Business
OraSure Reports 2Q22 Record Revenue of $80.2 Million Growing 39% Year-Over-Year
InteliSwab® revenue of $43.1 million in Q2, up 95% sequentially with significant scaling in production InteliSwab® gross margins improve sequentially by over
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® revenue of $43.1 million in Q2, up 95% sequentially with significant scaling in production InteliSwab® gross margins improve sequentially by over 2,000 basis points GAAP gross margin of 34.4%, a decrease of 200 basis points sequentially; non-GAAP gross margins improve 250 basis points sequentially to 40.1% despite headwinds Q2 GAAP EPS of ($0.26) and non-GAAP EPS of ($0.00) Company expects to generate positive cash flow in the 4Q22 Announces strategic transformation, including appointment of new Chief Financial Officer and changes in the Board of Directors to occur in November Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., Aug. 09, 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 June 30, 2022. “This quarter we delivered strong revenue growth driven by InteliSwab® which helped offset headwinds in our core business. We have commenced our strategic transformation with a three-part approach intended to strengthen our foundation, elevate our existing lines of business and accelerate growth. Our team also made significant progress in cost productivity and manufacturing efficiency priorities which we believe will lead to positive cash flow later this calendar year,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “Our teams are committed to innovating and operating with disciplined execution and accountability across the organization. We see an important strategic niche for OraSure as a Company leveraging our strengths in the face of current shifts in healthcare delivery. We are dedicated to facilitating testing and sample collection for patients at the point of care. In further evolving our organization’s strategic plan, we will provide updates on our progress. We are committed to driving sustained profitable growth over the long-term and to unlocking shareholder value.” Financial Highlights Net revenues for the second quarter of 2022 were $80.2 million, a 39% increase from the second quarter of 2021 and a new record for the Company.Total revenues from the Company’s Diagnostic business unit were $60.4 million during the second quarter of 2022 a...