NEW YORK – OraSure Technologies said this week that its third quarter revenues more than doubled year over year to $116.5 million from $53.9 million a year ago. The consensus Wall Street revenue estimate was $91.7 million. Core diagnostics revenue grew to $18.1 million from $15.8 million a year ago, while IntelliSwab revenues spiked to $79.6 million from $7.7 million. Core molecular solutions dipped to $18.5 million from $24.2 million, and COVID-19 kit revenues fell to $361,000 from $6.3 million. The firm posted a profit of $5.3 million, or $.07 per share, for Q3 2022 compared to a net loss of $15.0 million, or $.21 per share, a year ago. Non-GAAP EPS for the recently completed quarter was $.13, beating the consensus Wall Street estimate of a loss per share of $.04. OraSure exited Q3 with $75.2 million in cash and cash equivalents and $26.4 million in short-term investments.
LumiraDx this week said that its third quarter revenues slumped 61 percent year over year to $42.2 million from $109.1 million. The London-based developer of point-of-care diagnostics posted a net loss of $143.4 million, or $.47 per share, for the quarter compared to a profit of $132.4 million, or $.72 per share, a year ago. It ended Q3 2022 with $135.3 million in cash and cash equivalents. LumiraDx noted that during the quarter it had begun a restructuring plan to "resize" its operations, a move expected to save the firm $18 million each quarter.
Opko Health reported this week that its revenues for the third quarter ending Sept. 30 declined 53 percent year over year from $385.8 million to $179.7 million for the prior year's third quarter. The firm's diagnostic services revenue dropped 58 percent to $340.1 million from $142.8 million a year earlier, which company officials attributed mainly to a 91 percent decline in COVID-19 tests processed by its BioReference Laboratories subsidiary. The company's product revenue also dropped 12 percent year over year to $32.4 million from $36.9 million, and its revenue from transfers of intellectual property dropped 49 percent to $4.5 million from $8.8 million a year earlier. Opko Health reported a net loss of $86.1 million for the quarter, or $.11 per share, compared to net income of $28.7, or $.04 per share, in the year-ago quarter. The firm had $180.8 million in cash and cash equivalents as of Sept. 30.
Epigenomics reported €386,000 ($387,000) in revenues for the first nine months of 2022, down from €6.0 million for the first nine months of 2021. The company attributed the drop to a decrease in sales of samples from its blood sample bank, which was divested last year. For the first nine months 2021, Epigenomics posted €5.7 million in such sales. Excluding that business, total revenues for the year-ago period would have been €347,000, Epigenomics said. The company had a net loss for the recently completed period of €5.5 million, or €.34 per share, compared to a net loss of €691,000, or €.07 per share, a year ago. As of Sept. 30, Epigenomics had €15.8 million in cash and cash equivalents. It confirmed its prior revenue guidance for full-year 2022 of between €300,000 and €800,000.