Loading...
•
Mar 31, 2023
OraSure Q1 2023 Earnings Report
Reported record revenue and announced new collaborations, focusing on core growth.
Key Takeaways
OraSure Technologies reported a record revenue of $155.0 million in Q1 2023, a 129% increase from Q1 2022. The company saw growth in InteliSwab® test revenue and signed three new molecular partnerships. They also reduced their non-production workforce by 11% and improved their cash position to $112.4 million.
Net revenues increased by 129% to $155.0 million, a new record for the Company.
InteliSwab® test revenue increased 33% sequentially to $118.3 million due to record test volume.
GAAP gross margin increased to 42.5% compared to 35.9% in the first quarter of 2022.
Cash and short-term investments increased to $112.4 million as of March 31, 2023.
Forward Guidance
The Company is guiding toward 2Q23 revenue of $62 to $67 million. The Company anticipates experiencing some temporary margin headwinds in Q2 2023 predominantly due to InteliSwab® pricing mix.
Positive Outlook
- Actively working with public health partners
- Ensuring warm-base manufacturing
- Infectious disease outbreak readiness
- Utilizing existing funds appropriated under InteliSwab® contracts
- Plans to deliver additional cost savings beyond the $15 million announced in Q1 2023.
Challenges Ahead
- Lower April ordering activity from the U.S. government
- Guiding to InteliSwab® revenue of $25 to $30 million in the second quarter representing current government program orders.
- Experiencing some temporary margin headwinds in Q2 2023
- Headwinds due to InteliSwab® pricing mix.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...