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Osiris Loss In-Line with Expectations

Osiris Therapeutics Inc. (OSIR - Analyst Report) reported a first-quarter 2013 loss of 8 cents per share, in-line with the Zacks Consensus Estimate but wider than the year-ago loss of 4 cents per share. Revenues for the quarter came in at $4.2 million, above the Zacks Consensus Estimate of $4.0 million, but below the year-ago quarter revenues of $4.6 million.

Quarterly Highlights

Biosurgery product revenues came in at $4.1 million, significantly above the year-ago revenues of $1.1 million.

Research and development (R&D) expenses declined 25% from the year-ago period to $3 million. Selling, general and administrative expenses increased 93.3% from the year-ago period to $2.9 million due to higher commercial activities in the Biosurgery segment.

Pipeline Update

Osiris has made significant progress with stem cell therapies. The upside potential to lead candidate Prochymal could be enormous. Prochymal gained approval in Canada and New Zealand in the second quarter of 2012 for the treatment of acute graft-versus-host disease (GvHD) in children. Prochymal is the first manufactured stem cell product to gain approval and the first treatment to gain approval for GvHD.

Osiris is working with regulatory agencies across the world to provide them with the information needed to approve Prochymal.

Osiris is studying Prochymal for several indications including Crohn’s disease and acute myocardial infarction, which are blockbuster indications.

The company is actively looking for a partner for Prochymal. Last year, Osiris had regained commercial rights for Prochymal and Chondrogen from Sanofi (SNY - Analyst Report).

Osiris currently carries a Zacks Rank #3 (Hold). We are pleased with the performance of the company’s Biosurgery segment. However, while we are impressed with Osiris’ progress in cell-based therapies, we note that any pipeline setbacks would weigh heavily on the stock.

At present, companies like Cytori Therapeutics (CYTX - Snapshot Report) and Peregrine Pharmaceuticals, Inc. (PPHM - Snapshot Report) look well-positioned. Both are Zacks Rank #1 (Strong Buy) stocks.

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