OraSure Technologies Q2 2024 Update

TL;DR

**OraSure Q2 2024: Financials and Ops Update Filed.**

AI Summary

OraSure Technologies Inc. reported its financial results for the period ending June 30, 2024. The company's filing details its financial performance and operational updates for the second quarter of 2024. Specific financial figures and operational highlights are provided within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on OraSure Technologies' financial health and operational progress during the second quarter of 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the inherent risks of the medical device and diagnostics industry, coupled with the need for specific financial performance details, warrant a medium risk level.

Key Players & Entities

• ORASURE TECHNOLOGIES INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filed as of Date
• 3841 (number) — Standard Industrial Classification (Surgical & Medical Instruments & Apparatus)
• DE (location) — State of Incorporation
• 1231 (date) — Fiscal Year End
• 001-16537 (number) — SEC File Number
• 220 E FIRST ST (address) — Business Address
• BETHLEHEM (location) — City
• PA (location) — State

FAQ

Key Financial Figures

• $0.000001 — ange on which registered Common Stock, $0.000001 par value per share OSUR The NASDAQ Sto

Filing Documents

• osur-20240630.htm (10-Q) — 855KB
• osur-20240630xexx311.htm (EX-31.1) — 10KB
• osur-20240630xexx312.htm (EX-31.2) — 10KB
• osur-20240630xexx321.htm (EX-32.1) — 4KB
• osur-20240630xexx322.htm (EX-32.2) — 4KB
• 0001116463-24-000036.txt ( ) — 5234KB
• osur-20240630.xsd (EX-101.SCH) — 33KB
• osur-20240630_cal.xml (EX-101.CAL) — 66KB
• osur-20240630_def.xml (EX-101.DEF) — 133KB
• osur-20240630_lab.xml (EX-101.LAB) — 461KB
• osur-20240630_pre.xml (EX-101.PRE) — 311KB
• osur-20240630_htm.xml (XML) — 793KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of the Federal securities laws. These may include statements about the Company's expected revenues, earnings/losses per share, net income (loss), expenses, cash flow or other financial performance, or developments, clinical trial or development activities, expected regulatory filings and approvals, planned business transactions, views of future industry, competitive or market conditions, and other factors that could affect the Company's future operations, results of operations or financial position. These statements often include words, such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," or similar expressions. 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: Market acceptance of, and the Company's ability to market and sell, its products and services, whether through its internal, direct sales force or third parties; Failure of distributors or other customers to meet purchase forecasts, historic purchase levels or minimum purchase requirements for the Company's products; Significant customer concentrations that exist or may develop in the future; The Company's ability to manufacture products in accordance with applicable specifications, performance standards and quality requirements; The Company's ability to achieve the anticipated cost savings as a result of its business restructuring, including from in-sourcing third party manufacturing and exiting microbiome services; The Company's 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 wi

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets at June 30 , 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30 , 2024 and 2023 5 Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 6 Notes to the Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 24

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27

Signatures

Signatures 28 Table of Contents

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS ORASURE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 258,239 $ 290,407 Short-term investments 9,142 — Accounts receivable, net of allowance of $ 1,065 and $ 1,216 38,097 40,171 Inventories 38,255 47,614 Prepaid expenses 3,554 6,041 Other current assets 3,775 2,226 Total current assets 351,062 386,459 Noncurrent Assets: Property, plant and equipment, net of accumulated depreciation of $ 88,529 and $ 85,143 40,313 45,420 Operating right-of-use assets, net 10,241 12,270 Finance right-of-use assets, net 170 576 Intangible assets, net of accumulated amortization of $ 33,200 and $ 33,649 829 1,206 Goodwill 34,964 35,696 Investment in equity method investee 27,773 — Other noncurrent assets 991 1,218 Total noncurrent assets 115,281 96,386 TOTAL ASSETS $ 466,343 $ 482,845 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 9,085 $ 13,151 Deferred revenue 1,445 1,559 Accrued expenses and other current liabilities 16,199 22,710 Finance lease liability 515 539 Operating lease liability 1,608 1,577 Total current liabilities 28,852 39,536 Noncurrent Liabilities: Finance lease liability 267 226 Operating lease liability 10,234 11,162 Other noncurrent liabilities 523 696 Deferred income taxes 627 554 Total noncurrent liabilities 11,651 12,638 TOTAL LIABILITIES 40,503 52,174 Commitments and contingencies (Note 11) STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.000001 , 25,000 shares authorized, none issued — — Common stock, par value $ 0.000001 , 120,000 shares authorized, 74,568 and 73,528 shares issued and outstanding — — Additional paid-in capital 532,601 529,543 Accumulated other comprehensive loss ( 18,631 ) ( 14,941 ) Accumulated deficit ( 88,130 ) ( 83,931 ) Total stockholders' equity 425,840 430,671 TOTAL LIAB

View Full Filing

View this 10-Q filing on SEC EDGAR