Business
OraSure Reports Q2 ‘23 Revenue of $85.4 Million; Core Revenue Grows 3% Year-over-Year
InteliSwab® test revenue of $47.5 million in Q2 Q2 Core revenue of $37.9 million grew 4% sequentially and 3% year-over-year Q2 GAAP EPS of $(0.07); Q2
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"InteliSwab® test revenue of $47.5 million in Q2 Q2 Core revenue of $37.9 million grew 4% sequentially and 3% year-over-year Q2 GAAP EPS of $(0.07); Q2 Non-GAAP EPS of $0.09 Grew cash balance to $185.9 million as of June 30, 2023 InteliSwab® orders are expected to generate at least $70 million of revenue in second half of 2023 On track to achieve operating cash flow breakeven on core business by end of 2024 BETHLEHEM, Pa., Aug. 03, 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 June 30, 2023. “This quarter we continued to deliver clear progress on our transformation journey. Our disciplined execution on our priorities, including InteliSwab® contracts and enterprise-wide operating efficiencies, allowed us to generate positive operating cash flow and build our cash balance to $186 million as of June 30, 2023. We expect to drive additional productivity enhancements across our organization as part of our multi-year commitment to strengthen our foundation, such as facility consolidation, further leveraging automation, and controlling our non-production costs. As a result, we continue to believe we will achieve our target of breakeven in cash flow from operations for the core business by the end of 2024,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “We demonstrated solid progress in the second quarter with core revenue growth on both a sequential and a year-over-year basis. We are also investing to support and enhance our leadership position and elevate our growth in our key portfolios. Additionally, we gained visibility to InteliSwab® order trends for the second half of this year. Overall, we believe that the progress we are making positions the Company to further drive profitable growth and deliver shareholder value.” Financial Highlights Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Change 2023 2022 % Change Core Business$37,934 $36,853 3% $74,488 $73,527 1%COVID-19 47,507 43,378 10 165,916 74,411 123Total Net Revenue$85,441 $80,231 6% $240,404 $147,938 63% Three Months Ended June 30, Six months ended June 30, 2023 2022 % Change 2023 2022 % Change Net revenues$85,441 $80,2...