Osiris Therapeutics (OSIR) Updates on Prelim. Revenue Ests; Sees Lower Result in FY14

Osiris Therapeutics, Inc. (Nasdaq: OSIR) announced its preliminary revenue estimates for 2014 and 2015 and its anticipated 2016 revenue.

As previously announced, the Company is working diligently to complete the restatement of its 2014 financial statements as soon as possible. Once that process is complete, the Company expects to transition to a new independent registered accounting firm and begin work on the 2015 financial statements. The Company has made substantial progress in its work on the restatement and as a result, the Company is now able to provide revenue estimates for these annual periods.

The Company currently estimates that the restatement will result in revenue of $46 to $50 million in 2014, which is less than the previously reported revenue of $58.8 million, and that it expects to report revenue of $85 to $90 million for 2015. In addition, the Company also announced today that it expects to report revenue for 2016 of $100 to $110 million.

As a result of the ongoing process to complete the restatement, the revenue estimates in this press release are preliminary and subject to revision. Due to this ongoing work, the Company is not yet able to estimate net income or earnings per share information.

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