Business
OraSure Reports Q2 ’24 Revenue of $54.3 Million
Q2 GAAP EPS of $(0.01); Q2 Non-GAAP EPS of $0.07 OraQuick® HCV Self-test is the first globally to earn WHO pre-qualification Strong momentum with Syphilis
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"Q2 GAAP EPS of $(0.01); Q2 Non-GAAP EPS of $0.07 OraQuick® HCV Self-test is the first globally to earn WHO pre-qualification Strong momentum with Syphilis Health Check™ launch Expanding Sample Management applications into saliva-based liquid biopsy BETHLEHEM, Pa., Aug. 06, 2024 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care and home diagnostic tests and sample management solutions, today announced its financial results for the three months ended June 30, 2024. “Our team continues to execute well, delivering Q2 results that were near the top end of our revenue guidance range. Our second quarter Core revenue showed sequential improvement, and we anticipate further progress in Q3. We continue to strengthen our foundation, elevate our core business, and accelerate our profitable growth through investments in innovation while maintaining focus on cost efficiency and margin expansion,” said OraSure President and CEO Carrie Eglinton Manner. She continued, “We are seeing positive momentum from our product launches and extensions that expand access, especially in large market opportunities such as sexual health and liquid biopsy. Additionally, our discipline and execution in consolidating sites, reducing operating costs, and leveraging automation continues to unlock productivity gains, and we remain on track to achieve our target of break-even in cash flow from operations for the core business by the end of 2024. Our streamlined cost structure, along with our strong balance sheet, provides flexibility for the next stage of our transformation. Overall, we are confident that OTI is well positioned to leverage the strength of our differentiated platforms and customer relationships to drive profitable growth as key end markets recover further in 2025 and beyond.” Financial Highlights For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 % Change 2024 2023 % ChangeCore Business (1)$35,396 $37,934 (7)% $66,400 $74,488 (11)%COVID-19 18,939 47,507 (60) 42,067 165,916 (75)Total Net Revenue$54,335 $85,441 (36)% $108,467 $240,404 (55)% (1) Includes Diagnostics, Molecular Sample Management Solutions, Molecular Services, other products and services revenues, and non-product and services revenues. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 % Change...