Business
OraSure Reports 1Q23 Record Revenue of $155.0 Million; Announces New Collaborations as Company Increasingly Focuses on Core Growth
InteliSwab® test revenue of $118.3 million in Q1, up 33% sequentially; Company delivers cost savings and begins to taper InteliSwab® test production and
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® test revenue of $118.3 million in Q1, up 33% sequentially; Company delivers cost savings and begins to taper InteliSwab® test production and expenses Gross margins increase 200 basis points sequentially despite mix/pricing headwinds Signs three new molecular partnerships supporting cancer diagnostics, women’s health testing, and microbiome services Q1 GAAP EPS of $0.37; Non-GAAP EPS of $0.47 Improved cash position with $112.4 million in cash and cash equivalents; Company anticipates additional favorable impact from working capital in 2023 Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., May 10, 2023 (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, 2023. “This quarter we once again delivered clear progress on our transformation journey. First, to Strengthen Our Foundation we reduced our non-production workforce in Q1 by 11% in accordance with our planned $15 million in annual savings, and we will deliver additional cost savings in the near-term as COVID-19 volumes have begun to taper. We also significantly increased gross margins despite mix/pricing headwinds and implemented new packaging changes on InteliSwab® tests which are expected to result in savings of approximately $0.50 per test. With facility consolidation, implementation of additional automation, and manufacturing process upgrades, we plan to further drive efficiencies and believe we will achieve our goal to breakeven in cash flow from operations for the core business in 2024,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “The most important point of streamlining our cost structure is building a solid foundation to Elevate Core Growth across the enterprise. We made progress on our product pipeline as we work to expand our infectious disease and sexual health portfolio of assays and to extend our leadership in molecular products. Additionally, this quarter we signed three new molecular partnerships following our recent deals with Quest Diagnostics and Grifols which make us increasingly confident in the long-term trajectory of our molecular portfolio. Overall, we believe the ...