- OraSure Technologies Inc OSUR reported Q3 revenues of $53.92 million, +12% Y/Y, beating the consensus of $47.48 million.
- Excluding COVID-19 product-related sales, revenues grew by 37%, demonstrating strong growth.
- Diagnostic business unit sales increased 44% to $23.5 million, driven predominantly by the addition of InteliSwab along with higher global HCV and risk assessment revenues.
- OraSure "laid the foundation to dramatically scale the company's size in the fiscal year 2022," said CEO Stephen Tang.
- Specifically, the firm signed three major contracts in Q3 with the US government: $205 million for InteliSwab COVID-19 Rapid Test procurement, $109 million for InteliSwab manufacturing capacity build-out, and $13.6 million to pursue full FDA 510(k) clearance for InteliSwab.
- OraSure had $6.3 million in sales related to COVID-19 molecular testing, down 67% Y/Y.
- Gross margin declined to 39.8% from 63.1% a year ago, impacted by the build-out of manufacturing capacity to support the InteliSwab COVID-19 Rapid Test launch, production inefficiencies, and higher scrap rates.
- The Company posted an operating loss of ($13.0) million compared to an income of $4.4 million.
- OraSure posted an EPS loss of $(0.21), compared to an income of $0.01, and fell short of the consensus Wall Street estimate for a loss of $(0.04).
- Guidance: OraSure raised its FY21 sales guidance to $230 million - $233 million (lower than consensus of $235.9 million), up from the previous guidance of approximately $230 million.
- The Company continues to expect total InteliSwab revenue of approximately $30 million for FY21.
- It expects Q4 sales of $60 million - $63 million.
- Related: FDA Authorizes OraSure's COVID-19 Rapid Tests For OTC Single-Use.
- Price Action: OSUR shares closed at $11.14 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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