Original from: Genomeweb
OraSure Technologies reported after the close of the market on Tuesday that its first quarter revenues increased 16 percent year over year driven by 21 percent growth in non-COVID revenues.
For the three months ended March 31, the Bethlehem, Pennsylvania-based company reported total revenues of $67.7 million, up from $58.6 million in Q1 2021 and above the consensus Wall Street estimate of $60.2 million.
Total product and service revenues for the company's molecular business unit declined 33 percent to $29.4 million during the first quarter of 2022 from $43.2 million in Q1 2021.
Within the molecular business, the firm's COVID-19 testing-related sales were $8.9 million, down 68 percent from $28.0 million a year ago. The revenues decline was attributed to lower testing volumes as the market transitions to point-of-care solutions and customers work through current inventory levels of sample collection devices for COVID-19 PCR testing.
Also within the molecular business genomics revenues in the molecular business in Q1 increased 40 percent year over year to $15.1 million from $10.8 million. Total laboratory service revenues in the molecular business unit were $1.7 million, a decline of 31 percent from $2.5 million in the first quarter of 2021, while microbiome revenues increased 14 percent to $2.0 million from $1.8 million.
Within the diagnostics unit, OraSure said that domestic HIV revenues fell 29 percent year over year to $3.8 million from $5.3 million. International HIV sales increased 26 percent to $4.4 million from $3.5 million. Total HIV revenues dipped 7 percent to $8.2 million from $8.8 million. Domestic hepatitis C virus test revenues jumped 72 percent to $2.0 million from $1.2 million, while international HCV revenues were relatively flat at $1.2 million. Total HCV revenues increased 38 percent to $3.3 million from $2.4 million.
The firm also registered $22.1 million in revenues within the diagnostics business unit associated with sales of its COVID-19 InteliSwab rapid test.
Excluding InteliSwab revenues, the diagnostics legacy revenues were $16.2M and grew 11 percent compared to the prior year quarter, OraSure said.
In the quarter, OraSure received US Food and Drug Administration de novo authorization for the OMNIgene¡¤GUT Dx microbiome collection device and commercially launched the product. It also launched a service to provide metatranscriptomic sequencing and analysis of gut microbiome samples through its Diversigen subsidiary.
OraSure's net loss for the first quarter was $20.0 million, or $.28 per share, compared to a net income of $3.8 million, or $.05 per share, for Q1 2021. The analysts' average estimate was for a loss of $.09 per share.
The company's Q1 R&D costs decreased 7 percent to $8.4 million from $9.0 million a year ago, and its SG&A costs increased 62 percent year over year to $31.9 million from $19.7 million.
OraSure ended the quarter with $70.7 million in cash and cash equivalents and $41.5 million in short-term investments.
The company said it is not providing guidance for Q2 due to its ongoing strategic review process started in January. It said no decisions have yet been made.
