Osiris Therapeutics, Inc. (OSIR): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report

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Summary:
Osiris reported fourth quarter 2013 earnings of $0.05 per share, compared to the year-ago loss of $0.02 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. In early Oct 2013, Osiris sold its culture-expanded mesenchymal stem cell (ceMSC) business including Prochymal to a wholly-owned subsidiary of Mesoblast Limited. This deal has not only brought in cash for Osiris in the form of an upfront payment, the company will also be entitled to royalty payments. We maintain a Neutral recommendation on the stock.

Overview:

Columbia, MD-based Osiris Therapeutics, Inc. focuses on the development, manufacture and sale of biologic products which have been developed to promote the body's natural healing process and improve surgical outcomes. Currently marketed products include Grafix, Ovation, OvationOS and Cartiform for tissue repair.

In Oct 2013, Osiris sold off its culture-expanded mesenchymal stem cell (ceMSC) business including Prochymal to a wholly-owned subsidiary of Mesoblast Limited for up to $100 million. Osiris will also be entitled to receive single to low double-digit royalties on sales of products derived from the ceMSC technology. Osiris has also retained a license to all transferred intellectual property necessary to run its other businesses.

Osiris generates revenues from the Biosurgery segment, collaborative agreements, government contracts and research licenses. Total revenues came in at $24.3 million in 2013, up from $7.8 million in 2012.


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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



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