Welcome to our dedicated page for OraSure Technologies news (Ticker: OSUR), a resource for investors and traders seeking the latest updates and insights on OraSure Technologies stock.
OraSure Technologies Inc., based in Bethlehem, Pennsylvania, is a pioneering medical devices company specializing in the development, manufacture, and distribution of oral fluid diagnostic and collection devices. As a leader in this field, OraSure offers a range of products designed to detect or diagnose critical medical conditions. The company operates through two primary segments: Diagnostics and Molecular Solutions.
In the Diagnostics segment, OraSure produces rapid oral diagnostic tests and specimen collection devices for infectious diseases, such as HIV and HCV. Notable products include the OraQuick® In-Home HIV Test, OraQuick Advance® Rapid HIV-1/2 Antibody Test, and the OraSure® HIV-1 Oral Specimen Collection Device. Additionally, the company offers the OraQuick® HCV Rapid Antibody Test, and various oral fluid testing solutions for drug abuse, such as the Intercept® Oral Fluid Drug Testing System and the Q.E.D.® Saliva Alcohol Test.
The Molecular Solutions segment focuses on kits used to collect, stabilize, and transport genetic material samples for molecular testing. These kits are essential for diagnosing hereditary diseases and infectious diseases, including COVID-19. The molecular solutions segment is a significant revenue driver for OraSure, with a substantial portion of sales originating from customers in the United States.
Beyond diagnostics, OraSure also manufactures and sells cryosurgical products like Histofreezer®, used for the cryosurgical removal of common and plantar warts, along with other benign skin lesions. These products are available both for professional physician office markets and over-the-counter use.
Recently, OraSure has announced its third-quarter 2023 financial results and certain business developments. Notably, the regular earnings conference call is scheduled for November 7, 2023. This announcement signifies the company's commitment to transparency and continuous communication with its stakeholders.
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.
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