OraSure Technologies(OSUR) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 total net revenues decreased 51% to $37.4 million from $75.9 million in Q4 2023, primarily due to a decline in COVID-19 revenues[6] - Core business revenues increased 10% year-over-year to $36.5 million in Q4 2024, with diagnostics revenues up 9% to $18.8 million and sample management solutions revenues up 14% to $14.8 million[6] - COVID-19 revenues fell 98% year-over-year to $1.0 million in Q4 2024, following the completion of a major government contract[6] - Revenue for Q4 2024 was $37.445 million, a decrease from $75.881 million in Q4 2023, representing a decline of 50.7%[24] - For Q1 2025, the company anticipates revenues between $27.5 million and $31.5 million, with core revenues expected to be $27 million to $31 million[8] Profitability and Loss - The company reported a GAAP operating loss of $12.4 million in Q4 2024, compared to an operating income of $3.9 million in Q4 2023[6] - Non-GAAP Net Income for the year 2024 was a loss of $4.230 million, compared to a profit of $66.311 million in 2023, reflecting a significant decline[24] - GAAP Net Income for the year 2024 was a loss of $19.500 million, compared to a profit of $53.655 million in 2023[24] - Non-GAAP Operating Loss for Q4 2024 was $6.745 million, compared to an operating income of $11.151 million in Q4 2023[24] - GAAP Earnings Per Share for Q4 2024 was $(0.14), down from $0.27 in Q4 2023[24] - Non-GAAP Earnings Per Share for Q4 2024 was $(0.06), compared to $0.18 in Q4 2023[24] - The company reported a GAAP Operating Loss of $12.418 million for Q4 2024, compared to an operating income of $3.898 million in Q4 2023[24] Margins - GAAP gross margin for Q4 2024 was 36.2%, down from 46.3% in Q4 2023, while non-GAAP gross margin was 40.1%, down from 46.5%[6] - GAAP Gross Margin for Q4 2024 was 36.2%, down from 46.3% in Q4 2023, indicating a decrease of 10.1 percentage points[24] Cash Flow and Assets - Cash and cash equivalents stood at $267.8 million as of December 31, 2024, with cash flow from operations at $0.1 million for Q4 2024[6] - Total assets decreased from $482,845 million in December 31, 2023 to $480,859 million in December 31, 2024, a decline of approximately 0.4%[14] - Cash and cash equivalents decreased from $290,407 million in December 31, 2023 to $267,763 million in December 31, 2024, a decrease of about 7.8%[16] - Cash provided by operating activities dropped from $141,583 million in 2023 to $27,374 million in 2024, a decrease of approximately 80.7%[16] Expenditures and Compensation - Capital expenditures decreased from $10,303 million in 2023 to $3,797 million in 2024, a reduction of about 63.2%[15] - Stock-based compensation increased from $10,729 million in 2023 to $11,920 million in 2024, an increase of approximately 11.1%[15] - Stock compensation expenses for the year 2024 amounted to $11.919 million, up from $10.729 million in 2023[24] - The company recognized a reduction in workforce severance costs of $1.366 million for the year 2024, compared to $369,000 in 2023[24] Inventory and Receivables - Accounts receivable decreased from $40,171 million in December 31, 2023 to $23,816 million in December 31, 2024, a decline of about 40.6%[14] - Inventories decreased from $47,614 million in December 31, 2023 to $34,197 million in December 31, 2024, a decrease of approximately 28.2%[14] Strategic Initiatives - The company acquired Sherlock Biosciences in December 2024 to enhance its innovation pipeline with a new molecular diagnostics platform[6] - The company plans to wind down its Risk Assessment testing business while continuing to support existing customers during the first half of 2025[12] - The company is focused on expanding its product portfolio and market presence, particularly in rapid diagnostic tests and sample management solutions[18] Impairments - The company reported a loss on impairments of $4,392 million in 2024, compared to $10,829 million in 2023, indicating a reduction in impairment losses[16]