OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in
point-of-care and home diagnostic tests, specimen collection
devices, and microbiome laboratory and analytical services, today
announced its financial results for the three months ended March
31, 2023.
“This quarter we once again delivered clear
progress on our transformation journey. First, to Strengthen Our
Foundation we reduced our non-production workforce in Q1 by 11% in
accordance with our planned $15 million in annual savings, and we
will deliver additional cost savings in the near-term as COVID-19
volumes have begun to taper. We also significantly increased gross
margins despite mix/pricing headwinds and implemented new packaging
changes on InteliSwab® tests which are expected to result in
savings of approximately $0.50 per test. With facility
consolidation, implementation of additional automation, and
manufacturing process upgrades, we plan to further drive
efficiencies and believe we will achieve our goal to breakeven in
cash flow from operations for the core business in 2024,” said
OraSure President and CEO Carrie Eglinton Manner.
She continued, “The most important point of
streamlining our cost structure is building a solid foundation to
Elevate Core Growth across the enterprise. We made progress on our
product pipeline as we work to expand our infectious disease and
sexual health portfolio of assays and to extend our leadership in
molecular products. Additionally, this quarter we signed three new
molecular partnerships following our recent deals with Quest
Diagnostics and Grifols which make us increasingly confident in the
long-term trajectory of our molecular portfolio. Overall, we
believe the steps we’ve taken this quarter have further positioned
the Company to drive profitable growth and deliver additional
shareholder value.”
Financial Highlights
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
|
|
|
|
|
Core Business |
$ |
36,554 |
|
|
$ |
36,675 |
|
|
0 |
% |
COVID-19 |
|
118,409 |
|
|
|
31,032 |
|
|
282 |
|
Total Net Revenue |
$ |
154,963 |
|
|
$ |
67,707 |
|
|
129 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
% Change |
|
|
|
|
|
|
|
Net
revenues |
$ |
154,963 |
|
|
$ |
67,707 |
|
|
129 |
% |
Gross
profit |
|
65,815 |
|
|
|
24,299 |
|
|
171 |
|
Gross margin |
|
42.5 |
% |
|
|
35.9 |
% |
|
|
|
Non-GAAP
gross profit |
|
66,277 |
|
|
|
25,527 |
|
|
160 |
|
Non-GAAP gross margin |
|
42.8 |
% |
|
|
37.7 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
24,321 |
|
|
|
(16,172 |
) |
|
NM |
|
Operating margin |
|
15.7 |
% |
|
|
-23.9 |
% |
|
|
|
Non-GAAP
operating income (loss) |
|
32,658 |
|
|
|
(6,584 |
) |
|
NM |
|
Non-GAAP operating income (loss) |
|
21.1 |
% |
|
|
-9.7 |
% |
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
27,219 |
|
|
|
(19,940 |
) |
|
NM |
|
Non-GAAP net
income (loss) |
|
34,454 |
|
|
|
(10,662 |
) |
|
NM |
|
GAAP
EPS |
$ |
0.37 |
|
|
$ |
(0.28 |
) |
|
NM |
|
Non-GAAP
EPS |
$ |
0.47 |
|
|
$ |
(0.15 |
) |
|
NM |
% |
NM – not meaningful
- Net revenues for the first quarter
of 2023 were $155.0 million, a 129% increase from the first
quarter of 2022 and a new record for the Company.
- Total InteliSwab® test revenue of
$118.3 million increased 33% sequentially as the Company delivered
record test volume supporting the Federal government’s school
testing program during the quarter. Given Q2 2023 InteliSwab®
volume tapering, OraSure has now begun to scale-down its COVID-19
production. The Company is also in the process of closing an
overseas production operation as part of its broader strategy to
consolidate manufacturing.
- Core revenue (excluding COVID-19
revenues) grew sequentially in the quarter. Core growth was driven
by strong HIV sales as the Company began delivering orders under
the “Let’s Stop HIV Together,” program and strong international HIV
test sales due to carryover from the fourth quarter. Molecular
product sales also increased sequentially 7% but declined
year-over-year as the Company continued to see some disruption
amongst its large customers.
