Business
OraSure Reports 1Q22 Record Revenue of $67.7 Million; +16% Year-Over-Year With 21% Growth in Non-COVID Revenue
InteliSwab® revenue of $22.1 million in Q1, up 50% sequentially with significant scaling in production Non-COVID molecular kits increase 42% year-over-year
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® revenue of $22.1 million in Q1, up 50% sequentially with significant scaling in production Non-COVID molecular kits increase 42% year-over-year demonstrating continued strong growth Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., May 10, 2022 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care and home diagnostic tests, specimen collection devices, and microbiome laboratory and analytical services, today announced its financial results for the three months ended March 31, 2022. “We made significant progress in the quarter scaling InteliSwab® production and improving the efficiency of our manufacturing process as we look to drive profitable growth,” said OraSure Interim President and CEO Nancy J. Gagliano, M.D., MBA. “Excluding COVID-19 products, both our Diagnostics and Molecular Solutions businesses grew at a double-digit rate year-over-year.” She continued, “We once again saw exceptionally strong demand for our molecular kits business, with our non-COVID-19 core collection kit business growing 36% versus the same quarter a year ago. We also continue to launch innovative offerings such as our first-of-its-kind U.S. Food and Drug Administration (FDA) de novo authorized microbiome gut collection kit and our new metatranscriptome services offering, with new offerings to be launched this quarter. In addition, we continue to expand our market coverage with our base of active purchasing Molecular Solutions customers growing 6% in the quarter, positioning us for continued long-term growth.” Financial Highlights Net revenues for the first quarter of 2022 were $67.7 million, a 16% increase from the first quarter of 2021 and a new record for the Company. Excluding COVID-19 product revenues, revenues for the quarter increased 21% year-over-year.Total revenues from the Company’s Diagnostic business unit were $38.3 million during the first quarter of 2022 and grew 163% relative to the same period last year. Revenue growth was driven primarily by InteliSwab®. Excluding InteliSwab® sales, total Diagnostic business unit revenue grew 11% year-over-year.Total product and service revenues for the Company’s Molecular Solutions business unit were $29.4 million during the first quarter of 2022, a decline of 33% from the first quarter of 2021. The decline was ...