OraSure Reports Fourth Quarter 2024 Financial Results

Core Insights - OraSure Technologies reported a 51% decrease in total net revenues for Q4 2024, amounting to $37.4 million, down from $75.9 million in Q4 2023, primarily due to a significant decline in COVID-19 revenues [3][9] - Core revenues, excluding COVID-19 and Molecular Services, increased by 10% year-over-year to $36.5 million, with diagnostics revenues rising by 9% to $18.8 million and sample management solutions revenues increasing by 14% to $14.8 million [3][9] - The company made strategic advancements in 2024, including the acquisition of Sherlock Biosciences, which is expected to enhance its diagnostic capabilities [2][9] Financial Performance - For the three months ended December 31, 2024, the gross profit was $13.6 million, resulting in a gross margin of 36.2%, compared to 46.3% in the same period of 2023 [4][9] - The operating loss for Q4 2024 was $12.4 million, compared to an operating income of $3.9 million in Q4 2023, indicating a significant operational challenge [4][9] - The net loss for Q4 2024 was $10.8 million, contrasting with a net income of $20.1 million in Q4 2023, reflecting the impact of reduced revenues [4][9] Business Developments - The company received FDA approval for a labeling change to the OraQuick® HIV Self-Test, expanding its use to adolescents aged 14 and older [9] - OraSure is developing a rapid antigen test for Marburg Virus Disease, supported by a contract valued at approximately $7.5 million, with potential total value up to $11 million [9] - The company is winding down its Risk Assessment testing business while continuing to support existing customers [9] Financial Guidance - For Q1 2025, the company anticipates revenues between $27.5 million and $31.5 million, with core revenues expected to be between $27 million and $31 million [7]