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Sep 30, 2020
OraSure Q3 2020 Earnings Report
OraSure Technologies reported strong third-quarter results, driven by molecular solutions and COVID-19 testing.
Key Takeaways
OraSure Technologies announced strong top-line results in the third quarter, driven by the performance of its Molecular Solutions business unit, which marked its highest quarter ever, with $31.7 million in total revenue. The Company's ability to quickly respond to the need for increased COVID-19 testing resulted in $18.4 million in sales of sample collection devices for molecular testing in the third quarter.
Net revenues for the third quarter of 2020 were $48.0 million, a 33% increase from the third quarter of 2019.
Total product and service revenues for the Company’s Molecular Solutions business unit were $31.2 million during the third quarter of 2020, an increase of 79% from the third quarter of 2019.
International sales of the Company’s OraQuick® HIV Self-Test increased 17% compared to the third quarter of 2019.
Net income for the third quarter of 2020 was $1.0 million, or $0.01 per share on a fully-diluted basis.
Forward Guidance
The Company expects fourth quarter 2020 net revenues to range from $55 million to $60 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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