- GAAP gross margin percentage was
42.5% in the quarter compared to 35.9% in the first quarter of
2022. GAAP gross margins increased 200 basis points on a sequential
basis. Non-GAAP gross margins in the quarter were 42.8% compared to
37.7% in the first quarter of 2022 and non-GAAP gross margins
increased 190 basis points on a sequential basis. On a
year-over-year basis, gross margins were negatively impacted
primarily by product mix and InteliSwab® test pricing but increased
predominantly due to manufacturing efficiencies associated with
InteliSwab® test production and decreased scrap expense.
- GAAP operating income in the first
quarter was $24.3 million which compares to a ($16.2) million
operating loss in the first quarter of 2022 and increased $9.8
million on a sequential basis. Non-GAAP operating income was $32.7
million in the quarter compared to a ($6.6) million non-GAAP
operating loss in the first quarter of 2022 and increased by $14.1
million on a sequential basis. This was driven by higher revenue
and improved gross margins.
- Cash and short-term investments
increased to $112.4 million as of March 31, 2023. Working capital
also continued to increase meaningfully in the first quarter as the
Company delivered increased InteliSwab® tests. Management believes
increased working capital will improve its cash balance as
InteliSwab® revenues taper in the future.
Recent Business Highlights
- Delivered first OraQuick® HIV Self
Tests under the “Let’s Stop HIV Together” program in partnership
with Emory University and the United States Center for Disease
Control and Prevention.
- Completed transition to the new
packaging and labeling configuration for InteliSwab® and began
shipping the new configuration in March 2023. The packaging changes
are expected to drive per test cost savings of approximately $0.50
which includes the impact from lower shipping costs based upon the
smaller packaging configuration that are expected to reduce total
truckloads by approximately 50%.
- Announced a new collaboration with
Ziwig®, a French biotech company commercializing Ziwig Endotest®, a
breakthrough innovation using salivary miRNA to diagnose
endometriosis. This painful condition, which on average takes 8
years to diagnose, impacts quality of life and in some cases,
fertility, for the 190 million women in the world who suffer
from it.
- Signed a partnership deal with
Novozymes, a global biotechnology company and world-leader in
biosolutions, to provide a full service offering in support of
their BiomeFx™ product. BiomeFx™ is a personalized health
microbiome test, which leverages insights from the gut and vaginal
microbiome to empower participants to lead healthier lives.
Microbiome samples will be collected using sample collection kits
from OraSure’s DNA Genotek subsidiary and microbiome sequencing and
analytic services will be provided by Diversigen. The service
launched in April 2023.
- Signed a commercial collaboration
with nRichDX, to validate and co-promote the Company’s products for
their liquid biopsy applications using first-void urine samples
collected by Colli-Pee® urine collection device. The companies are
evaluating applications for use such as sexually-transmitted
infections, human papillomavirus (HPV), and early-stage cancer
detection.
- Received acceptance for a publication in a peer-reviewed
journal for a Colli-Pee® study conducted in partnership with
Manchester University and Aquarius Population Health, a UK-based
organization. The study compared three HPV sample collection
methods including 1) routine clinician-collected cervical sample,
2) self-collected first-void (FV) urine using the OraSure/Novosanis
Colli-Pee® device; and 3) self-collected vaginal swab in 10,000
women who were eligible for the NHS Cervical Screening Programme.
Notably, the study concluded that self-sampling for routine primary
human papillomavirus (HPV) cervical cancer screening with
Colli-Pee® device could provide a less costly alternative to
clinician-collected sampling (32% reduction) and other
self-sampling approaches (4.4% reduction). This could support
expanding the reach of affordable, Colli-Pee®-mediated cervical
cancer screening to underserved women at scale in the UK, and
possibly elsewhere.
Financial Guidance
The Company is guiding toward 2Q23 revenue of
$62 to $67 million. Given lower April ordering activity from the
U.S. government in respect to the school testing program, OraSure
is guiding to InteliSwab® revenue of $25 to $30 million in the
second quarter representing current government program orders. The
Company is actively working with its public health partners on a
path to ensure warm-base manufacturing and infectious disease
outbreak readiness utilizing existing funds appropriated under its
InteliSwab® contracts. Additionally, the Company anticipates
experiencing some temporary margin headwinds in Q2 2023
predominantly due to InteliSwab® pricing mix.
