Net revenues for the third quarter of 2022 were $116.5 million, a 116% increase from the third quarter of 2021 and a new record for the Company.

Total InteliSwab® test revenue of $79.6 million increased 85% sequentially as the company scaled its production capacity and saw increased order volume supporting the Federal government’s school testing program.

Core diagnostic revenue increased 14% versus the prior year primarily due to the contribution from non-product revenue strength which complements domestic HIV sales and international HCV sales. Core Molecular Solutions revenue decreased 24% year-over-year predominantly due to lower order volumes at more consumer-oriented accounts.

GAAP operating income in the third quarter was $0.9 million which compares to a ($13.0) million operating loss in the third quarter of 2021. Non-GAAP operating income was $11.4 million in the quarter, increased by $12.7 million on a sequential basis.