OraSure rises as Q1 results beat estimates

OraSure Technologies

11/05/2023 13:06

** Shares of OraSure Technologies Inc  OSUR.O  up 4.3% at
$7.4 before the bell 
    ** The diagnostic test maker reports higher-than-estimated
Q1 adj per-share profit of 37 cents​​ vs ests of 14 cents -
Refinitiv data
    ** Q1 revenue up 128.9% to $154.96 mln from a year ago;
analysts expected $126.57 mln; beat driven by higher COVID-19
rapid test volumes on U.S. government orders 
    ** Q2 revenue forecast of $62 mln to $67 mln was below
estimates of $94.67 mln
    ** Anticipates experiencing some temporary margin headwinds
in Q2 2023 due to pricing mix of its COVID-19 rapid test
    ** Co earlier in the year reduced 11% of its non-production
workforce, and combined its two business units into one
    ** Says it will deliver additional cost savings in the
near-term as COVID-19 volumes have begun to taper 
    ** As of last close, stock up 46.3% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))