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- OraSure Technologies Inc OSUR reported second-quarter revenues almost doubled to $57.6 million, slightly ahead of the consensus of $56.69 million.
- Excluding COVID-19 revenues, sales were up 122% Y/Y and 48% sequentially, which the firm attributed to the beginning of a return of its core business to pre-pandemic levels.
- Total product and service revenues for its molecular solutions business unit were $38.3 million, +103%. Sales of sample collection devices for molecular COVID-19 testing increased 36% Y/Y to $11.5 million.
- However, on a sequential basis, these sales declined by $15.9 million, as US PCR test volumes for COVID-19 "declined meaningfully from the March 2021 quarter to the June 2021 quarter," OraSure noted.
- OraSure's Q2 revenues from its diagnostics business also increased, up 85% to $19.3 million.
- OraSure received FDA Emergency Use Authorization for its InteliSwab rapid OTC at-home antigen assay to detect SARS-CoV-2 from a nasal swab in Q2.
- OraSure's Q2 net loss $(0.02) per share, compared to $(0.16) per share last year, missed the analyst estimate of $0.04.
- The firm ended the quarter with $158 million in cash and cash equivalents and $35.2 million in short-term investments.
- Outlook: OraSure guided for total revenue of approximately $230 million for FY21, well below the consensus of $287.6 million.
- For Q3, it expects sales of $45 million - $50 million, lower than the estimated $67.9 million.
- Price Action: OSUR shares are down 9.31% at $11.25 during the market session on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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