Furthermore, in support of its goal to achieve cash flow from
operations breakeven by 2024, the Company plans to deliver
additional cost savings beyond the $15 million announced in Q1
2023.
Financial Data (Unaudited)
|
|
|
|
Three Months
Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Results of Operations |
|
|
|
|
Net
revenues |
|
$ |
154,963 |
|
|
$ |
67,707 |
|
Cost of
products and services sold |
|
|
89,148 |
|
|
|
43,408 |
|
Gross profit |
|
|
65,815 |
|
|
|
24,299 |
|
Operating
expenses: |
|
|
|
|
Research and development |
|
|
10,560 |
|
|
|
8,634 |
|
Sales and marketing |
|
|
12,142 |
|
|
|
12,717 |
|
General and administrative |
|
|
17,711 |
|
|
|
19,156 |
|
Loss on impairment |
|
|
1,105 |
|
|
|
— |
|
Change in fair value of acquisition-related contingent
consideration |
|
|
(24 |
) |
|
|
(36 |
) |
Total operating expenses |
|
|
41,494 |
|
|
|
40,471 |
|
Operating income (loss) |
|
|
24,321 |
|
|
|
(16,172 |
) |
Other
income |
|
|
2,673 |
|
|
|
168 |
|
Income
(loss) before income taxes |
|
|
26,994 |
|
|
|
(16,004 |
) |
Income tax
expense (benefit) |
|
|
(225 |
) |
|
|
3,936 |
|
Net income
(loss) |
|
$ |
27,219 |
|
|
$ |
(19,940 |
) |
Earnings
(loss) per share: |
|
|
|
|
Basic |
|
$ |
0.37 |
|
|
$ |
(0.28 |
) |
Diluted |
|
$ |
0.37 |
|
|
$ |
(0.28 |
) |
Weighted
average shares: |
|
|
|
|
Basic |
|
|
73,112 |
|
|
|
72,194 |
|
Diluted |
|
|
73,966 |
|
|
|
72,194 |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
% Change |
COVID-19 Diagnostics |
$ |
118,254 |
|
$ |
22,136 |
|
434 |
% |
Diagnostics |
|
17,090 |
|
|
11,423 |
|
50 |
|
COVID-19
Molecular Products |
|
155 |
|
|
8,896 |
|
(98 |
) |
Molecular
Products |
|
12,942 |
|
|
17,933 |
|
(28 |
) |
Molecular
Services |
|
1,379 |
|
|
1,733 |
|
(20 |
) |
Other
products and services |
|
3,094 |
|
|
3,115 |
|
(1 |
) |
Net product and services
revenues |
|
152,914 |
|
|
65,236 |
|
134 |
|
Non-product
and services revenues |
|
2,049 |
|
|
2,471 |
|
(17 |
) |
Total Net
Revenue |
$ |
154,963 |
|
$ |
67,707 |
|
129 |
% |
|
|
|
|
|
|
Condensed Consolidated Balance Sheets
(Unaudited) |
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
90,194 |
|
$ |
83,980 |
Short-term
investments |
|
|
22,178 |
|
|
26,867 |
Accounts
receivable, net |
|
|
107,445 |
|
|
70,797 |
Inventories |
|
|
77,189 |
|
|
95,704 |
Other
current assets |
|
|
46,589 |
|
|
47,842 |
Property,
plant and equipment, net |
|
|
57,343 |
|
|
59,413 |
Intangible
assets, net |
|
|
11,184 |
|
|
11,694 |
Goodwill |
|
|
35,204 |
|
|
35,104 |
Long-term
investments |
|
|
— |
|
|
— |
Other
noncurrent assets |
|
|
12,089 |
|
|
12,779 |
Total assets |
|
$ |
459,415 |
|
$ |
444,180 |
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Accounts
payable |
|
$ |
27,396 |
|
$ |
38,020 |
Deferred
revenue |
|
|
1,989 |
|
|
2,273 |
Other
current liabilities |
|
|
25,738 |
|
|
28,770 |
Other
non-current liabilities |
|
|
10,113 |
|
|
10,692 |
Stockholders’ equity |
|
|
394,179 |
|
|
364,425 |
Total liabilities and stockholders’ equity |
|
$ |
459,415 |
|
$ |
444,180 |
|
|
|
|
|
Additional Financial Data (Unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
2022 |
|
Capital
expenditures |
|
$ |
3,958 |
|
$ |
22,074 |
|
Depreciation
and amortization |
|
$ |
3,696 |
|
$ |
3,682 |
|
Stock-based
compensation |
|
$ |
2,655 |
|
$ |
3,524 |
|
Cash
provided by (used in) operating activities |
|
$ |
6,002 |
|
$ |
(35,821 |
) |
|
|
|
|
|
|
|
|
Conference Call
The Company will host a conference call and
audio webcast for analysts and investors to discuss the Company’s
first quarter 2023 results and certain business developments,
beginning today at 5:00 p.m. Eastern Time (2:00 p.m.
