OraSure Technologies(US:OSUR)2024-08-06 21:10Revenue Performance - Consolidated net revenues decreased 36% to $54.3 million for the three months ended June 30, 2024, compared to $85.4 million for the same period in 2023[66]. - COVID-19 Diagnostics revenues fell 60% to $18.9 million for the three months ended June 30, 2024, down from $47.5 million in the prior year[66]. - For the six months ended June 30, 2024, net revenues were $108.5 million, a 55% decrease from $240.4 million for the same period in 2023[77]. - COVID-19 Diagnostics revenues for the six months ended June 30, 2024, were $42.0 million, down 75% from $165.7 million in the prior year[77]. - Consolidated net product and services revenues decreased 55% to $108.5 million for the six months ended June 30, 2024, from $240.4 million for the same period in 2023[78]. - COVID-19 Diagnostics revenues decreased 75% to $42.0 million for the six months ended June 30, 2024, compared to $165.7 million for the same period in 2023[78]. - Non-product and services revenues decreased 73% to $0.7 million for the six months ended June 30, 2024, from $2.8 million for the same period in 2023[81]. Operating Performance - Operating loss for the three months ended June 30, 2024 was $2.7 million, a 57.4% improvement from the $6.4 million loss reported for the same period in 2023[71]. - Consolidated operating loss for the six months ended June 30, 2024, was $9.8 million, compared to an operating income of $17.9 million for the same period in 2023[83]. - Operating expenses in the second quarter of 2024 decreased 19% to $26.4 million from $32.6 million in the second quarter of 2023, reflecting cost-saving measures[71]. Gross Profit Margin - Consolidated gross profit margin increased to 45.4% for the three months ended June 30, 2024, up from 30.9% for the same period in 2023[70]. - Consolidated gross profit margin increased to 44.9% for the six months ended June 30, 2024, from 38.3% for the same period in 2023[82]. Research and Development Expenses - Research and development expenses decreased 14% to $6.6 million for the three months ended June 30, 2024, from $7.7 million in the prior year[72]. - Research and development expenses decreased 21% to $14.3 million for the six months ended June 30, 2024, from $18.2 million for the same period in 2023[84]. Cash and Working Capital - Cash and cash equivalents and short-term investments decreased to $267.4 million at June 30, 2024, from $290.4 million at December 31, 2023[90]. - Working capital decreased to $322.2 million at June 30, 2024, from $346.9 million at December 31, 2023[91]. - Net cash provided by operating activities was $14.6 million for the six months ended June 30, 2024[92]. - Net cash used in investing activities was $40.9 million for the six months ended June 30, 2024[93].