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OraSure Technologies Reports 3Q21 Revenue of $53.9 Million, Signs Three Major U.S. Government Contracts Positioning the Company for Significant InteliSwab™ Growth in FY22
Third quarter revenue of $53.9 million grew 12% year-over-year; excluding COVID-19 product revenues, revenues for the quarter grew 37% from the prior year,
About this update from Orasure Technologies, Inc.
[{"type":"text","content":"Third quarter revenue of $53.9 million grew 12% year-over-year; excluding COVID-19 product revenues, revenues for the quarter grew 37% from the prior year, demonstrating strong growthOraSure signs three major U.S. government contracts providing $205 million in government InteliSwab™ procurement, $109 million for InteliSwab™ manufacturing capacity build out, and $13.6 million to pursue full FDA 510(k) clearance and CLIA waiver for InteliSwab™Company increases financial guidance range for fiscal year 2021 and is now expecting revenues of $230-$233 million Management to Host Analyst/Investor Call and Webcast Today at 5:00 p.m. ET BETHLEHEM, Pa., Nov. 03, 2021 (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, 2021. “OraSure demonstrated strong revenue growth and laid the foundation to dramatically scale the size of the Company in fiscal year 2022. Importantly, we signed three major contracts this quarter with the U.S. government: $205 million for InteliSwab™ COVID-19 Rapid Test procurement, $109 million for InteliSwab™ manufacturing capacity build out, and $13.6 million to pursue full FDA 510(k) clearance for InteliSwab™. These contracts position OraSure as an important part of the government’s global pandemic response and will lower our cost per product and broaden our customer reach.” Dr. Tang continued, “We continue to view InteliSwab™ as an integral part of our long-term growth strategy, as an entrance into the respiratory rapid test market--the largest point-of-care testing market in the world. This provides an unprecedented opportunity to strategically transform our company and improve our long-term growth profile. Given the strong growth we anticipate in 2022, we are highly focused on execution and ramping our manufacturing production to meet demand. We are also actively working to bolster innovation both through internal research and development and external M&A which we believe will drive long-term sustained growth and value for our stockholders.” Financial Highlights Net revenues for the third quarter of 2021 were $53.9 million, a 12% increase from the third quarter of 2020. Excluding COVID-19 product ...