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Sep 30, 2023
OraSure Q3 2023 Earnings Report
Reported Q3 2023 revenue with core revenue growth and positive operating cash flow.
Key Takeaways
OraSure Technologies reported a decrease in total net revenues but an increase in core revenue. The company saw improvements in gross margin and operating income, with GAAP EPS of $0.15 and non-GAAP EPS of $0.27. They also grew their cash balance to $224.9 million.
Total net revenues decreased by 23% to $89.2 million compared to Q3 2022.
Core revenue increased by 7% year-over-year, driven by strong HIV sales.
COVID-19 revenue decreased by 37% year-over-year.
GAAP gross margin percentage increased to 49.7% compared to 39.9% in Q3 2022.
Forward Guidance
The Company is guiding to Q4 2023 revenue of $71 to $76 million, which includes core revenue of $33 to $35 million and InteliSwab® revenue of $38 to $41 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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