OraSure Technologies Q1 Revenues Up 16 Percent

Original from: Genomeweb

OraSure Technologies reported after the close of the market on Tuesday that its first quarter revenues increased 16 percent year over year driven by 21 percent growth in non-COVID revenues.

For the three months ended March 31, the Bethlehem, Pennsylvania-based company reported total revenues of $67.7 million, up from $58.6 million in Q1 2021 and above the consensus Wall Street estimate of $60.2 million.

Total product and service revenues for the company's molecular business unit declined 33 percent to $29.4 million during the first quarter of 2022 from $43.2 million in Q1 2021. 

Within the molecular business, the firm's COVID-19 testing-related sales were $8.9 million, down 68 percent from $28.0 million a year ago. The revenues decline was attributed to lower testing volumes as the market transitions to point-of-care solutions and customers work through current inventory levels of sample collection devices for COVID-19 PCR testing.

Also within the molecular business genomics revenues in the molecular business in Q1 increased 40 percent year over year to $15.1 million from $10.8 million. Total laboratory service revenues in the molecular business unit were $1.7 million, a decline of 31 percent from $2.5 million in the first quarter of 2021, while microbiome revenues increased 14 percent to $2.0 million from $1.8 million.

Within the diagnostics unit, OraSure said that domestic HIV revenues fell 29 percent year over year to $3.8 million from $5.3 million. International HIV sales increased 26 percent to $4.4 million from $3.5 million. Total HIV revenues dipped 7 percent to $8.2 million from $8.8 million. Domestic hepatitis C virus test revenues jumped 72 percent to $2.0 million from $1.2 million, while international HCV revenues were relatively flat at $1.2 million. Total HCV revenues increased 38 percent to $3.3 million from $2.4 million.

The firm also registered $22.1 million in revenues within the diagnostics business unit associated with sales of its COVID-19 InteliSwab rapid test. 

Excluding InteliSwab revenues, the diagnostics legacy revenues were $16.2M and grew 11 percent compared to the prior year quarter, OraSure said.

In the quarter, OraSure received US Food and Drug Administration de novo authorization for the OMNIgene·GUT Dx microbiome collection device and commercially launched the product. It also launched a service to provide metatranscriptomic sequencing and analysis of gut microbiome samples through its Diversigen subsidiary.

OraSure's net loss for the first quarter was $20.0 million, or $.28 per share, compared to a net income of $3.8 million, or $.05 per share, for Q1 2021. The analysts' average estimate was for a loss of $.09 per share.

The company's Q1 R&D costs decreased 7 percent to $8.4 million from $9.0 million a year ago, and its SG&A costs increased 62 percent year over year to $31.9 million from $19.7 million.

OraSure ended the quarter with $70.7 million in cash and cash equivalents and $41.5 million in short-term investments.

The company said it is not providing guidance for Q2 due to its ongoing strategic review process started in January. It said no decisions have yet been made.

Source: OraSure Technologies Q1 Revenues Up 16 Percent