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Jun 30, 2022
OraSure Q2 2022 Earnings Report
Reported record revenue driven by InteliSwab® growth, offset by headwinds in core business, and announced strategic transformation.
Key Takeaways
OraSure Technologies reported a record revenue of $80.2 million for Q2 2022, a 39% increase year-over-year, driven by InteliSwab® revenue growth which offset declines in the base diagnostic business and molecular solutions business. The company is undergoing a strategic transformation, including a new CFO appointment and changes to the Board of Directors. They expect to generate positive cash flow in Q4 2022.
Net revenues reached a record $80.2 million, a 39% increase year-over-year.
Diagnostic business unit revenues were $60.4 million, a 213% increase year-over-year, driven by InteliSwab®.
Molecular Solutions business unit revenues were $19.8 million, a 48% decrease year-over-year.
The company expects to generate positive cash flow in 4Q22.
Forward Guidance
The Company is guiding toward 3Q22 revenue of $90 to $95 million representing 67% to 76% growth relative to the third quarter of last year. The Company also anticipates continued improvements in gross margins, and improved cash flow from operations in the third quarter. As such, the Company is guiding to having positive cash flow from operations beginning in the fourth quarter of this fiscal year.
Positive Outlook
- Revenue of $90 to $95 million is expected for Q3 2022, representing 67% to 76% growth relative to Q3 last year.
- Continued improvements in gross margins are anticipated for Q3.
- Improved cash flow from operations is expected in Q3.
- Positive cash flow from operations is projected to begin in Q4 of this fiscal year.
- InteliSwab® production capacity to nearly double by early 2023.
Challenges Ahead
- Decline in base Diagnostic business by 10% in Q2.
- Molecular Solutions business unit revenues decreased by 48% year-over-year.
- Core collection kits declined 21% in the quarter on a year-over-year basis.
Historical Earnings Impact
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