OraSure Technologies Reports Q3 2024 Results

TL;DR

OraSure Q3 results are in, check the numbers for 2024 vs 2023.

AI Summary

OraSure Technologies Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance for the quarter and the first nine months of the year is detailed in this 10-Q filing. Specific revenue figures and profitability metrics are presented for the periods ending September 30, 2024, and September 30, 2023.

Why It Matters

This filing provides investors with the latest financial performance data for OraSure Technologies, crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including revenue and cost data, which are subject to market fluctuations and business performance risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 — Nine-Month Period Start Date (Marks the beginning of the cumulative period for which financial results are presented.)
• 2023-09-30 — Prior Year Quarter End (Provides a comparative point for the current quarter's financial performance.)

Key Players & Entities

• OraSure Technologies Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-01-01 (date) — Beginning of the nine-month period for the 10-Q
• 2023-09-30 (date) — Prior year comparative period end

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-20240930.htm (10-Q) — 892KB
• osur-09302024xexx311.htm (EX-31.1) — 10KB
• osur-09302024xexx312.htm (EX-31.2) — 10KB
• osur-09302024xexx321.htm (EX-32.1) — 4KB
• osur-09302024xexx322.htm (EX-32.2) — 4KB
• 0001116463-24-000049.txt ( ) — 5313KB
• osur-20240930.xsd (EX-101.SCH) — 34KB
• osur-20240930_cal.xml (EX-101.CAL) — 63KB
• osur-20240930_def.xml (EX-101.DEF) — 126KB
• osur-20240930_lab.xml (EX-101.LAB) — 454KB
• osur-20240930_pre.xml (EX-101.PRE) — 306KB
• osur-20240930_htm.xml (XML) — 849KB

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; exiting microbiome services and exiting its risk assessment business; The Company's ability to obtain, and timing and cost of obtaining, necessary regulatory approvals for new products or new indications or applications for e

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended Septe mber 30, 2024 and 2023 4 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows for the ni ne months ended September 30, 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 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 26

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

Signatures

Signatures 30 Table of Contents

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS ORASURE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 278,571 $ 290,407 Accounts receivable, net of allowance of $ 1,237 and $ 1,216 26,954 40,171 Inventories 38,870 47,614 Prepaid expenses 3,038 6,041 Other current assets 2,718 2,226 Total current assets 350,151 386,459 Noncurrent Assets: Property, plant and equipment, net of accumulated depreciation of $ 79,562 and $ 85,143 38,143 45,420 Operating right-of-use assets, net 9,904 12,270 Finance right-of-use assets, net 157 576 Intangible assets, net of accumulated amortization of $ 33,711 and $ 33,649 665 1,206 Goodwill 35,287 35,696 Investment in equity method investee 28,829 — Other noncurrent assets 949 1,218 Total noncurrent assets 113,934 96,386 TOTAL ASSETS $ 464,085 $ 482,845 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 9,581 $ 13,151 Deferred revenue 1,619 1,559 Accrued expenses and other current liabilities 15,013 22,710 Finance lease liability 41 539 Operating lease liability 1,530 1,577 Total current liabilities 27,784 39,536 Noncurrent Liabilities: Finance lease liability 124 226 Operating lease liability 9,412 11,162 Other noncurrent liabilities 529 696 Deferred income taxes 671 554 Total noncurrent liabilities 10,736 12,638 TOTAL LIABILITIES 38,520 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, 74,593 and 73,528 shares issued and outstanding — — Additional paid-in capital 535,402 529,543 Accumulated other comprehensive loss ( 17,200 ) ( 14,941 ) Accumulated deficit ( 92,637 ) ( 83,931 ) Total stockholders' equity 425,565 430,671 TOTAL LIABILITIES AND STOCKHOLDERS' EQU

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View this 10-Q filing on SEC EDGAR