Pacific Time). On the call will be Carrie Eglinton
Manner, President and Chief Executive Officer, Ken
McGrath, Chief Financial Officer, and Scott Gleason, SVP Investor
Relations and Corporate Communications. The call will include
prepared remarks by management and a question and answer
session.
In order to listen to the conference call,
please register to obtain a dial in and pin at the following
link:
https://register.vevent.com/register/BI1408073fde3e47ab889cfdc791e65ccf
To listen to the webcast, go to OraSure
Technologies’ web site, www.orasure.com, and click on the
Investor Relations page. Please click on the webcast link and
follow the prompts for registration and access 10 minutes prior to
the call. A replay of the call will be archived on OraSure
Technologies’ web site shortly after the call has ended and will be
available for 14 days. It is recommended to dial-in 15 to 20
minutes prior to the call start to reduce waiting times. If a
participant will be listen-only, they are encouraged to listen via
the webcast on OraSure’s Investor Relations page.
About InteliSwab®
OraSure has received Emergency Use
Authorizations (EUA) from the FDA for its InteliSwab® COVID-19
rapid tests. The U.S. Food and Drug Administration (“FDA”) has
authorized the InteliSwab® COVID-19 Rapid Test for
Over-the-Counter (OTC) use without a prescription. The FDA has also
authorized the InteliSwab® COVID-19 Rapid Test Pro for
professional use in point of care (POC) CLIA-waived settings, and
the InteliSwab® COVID-19 Rapid Test Rx for Prescription Home
Use. These remarkably simple COVID-19 lateral flow tests use
samples self-collected from the lower nostrils. The InteliSwab®
test’s unique design incorporates a built-in swab fully integrated
into the test stick. After users swab their lower nostrils, the
test stick is swirled in a pre-measured buffer solution, and the
result appears right on the test stick within 30 minutes, with no
instruments, batteries, smartphone or laboratory analysis needed to
see the result. With less than one minute of “hands-on time,” it is
as simple as “Swab, Swirl, and See.”
This product has not been FDA cleared or
approved, but it has been authorized by the FDA under an EUA. The
emergency use of this product has been authorized only for the
detection of proteins from SARS-CoV-2, not for any other viruses or
pathogens. This product is only authorized for the duration of the
declaration that circumstances exist justifying the authorization
of emergency use of in vitro diagnostics for detection and/or
diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food,
Drug and Cosmetic Act, 21 U.S.C. § 360bbb- 3(b)(1), unless the
declaration is terminated or authorization is revoked sooner.
Multiple government agencies, including the U.S.
Department of Defense (DoD) and Department of Health and Human
Services (HHS) are working to address COVID-19 testing needs.
