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Jun 30, 2020
OraSure Q2 2020 Earnings Report
Announced financial results for the second quarter of 2020 and provided an update on COVID-19 testing programs.
Key Takeaways
OraSure Technologies reported a decrease in net revenues for the second quarter of 2020, but saw an increase in sales of oral fluid collection devices for COVID-19 molecular testing.
Net revenues for the second quarter of 2020 were $29.3 million, a 25% decrease from the second quarter of 2019.
Molecular business unit revenues increased by 4% to $18.1 million, including $8.5 million in COVID-19 collection device sales.
Net loss for the second quarter of 2020 was $10.5 million, or $0.16 per share.
Cash and investments totaled $265.8 million at June 30, 2020, including $95 million from an equity offering.
Forward Guidance
OraSure Technologies has withdrawn its full-year 2020 financial guidance due to the unpredictable impact of the ongoing COVID-19 global pandemic.
Positive Outlook
- OraSure is well positioned to support multiple modes for COVID-19 testing, including PCR/Molecular, Antigen, and Antibody testing.
- Executing on a series of capital investments intended to ensure scaled-up capacity to meet both current and anticipated substantial COVID-19-related demand.
- OraQuick Coronavirus Rapid Antigen Self-Test on track for EUA submission and subsequent launch in the fourth quarter.
- OraSure SARS-CoV-2 Antibody test anticipated to launch in the fourth quarter.
- Continued progress in executing on innovation-driven growth strategy with purchase of UrSure, Inc., strengthening OraSure’s global leadership in the HIV testing field.
Challenges Ahead
- Uncertainty of the effect of the pandemic on operations.
- Lower sales of the Company’s genomics products due to the timing of orders placed by one of the Company’s largest genomics customers.
Historical Earnings Impact
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