OraSure Technologies rises as Q1 results beat estimates

OraSure Technologies

11/05/2023 18:13

(Updates)
    ** Diagnostic test maker OraSure Technologies Inc's  OSUR.O 
shares up 7% at $7.55
    ** Company on Wednesday reported better-than-expected Q1 adj
profit of 37 cents​​/shr vs est 14 cents/shr - Refinitiv
    ** Posts Q1 revenue of $154.96 mln vs est $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 below est
$94.67 mln
    ** Company anticipates experiencing some temporary margin
headwinds in Q2 2023 due to pricing mix of its COVID-19 rapid
test
    ** OraSure earlier in the year reduced 11% of its
non-production workforce expecting expense reduction of about
$15 mln annually
    ** Jefferies raises PT on company's shares to $6.75 from
$5.50; brokerage, however, maintains "hold" rating
    ** Including session's gain, stock up 56.5% YTD

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