Development of the InteliSwab® COVID-19 Rapid Test has been
funded in whole or in part with federal funds from the Department
of Health and Human Services; Administration for Strategic
Preparedness and Response; Biomedical Advanced Research and
Development Authority, under contract number 75A50120C00061 and
75A50121C00078, utilizing Health Care Enhancement Act (HCEA)
funding. The DoD's Defense Assisted Acquisition (DA2) Cell led the
manufacturing expansion effort for the InteliSwab® COVID-19
rapid test in coordination with the Department of the Air Force’s
Acquisition COVID-19 Task Force (DAF ACT). The manufacturing effort
was funded through the American Rescue Plan Act (ARPA) to enable
and support domestic industrial base expansion for critical medical
resources.
About OraSure Technologies
OraSure Technologies empowers the global community to improve
health and wellness by providing access to accurate, essential
information through effortless tests, collection kits and services.
OraSure, together with its wholly-owned subsidiaries, DNA Genotek,
Diversigen, and Novosanis, provides its customers with end-to-end
solutions that encompass tools, services and diagnostics. The
OraSure family of companies is a leader in the development,
manufacture, and distribution of rapid diagnostic tests, sample
collection and stabilization devices, and molecular services
solutions designed to discover and detect critical medical
conditions. OraSure’s portfolio of products is sold globally to
clinical laboratories, hospitals, physician’s offices, clinics,
public health and community-based organizations, research
institutions, government agencies, pharmaceutical companies,
commercial entities and direct to consumers. For more information
on OraSure Technologies, please
visit www.orasure.com.
Forward Looking Statements
This press release contains certain
forward-looking statements, including with respect to products,
product development activities, regulatory submissions and
authorizations, revenue growth, cost savings, cash flow, increasing
margins and other matters. Forward-looking statements are not
guarantees of future performance or results. Known and unknown
factors that could cause actual performance or results to be
materially different from those expressed or implied in these
statements include, but are not limited to: our ability to satisfy
customer demand; ability to reduce our spending rate, capitalize on
manufacturing efficiencies and drive profitable growth; ability to
achieve the anticipated cost savings as a result of our business
restructuring; ability to market and sell products, whether through
our internal, direct sales force or third parties; impact of
significant customer concentration in the genomics business;
failure of distributors or other customers to meet purchase
forecasts, historic purchase levels or minimum purchase
requirements for our products; ability to manufacture products in
accordance with applicable specifications, performance standards
and quality requirements; ability to obtain, and timing and cost of
obtaining, necessary regulatory approvals for new products or new
indications or applications for existing products; ability to
comply with applicable regulatory requirements; ability to
effectively resolve warning letters, audit observations and other
findings or comments from the FDA or other regulators; the impact
of the novel coronavirus (“COVID-19”) pandemic on the Company's
business, supply chain, labor force, ability to successfully
develop new products, validate the expanded use of existing
collector products, receive necessary regulatory approvals and
authorizations and commercialize such products for COVID-19
testing, and demand for our COVID-19 testing products ; changes in
relationships, including disputes or disagreements, with strategic
partners or other parties and reliance on strategic partners for
the performance of critical activities under collaborative
arrangements; ability to meet increased demand for the Company’s
products; impact of replacing distributors; inventory levels at
distributors and other customers; ability of the Company to achieve
its financial and strategic objectives and continue to increase its
revenues, including the ability to expand international sales and
the ability to continue to reduce costs; impact of competitors,
competing products and technology changes; reduction or deferral of
public funding available to customers; competition from new or
better technology or lower cost products; ability to develop,
commercialize and market new products; market acceptance of oral
fluid or urine testing, collection or other products; market
