Q2 2024 OraSure Technologies Inc Earnings Call Transcript
Key Points
- OraSure Technologies Inc (OSUR) delivered Q2 revenue near the top of their guidance ranges for both core revenue and COVID-19 products.
- The company achieved the World Health Organization's pre-qualification for their OraQuick HCV self-test, marking a significant milestone.
- OraSure launched new FDA-cleared packaging and labeling for their OraQuick HIV self-test, expected to increase shipping efficiencies and reduce plastic usage.
- The company broadened relationships with leading oncology companies, expanding the use of their saliva collection devices in precision oncology.
- OraSure has a strong balance sheet with zero debt and $267 million in cash, cash equivalents, and short-term investments, allowing continued investment in innovation.
- Core revenue declined 7% year-over-year in Q2, impacted by a 40% decrease in revenues from the Diversigen molecular sequencing services business.
- Sample management revenue decreased 3% year-over-year in Q2.
- The company is exiting the Diversigen molecular sequencing services business, which has been a drag on revenue and gross margins.
- Gross margin in Q3 is expected to be in the low 40% range, impacted by lower-margin international diagnostic revenue and wind-down costs from exiting Diversigen.
- Q4 core revenue is expected to moderate compared to Q3, consistent with seasonal ordering patterns observed in previous years.
Good day and thank you for standing by. Welcome to the OraSure Technologies Incorporated 2024 second-quarter earnings conference call. (Operator Instructions) Once again, please be advised, today's conference is being recorded.
I would now like to hand the conference call over to your first speaker today, Jason Plagman, you have Investor Relations.
Good afternoon, and welcome to OraSure Technologies' second-quarter 2024 earnings call. Participating in the call today for OTI areCarrie Eglinton Manner, our President and Chief Executive Officer; and Ken McGrath, our Chief Financial Officer.
As a reminder, today's webcast is being recorded and the recording can be found on our Investor Relations website.
Before we begin, you should know that this call may contain certain forward-looking statements, including statements with respect to revenues, expenses, profitability, earnings or loss per share, and other financial performance, product development, performance
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