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OraSure Technologies Inc. develops, manufactures and distributes point-of-need and home diagnostic tests, along with sample collection and stabilization products used in healthcare and research settings. Its portfolio includes rapid diagnostic tests and sample management solutions sold to clinical laboratories, hospitals, physicians' offices, clinics, public health and community organizations, research institutions, government agencies, pharmaceutical companies and consumers.
OraSure news commonly covers quarterly results, manufacturing efficiency, product regulatory updates, commercial launches, research and development priorities, and capital allocation. Company updates also address subsidiaries including DNA Genotek, Sherlock Biosciences and BioMedomics, products such as OraQuick HIV self-testing and Colli-Pee urine collection, and governance matters involving board composition and shareholder engagement.
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OraSure Technologies reported Q4 2022 revenue of $123.1 million, a 94% increase year-over-year, driven by InteliSwab® sales of $88.9 million, up 12% sequentially. The company secured two federal contracts for InteliSwab® and partnered with Quest Diagnostics for saliva collection kits. Q4 GAAP EPS was $0.21, with Non-GAAP EPS at $0.36. A restructuring plan is expected to save $15 million annually, aiming for cash flow breakeven by end of 2024. Cash increased to $111 million. Notably, sales of COVID-19 kits declined by 98% year-over-year.
OraSure Technologies, Inc. (NASDAQ: OSUR) will host its earnings conference call on February 14, 2023, at 5:00 PM ET, to discuss its fourth quarter 2022 financial results and recent business developments. A press release detailing the financial results will be made available at 4:05 PM ET on the same day. Interested parties may register for the teleconference through a link provided in the announcement. The call will also be available via webcast on OraSure’s investor relations page and will be archived for 14 days post-event.
OraSure Technologies (NASDAQ: OSUR) rang the Nasdaq closing bell on December 1, 2022, in honor of World AIDS Day. This day aims to raise awareness about the AIDS epidemic and recognize those lost to the disease. The 2022 theme emphasizes the importance of equity in the fight against HIV. The company has been a significant player in HIV diagnostics since 2002, focusing on providing accessible testing, especially for marginalized communities. OraSure's collaboration with the CDC allows them to supply up to one million OraQuick® In-Home HIV tests to those at higher risk in the U.S.
OraSure Technologies (NASDAQ: OSUR) announced that CFO Ken McGrath will participate in a fireside chat at the Stephens Annual Investment Conference on November 17, 2022, at 9:00 am ET. The event will be webcast live, allowing investors and stakeholders to tune in online. Replays of the presentation will be available on the company's website for 14 days. OraSure specializes in point of care diagnostic tests and offers various health solutions through its subsidiaries, including DNA Genotek and Diversigen.
OraSure Technologies reported a record revenue of $116.5 million for Q3 2022, marking a 116% increase from the previous year. The revenue from its InteliSwab testing increased to $79.6 million, a sequential growth of 85%. The company achieved a GAAP EPS of $0.07 and a non-GAAP EPS of $0.13. Positive cash flow from operations reached $16.3 million, ahead of guidance. Recent contracts have increased product visibility, including sales on Amazon. The company also secured an $8.6 million contract to develop a second-generation Ebola test.
OraSure Technologies (NASDAQ: OSUR) has received U.S. FDA clearance for its ORAcollect®•Dx saliva collection device for over-the-counter use, previously approved only for prescription. This device will be marketed alongside therapeutics for screening alpha1-antitrypsin deficiency (alpha-1) through a partnership with Grifols. Approximately 3% of COPD patients are estimated to be at risk for alpha-1. The AlphaID™ At Home Genetic Health Risk Service will be launched by Grifols in Q2 2023, utilizing the ORAcollect®•Dx to identify at-risk individuals.
OraSure Technologies (NASDAQ: OSUR) has launched its InteliSwab® COVID-19 Rapid Test on Amazon, enhancing access to testing for U.S. consumers. The product, which is easy to use and requires no additional equipment, will be sold and fulfilled by Amazon with free Prime shipping. CEO Carrie Eglinton Manner emphasized that this partnership aims to broaden consumer reach and increase product awareness. The InteliSwab® test has received Emergency Use Authorization from the FDA for over-the-counter use, further supporting its use in nationwide testing initiatives.
OraSure Technologies schedules its earnings conference call for the third quarter of 2022 on November 8, 2022, at 5:00 pm ET. The press release detailing the financial results will be available at 4:05 pm ET on the same day. Participants can register for the call through a provided link, and a live webcast will be accessible via the company's investor relations page. For those who cannot attend, the call will be archived for 14 days. This event will provide insights into the company's financial performance and developments.