acceptance and uptake of microbiome informatics, microbial genetics
technology and related analytics services; changes in market
acceptance of products based on product performance or other
factors, including changes in testing guidelines, algorithms or
other recommendations by the Centers for Disease Control and
Prevention or other agencies; ability to fund research and
development and other products and operations; ability to obtain
and maintain new or existing product distribution channels;
reliance on sole supply sources for critical products and
components; availability of related products produced by third
parties or products required for use of our products; impact of
contracting with the U.S. government; impact of negative economic
conditions; ability to maintain sustained profitability; ability to
utilize net operating loss carry forwards or other deferred tax
assets; volatility of the Company’s stock price; uncertainty
relating to patent protection and potential patent infringement
claims; uncertainty and costs of litigation relating to patents and
other intellectual property; availability of licenses to patents or
other technology; ability to enter into international manufacturing
agreements; obstacles to international marketing and manufacturing
of products; ability to sell products internationally, including
the impact of changes in international funding sources and testing
algorithms; adverse movements in foreign currency exchange rates;
loss or impairment of sources of capital; ability to attract and
retain qualified personnel; exposure to product liability and other
types of litigation; changes in international, federal or state
laws and regulations; customer consolidations and inventory
practices; equipment failures and ability to obtain needed raw
materials and components; the impact of terrorist attacks, civil
unrest, hostilities and war ; and general political, business and
economic conditions, including inflationary pressures and banking
stability. These and other factors that could affect our results
are discussed more fully in our SEC filings, including our
registration statements, Annual Report on Form 10-K for the year
ended December 31, 2022, Quarterly Reports on Form 10-Q, and other
filings with the SEC. Although forward-looking statements help to
provide information about future prospects, readers should keep in
mind that forward-looking statements may not be reliable. Readers
are cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are made as of the date
of this press release and OraSure Technologies undertakes no duty
to update these statements.
Statement Regarding Use of Non-GAAP
Financial Measures
In this press release, the company’s financial
results and financial guidance are provided in accordance with
accounting principles generally accepted in the United States
(GAAP) and using certain non-GAAP financial measures, including
non-GAAP gross margin, non-GAAP operating income (loss), and
non-GAAP earnings (loss) per share. Management believes that
presentation of operating results using these non-GAAP financial
measures provides useful supplemental information to investors and
facilitates the analysis of the company’s core operating results
and comparison of operating results across reporting periods, while
excluding certain expenses that may not be indicative of the
Company’s recurring core business operating results. In addition,
management believes these non-GAAP financial measures are useful to
investors both because they (1) allow for greater transparency with
respect to key metrics used by management in its financial and
operational decision-making and (2) are used by OraSure’s
institutional investors and the analysis community to help them
analyze the health of OraSure’s business. Management also uses
non-GAAP financial measures to establish budgets and to manage the
company’s business. A reconciliation of the GAAP financial results
to non-GAAP financial results is included in the schedules below
and a description of the adjustments made to the GAAP financial
measures is included at the end of the schedules.
The company encourages investors to carefully
consider its results under GAAP, as well as its supplemental
non-GAAP information and the reconciliation between these
presentations, to more fully understand its business. Non-GAAP
financial results are reported in addition to, and not as a
substitute for, or superior to, financial measures calculated in
accordance with GAAP. Further, non-GAAP financial measures, even if
similarly titled, may not be calculated in the same manner by all
companies, and therefore should not be compared.
