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Jun 30, 2023
OraSure Q2 2023 Earnings Report
Reported Q2 2023 revenue of $85.4 million, with core revenue growing 3% year-over-year.
Key Takeaways
OraSure Technologies reported a 6% increase in net revenue to $85.4 million, driven by a 3% year-over-year growth in core revenue and a 10% increase in InteliSwab® test revenue. The company's cash balance grew to $185.9 million, and it is on track to achieve operating cash flow breakeven on its core business by the end of 2024.
Net revenues increased by 6% to $85.4 million compared to Q2 2022.
InteliSwab® test revenue reached $47.5 million, a 10% increase year-over-year.
Core revenue grew by 3% year-over-year, driven by strong HIV sales in the U.S. and international markets.
GAAP operating loss was $6.4 million, compared to a $21.5 million loss in Q2 2022.
Forward Guidance
The Company is guiding to Q3 2023 revenue of $72 to $77 million, which includes core revenue of $37 to $39 million and InteliSwab® revenue of $35 to $38 million. As part of our ongoing focus on enterprise-wide operating efficiency, the Company is on track to exceed the $15 million of annualized cost savings announced in Q1 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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