 earnings came in at 11 cents per share, compared to the year-ago loss of 2 cents per share. However, fourth quarter earnings missed the Zacks Consensus Estimate of $1.29 per share.
Revenues for the quarter came in at $8.1 million, missing the Zacks Consensus Estimate of $58 million but well above the year-ago quarter revenues of $2.9 million.
Full year earnings came in at 3 cents per share, compared to the year-ago loss of 18 cents per share and the Zacks Consensus Estimate of a loss of 21 cents per share. Revenues came in at $24.3 million, well above the year-ago revenues of $7.8 million. The Zacks Consensus Estimate was $73 million.
Research and development (R&D) expenses increased 62.4% from the year-ago period to $1.9 million. The company intends to study Grafix for the treatment of venous leg ulcers.
Selling, general and administrative expenses increased to $4.1 million from $1.7 million in the year-ago period reflecting investment in commercial activities. The company has increased its sales force significantly for the promotion of Grafix.
Meanwhile, in early Oct 2013, Osiris sold its culture-expanded mesenchymal stem cell (ceMSC) business including Prochymal (for up to $100 million) to a wholly-owned subsidiary of Mesoblast Limited. Osiris will be entitled to royalty payments as well.
Osiris also stated that the FDA does not require the company to file a biologic license application (:BLA) for Grafix to remain on the market. However, the company intends to submit a BLA for enhanced label claims – discussions with the FDA are ongoing.
Osiris is a Zacks Rank #3 (Hold) stock. Some better-ranked stocks in the health care sector include companies like Alexion Pharmaceuticals, Inc. (ALXN), Gilead Sciences Inc. (GILD) and Alkermes plc (ALKS) - all three are Zacks Rank #1 (Strong Buy) stocks.