OraSure Technologies GAAP to Non-GAAP Reconciliation ($ in
000's) |
|
|
|
|
Three Months
Ended |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue |
$ |
154,963 |
|
|
$ |
67,707 |
|
GAAP Cost of
products and services sold |
|
89,148 |
|
|
|
43,408 |
|
GAAP Gross
Margin |
|
42.5 |
% |
|
|
35.9 |
% |
Stock compensation |
|
134 |
|
|
|
150 |
|
Amortization of acquisition-related intangible assets |
|
132 |
|
|
|
132 |
|
Reduction in workforce severance |
|
35 |
|
|
|
— |
|
Transformation related expenses |
|
161 |
|
|
|
371 |
|
Inventory reserve for excess levels |
|
— |
|
|
|
575 |
|
Non-GAAP
Cost of Goods Sold |
|
88,686 |
|
|
|
42,180 |
|
Non-GAAP
Gross Margin |
|
42.8 |
% |
|
|
37.7 |
% |
|
|
- |
|
|
|
GAAP
Operating Income (Loss) |
|
24,321 |
|
|
|
(16,172 |
) |
Stock compensation |
|
2,655 |
|
|
|
2,062 |
|
Amortization of acquisition-related intangible assets |
|
466 |
|
|
|
501 |
|
Reduction in workforce severance |
|
2,635 |
|
|
|
— |
|
Inventory reserve for excess levels |
|
— |
|
|
|
575 |
|
Loss on impairment |
|
1,105 |
|
|
|
— |
|
Transformation related expenses |
|
449 |
|
|
|
4,153 |
|
Executive severance expense |
|
— |
|
|
|
1,461 |
|
Strategic alternative costs |
|
— |
|
|
|
651 |
|
Government grant accounting |
|
1,051 |
|
|
|
221 |
|
Change in fair value of acquisition-related contingent
consideration |
|
(24 |
) |
|
|
(36 |
) |
Non-GAAP
Operating Income (Loss) |
|
32,658 |
|
|
|
(6,584 |
) |
|
|
|
|
GAAP Net
Income (Loss) |
|
27,219 |
|
|
|
(19,940 |
) |
Stock compensation |
|
2,655 |
|
|
|
2,062 |
|
Amortization of acquisition-related intangible assets |
|
466 |
|
|
|
501 |
|
Reduction in workforce severance |
|
2,635 |
|
|
|
— |
|
Inventory reserve for excess levels |
|
— |
|
|
|
575 |
|
Loss on impairment |
|
1,105 |
|
|
|
— |
|
Transformation related expenses |
|
449 |
|
|
|
4,153 |
|
Executive severance expense |
|
— |
|
|
|
1,461 |
|
Strategic alternative costs |
|
— |
|
|
|
651 |
|
Change in fair value of acquisition-related contingent
consideration |
|
(24 |
) |
|
|
(36 |
) |
Tax effect of Non-GAAP adjustments |
|
(51 |
) |
|
|
(89 |
) |
Non-GAAP Net
Income (Loss) |
$ |
34,454 |
|
|
$ |
(10,662 |
) |
|
|
|
|
GAAP
Earnings (Loss) Per Share: |
$ |
0.37 |
|
|
($ |
0.28 |
) |
Non-GAAP
Earnings (Loss) Per Share: |
$ |
0.47 |
|
|
($ |
0.15 |
) |
Diluted Shares Outstanding |
|
73,966 |
|
|
|
72,194 |
|
|
|
|
|
Following is a description of the adjustments made to GAAP
financial measures:
- Stock Compensation:
non-cash equity-based compensation provided to OraSure employees
and directors, excluding accelerated stock compensation as required
under former employees’ employment agreements
- Amortization of
acquisition-related intangible assets: represents recurring
amortization charges resulting from the acquisition of intangible
assets associated with our business combinations
- Reduction in
workforce severance: one-time termination benefits associated with
the company’s workforce reduction
- Inventory reserve
for excess levels: reserves recorded for inventory balances that
are deemed excess based on current forecasts and expirations
dates
- Loss on impairment: charges related to the write down of
company’s PP&E
- Transformation
related expenses: transitory costs such as consulting and
professional fees related to transformation initiatives
- Strategic
alternative costs: one-time expenses such as legal and banking fees
tied to the company’s strategic alternative process
- Executive
severance expenses: Expenses tied to executive severance agreements
including accelerated stock compensation
- Government
contract accounting: As required under International Accounting
Standard Board IAS 20, Accounting for Government Contracts and
Disclosure of Government Assistance, our operating expenses
associated with the Department of Defense expansion contract are
reflected in operating expenses with offsetting reimbursement
reflected in other income
- Change in fair value of acquisition-related contingent
consideration: changes in the fair value of contingent
consideration liability associated with estimate changes in
reaching contingent consideration metrics
- Tax impact
associated with non-GAAP adjustments – tax expense/(benefit) due to
non-GAAP adjustments
A reconciliation of our non-GAAP measures to their most directly
comparable GAAP measures can be found at:
https://orasure.gcs-web.com/gaap-non-gaap-reconciliation
Investor Contact: |
Media Contact: |
Scott Gleason |
Amy Koch |
SVP Investor Relations & Corp. Communications |
Director. Corporate Communications |
484-425-0588 |
484-523-1815 |
sgleason@orasure.com |
media@orasure.com |
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