OraSure Technologies(OSUR) - 2025 Q1 - Quarterly Results

OraSure Q1 2025 Performance Overview Financial Highlights OraSure's Q1 2025 total net revenues decreased 45% to $29.9 million, with a wider operating loss of $17.8 million Revenue by Category | Revenue Category | Q1 2025 (in thousands) | Q1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Core Business | $29,470 | $30,131 | (2)% | | Molecular Services | $0 | $873 | (100)% | | COVID-19 | $461 | $23,128 | (98)% | | Total Net Revenues | $29,931 | $54,132 | (45)% | Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP Gross Margin | 41.1% | 44.5% | | Non-GAAP Gross Margin | 41.7% | 45.2% | | GAAP Operating Loss | ($17.8 million) | ($7.1 million) | | Non-GAAP Operating Loss | ($15.3 million) | ($0.3 million) | | GAAP Net Loss | ($16.0 million) | ($3.6 million) | | Diluted GAAP EPS | ($0.21) | ($0.05) | | Diluted Non-GAAP EPS | ($0.18) | $0.04 | - Within the core business, Diagnostics revenues grew 8% year-over-year to $17.7 million, while Sample Management Solutions revenues decreased 16% to $9.1 million[7] - The company's cash and cash equivalents were $248 million as of March 31, 2025[7] Business and Operational Highlights OraSure advances its innovation pipeline, secures partnerships, divests a product line, and authorizes a $40 million stock repurchase - The company is making progress on its innovation roadmap, with multiple new product milestones planned for 2025 to drive future growth[3] - Key operational updates include: - Supporting Color Health's at-home cervical cancer risk screening test with the Colli-Pee™ collection device - Renewing the customer agreement with Myriad Genetics for Oragene™ Dx saliva collection kits - Divesting assets related to the Risk Assessment testing product line, with an expected exit in Q2 - The Board of Directors authorized a $40 million stock repurchase program over two years[3][6][13] Q2 2025 Financial Guidance For Q2 2025, OraSure forecasts total revenues between $28.5 million and $32.5 million, primarily from Core revenues Q2 2025 Financial Guidance | Guidance for Q2 2025 | Amount (in millions) | | :--- | :--- | | Total Revenues | $28.5 - $32.5 | | Core Revenues | $28.0 - $32.0 | | COVID-19 & Risk Assessment Revenues | ~$0.5 | Detailed Financial Statements Unaudited Q1 2025 financial statements are presented, covering results of operations, balance sheets, and cash flows Consolidated Results of Operations In Q1 2025, OraSure reported $29.9 million total revenues, $12.3 million gross profit, and a $16.0 million net loss Consolidated Results of Operations | (in thousands) | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net revenues | $29,931 | $54,132 | | Gross profit | $12,299 | $24,065 | | Operating loss | ($17,750) | ($7,093) | | Net loss | ($16,040) | ($3,584) | | Diluted loss per share | ($0.21) | ($0.05) | Revenue by Segment | Revenue by Segment (in thousands) | Q1 2025 (in thousands) | Q1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Diagnostics | $17,689 | $16,380 | 8% | | Sample Management Solutions | $9,110 | $10,822 | (16)% | | Risk Assessment Testing | $1,420 | $2,080 | (32)% | | COVID-19 Diagnostics | $457 | $23,097 | (98)% | Consolidated Balance Sheets As of March 31, 2025, OraSure's total assets were $457.6 million, with cash at $247.6 million, and equity at $396.3 million Consolidated Balance Sheet | (in thousands) | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $247,569 | $267,763 | | Total current assets | $272,262 | $295,420 | | Total assets | $457,607 | $479,659 | | Liabilities & Equity | | | | Total current liabilities | $25,422 | $33,483 | | Total liabilities | $61,325 | $69,321 | | Stockholders' equity | $396,282 | $410,338 | | Total liabilities and stockholders' equity | $457,607 | $479,659 | Consolidated Statement of Cash Flows In Q1 2025, OraSure used $19.7 million cash from operations, resulting in a net $20.2 million decrease in cash and equivalents Consolidated Statement of Cash Flows | (in thousands) | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($19,733) | $6,739 | | Net cash provided by (used in) investing activities | $370 | ($46,528) | | Net cash used in financing activities | ($953) | ($1,298) | | Net decrease in cash and cash equivalents | ($20,194) | ($43,262) | Reconciliation of GAAP to Non-GAAP Financial Measures OraSure reconciles Q1 2025 GAAP net loss of $16.0 million to a non-GAAP net loss of $13.1 million, with key adjustments Reconciliation of GAAP to Non-GAAP Measures | (in thousands) | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | GAAP Operating Loss | ($17,750) | ($7,093) | | Adjustments | $2,470 | $6,768 | | Non-GAAP Operating Loss | ($15,280) | ($325) | | GAAP Net Loss | ($16,040) | ($3,584) | | Adjustments | $2,901 | $6,670 | | Non-GAAP Net (Loss) Income | ($13,139) | $3,086 | - Major non-GAAP adjustments for Q1 2025 included stock compensation ($2.7M), gain on sale of assets ($0.8M), change in fair value of contingent consideration ($0.5M), and loss on equity investment ($0.5M)[24]