Business
OraSure Reports 3Q22 Record Revenue of $116.5 Million Growing 116% Year-Over-Year
InteliSwab® revenue of $79.6 million in Q3, up 85% sequentially;Company continues to expand test production capacity Company wins new contracts for COVID-19
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® revenue of $79.6 million in Q3, up 85% sequentially;Company continues to expand test production capacity Company wins new contracts for COVID-19 testing along with retail wins including availability on Amazon.com Q3 GAAP EPS of $0.07 and non-GAAP EPS of $0.13 Company generates positive cash flow from operations in quarter ahead of prior guidance Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., Nov. 08, 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 September 30, 2022. “This quarter we made significant progress on our transformation journey. We began to establish the foundations of our future strategy and position the Company for resetting our financial base which is designed to achieve our long-term financial success. We believe we hold a unique position in healthcare as we power the industry with effortless point-of-care diagnostic testing, sample collection, multi-ome services, and innovation. By doing this, we connect healthcare to people and help increase access, affordability, and quality of care,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “We generated positive cash flow this quarter ahead of our previous guidance which is an important milestone as we look to rebuild our balance sheet through our anticipated significant sales of InteliSwab® tests in coming quarters. To that end, we have recently won additional contracts and expanded retail presence with availability on Amazon.com that will extend our forward visibility for the product. We are strengthening our foundation driving further efficiencies in our core business, which will support future growth investments to bolster our long-term core growth outlook.” Financial Highlights Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 % Change 2022 2021 % Change Core Diagnostics$18,092 $15,836 14 % $51,607 $49,430 4 %InteliSwab 79,559 7,675 937 144,809 7,938 NM Total Diagnostics 97,651 23,511 315 196,416 57,368 242 Core Molecular Solutions 18,451 24,151 (24) 58,463 66,529 (12) COVID-19 kits 361 6,255 (94) 9,522 46,209 (79) Total Molecular Solutions 18,812 3...