Business
OraSure Reports 4Q22 Record Revenue of $123.1 Million Growing 94% Year-Over-Year; Positions for Longer-Term Growth and Profitability
InteliSwab® revenue of $88.9 million in Q4, up 12% sequentially; wins two new federal government contracts extending the tail on InteliSwab® revenue Signs a
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® revenue of $88.9 million in Q4, up 12% sequentially; wins two new federal government contracts extending the tail on InteliSwab® revenue Signs a deal with Quest Diagnostics Genomic Sequencing Services for saliva collection kits Q4 GAAP EPS of $0.21; Non-GAAP EPS of $0.36 Announces restructuring expected to result in operating expense savings of $15 million to be fully implemented by June 2023; targets achieving cash flow breakeven for core business by end of 2024 Cash balance grows to $111 million, up $9 million from prior quarter Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., Feb. 14, 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 December 31, 2022. “This quarter we have delivered clear progress on our transformation journey to Strengthen our foundation. We identified meaningful expense reductions through restructuring our two business units into a single organization, reducing our non-production workforce by 11%, and lowering manufacturing costs. Importantly, this quarter we further increased our cash balance that will help fund investments for our future,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “building from our stronger base, our focus this year is to increasingly Elevate core growth across our product lines by expanding our existing business, driving internal innovation, and targeting key strategic partnerships. We believe our actions will drive the Company to achieving cash flow breakeven for the core business by the end of 2024 while we Accelerate profitable growth.” Financial Highlights Three Months Ended Year Ended December 31, December 31, 2022 2021 % Change 2022 2021 % Change Core Diagnostics$18,400 $17,898 3 % $70,007 $67,333 4 %InteliSwab 88,857 14,770 502 233,666 22,707 929 Total Diagnostics 107,257 32,668 228 303,673 90,040 237 Core Molecular Solutions 15,684 22,936 (32) 74,147 89,467 (17) COVID-19 kits 137 7,964 (98) 9,659 54,167 (82) Total Molecular Solutions 15,821 30,900 (49) 83,806 143,634 (42) Total Revenue$123,078 $63,568 94 % $387,479 $233,674 66 % Three Months Ended Year ended December 31, December 31, 2...