OraSure Technologies, Inc. announced its financial results for the three months ended September 30, 2024, reporting total revenue of $39.9 million. The company posted a GAAP loss per share of $(0.06) and a non-GAAP loss per share of $(0.01). Management stated that core revenue improved sequentially in the third quarter, and the core business generated positive cash flow from operations.
As part of its strategic transformation, OraSure is winding down its Risk Assessment testing business to focus on core opportunities in Diagnostics and Sample Management. This move aims to elevate profitable growth in its core segments. Additionally, the OraQuick® HCV Self-test received initial orders following its WHO pre-qualification status, and the company is expanding Sample Management applications into blood proteomics.
For the fourth quarter of 2024, OraSure provided guidance anticipating total revenues of $36 million to $38 million. Core revenues are expected to be $35 million to $37 million, which includes $1 million to $2 million from the Risk Assessment testing business. COVID-19 revenues are projected to be approximately $1 million for the quarter.
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