OraSure Announces 2016 Third Quarter Financial Results

BETHLEHEM, Pa., Nov. 02, 2016 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ:OSUR), a leader in point-of-care diagnostic tests and specimen collection devices, today announced its consolidated financial results for the three and nine months ended September 30, 2016.

Financial Highlights
  • Consolidated net revenues for the third quarter of 2016 were $32.3 million, an 8% increase from the third quarter of 2015. Consolidated net revenues for the nine months ended September 30, 2016 were $92.7 million, a 6% increase from the comparable period of 2015. 
  • Net revenues from international sales of the Company's OraQuick ® HIV test were $1.1 million for the third quarter of 2016, representing a 147% increase over the third quarter of 2015. Net international revenues for the OraQuick ® HIV test were $3.9 million for the nine months ended September 30, 2016, a 97% increase from the comparable period of 2015.  
  • Net molecular collection systems revenues were $8.3 million during the third quarter of 2016, which represents a 14% increase over the third quarter of 2015. Net molecular collection systems revenues for the nine months ended September 30, 2016 were $23.6 million, a 7% increase from the comparable period in 2015.  
  • International sales of the Company's OraQuick ® rapid HCV test were $1.3 million for the third quarter of 2016, representing a 35% increase from the third quarter of 2015. International sales of the HCV test for the nine months ended September 30, 2016 were $3.7 million, an increase of 44% from the comparable period of 2015.
  • During the third quarter, the Company was awarded a contract for up to $16.6 million in total funding from the U.S. Department of Health and Human Services Office of the Assistant Secretary for Preparedness and Response's Biomedical Advanced Research and Development Authority ("BARDA") related to the development of a rapid Zika test.   
  • The Company secured a contract with a foreign government to supply $18 million in diagnostic products, largely consisting of OraQuick ® rapid HCV tests.  The first shipment of this product is expected to occur in the fourth quarter of 2016 pending completion of certain ancillary documents required under the contract. 
  • Consolidated net income for the third quarter of 2016 was $6.2 million, or $0.11 per share on a fully-diluted basis, which compares to consolidated net income of $1.5 million, or $0.03 per share on a fully-diluted basis, for the third quarter of 2015.  Consolidated net income for the nine months ended September 30, 2016 was $12.5 million, or $0.22 per share on a fully-diluted basis, which compares to consolidated net income of $3.6 million, or $0.06 per share, for the comparable period of 2015.
  • Cash and short-term investments totaled $121.2 million and working capital amounted to $128.8 million at September 30, 2016.

"We are very pleased with the Company's financial performance for the third quarter, especially our strong bottom line results," said Douglas A. Michels, President and CEO of OraSure Technologies.  "We continue to build on numerous international opportunities and have executed an $18 million product supply agreement with a foreign government in support of a country-wide HCV elimination program. Our molecular business continues to generate impressive growth and we were successful in obtaining government funding for continued work on our rapid Zika test. We believe the progress we have made on these key objectives has positioned us well for future success."

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