Business
OraSure Announces 2020 First Quarter Financial Results and Provides COVID-19 Update
BETHLEHEM, Pa., May 06, 2020 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care diagnostic tests, specimen collection
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"BETHLEHEM, Pa., May 06, 2020 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care diagnostic tests, specimen collection devices and microbiome laboratory and analytical services, today announced its financial results for the three months ended March 31, 2020 and provided an update on COVID-19 activities.\n Financial and Business Highlights Net revenues for the first quarter of 2020 were $31.6 million, a 5% increase from the first quarter of 2019. Net product and services revenues were $30.9 million, a 9% increase from the first quarter of 2019. Excluding cryosurgical revenues, the line of business the Company sold in August 2019, and Diversigen revenues, which the Company acquired in November 2019, net revenues and product and services revenues grew 8% and 13%, respectively, from the first quarter of 2019.Other revenue highlights include:- International sales of the Company’s OraQuick® HIV products increased 74% compared to the first quarter of 2019. This increase was primarily the result of higher sales of the Company’s OraQuick® HIV Self-Test.- Total genomics revenues were $9.1 million during the first quarter of 2020, an increase of 14% from the first quarter of 2019.- Total laboratory service revenues in the first quarter of 2020 were $2.4 million compared to $717,000 in the first quarter of 2019. Laboratory services in 2020 include the service revenues generated by the Company’s subsidiaries, CoreBiome, Inc. and Diversigen, Inc.Net loss for the first quarter of 2020 was $7.3 million, or $0.12 per share on a fully-diluted basis, compared to a net loss of $3.3 million, or $0.05 per share on a fully-diluted basis, for the first quarter of 2019. Net loss for the first quarter of 2020 included a $1.1 million non-cash pre-tax charge associated with the change in fair value of acquisition-related contingent consideration. The net impact of the change in the fair value of contingent consideration in the current quarter was approximately $0.02 per share on a fully-diluted basis. Net loss in the first quarter of 2019 included a $1.3 million non-cash pre-tax charge associated with the change in the fair value of acquisition-related contingent consideration and $597,000 of acquisition-related transaction costs. The combined impact of these charges reduced fully diluted earnings per share by approxima...