OraSure Q3 Sales, Without COVID Related Products, Jump 37%; Guides FY21 Sales Below Consensus - OraSure T

OraSure Technologies Inc (NASDAQ: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.

OSUROraSure Technologies Inc

$3.06-%

Overview

Market News and Data brought to you by Benzinga APIs

To add Benzinga News as your preferred source on Google, click here.