NEW YORK – OraSure Technologies said this week that its third quarter revenues declined 23 percent year over year as COVID-19-related revenues fell 37 percent. For the three months ended Sept. 30, total revenues dropped to $89.2 million from $116.5 million a year ago as COVID-19-related revenues shrank to $50.2 million from $79.9 million. Its core revenues grew 7 percent to $39.0 million from $36.5 million in Q3 2022. The Bethlehem, Pennsylvania-based developer of point-of-care and home diagnostic tests beat the analysts' average estimate of $75.0 million.
Diagnostics revenues grew to $19.6 million from $12.3 million in the year-ago quarter, while molecular products were trimmed to $15.2 million from $15.8 million. Other products and service revenues increased to $3.2 million from $2.8 million, and molecular service revenues fell to $834,000 from about $2.0 million a year ago. COVID-19 molecular product revenues slid to $54,000 from $361,000.
OraSure had net income of $11.2 million, or $.15 per share, for Q3 2023 compared to net income of $5.6 million, or $.08 per share, in Q3 2022. Its non-GAAP EPS was $.27 and easily beat the consensus Wall Street estimate of $.04 per share.
The firm lowered its R&D costs to $8.5 million from $10.1 million a year ago and cut its SG&A spending to $18.8 million from $29.0 million a year ago.
OraSure had $217.5 million in cash and cash equivalents and $7.4 million in short-term investments at the end of Q3 2023.
For Q4 2023, the company is guiding to revenues of between $71 million and $76 million, which includes core revenues of $33 million to $35 million.
Opko Health this week said its third quarter revenues were down a fraction of 1 percent year over year. For the three months ended Sept. 30, total revenues were $178.6 million, down from $179.7 million a year ago but above the consensus Wall Street estimate of $174.8 million. Service revenues dropped to $131.7 million from $142.8 million a year ago, while product revenues rose to $40.7 million from $32.4 million, and revenues from the transfer of intellectual property grew to $6.2 million from $4.5 million.
BioReference Health continues to execute on its plan to improve operational efficiencies and productivity and is on track to be profitable, Opko said in a statement. The plans include cost reductions and rationalizing its business in line with testing volumes, as well as expanding into new market segments.
Opko had a net loss of $84.5 million, or $.11 per share, for Q3 2023 compared to a net loss of $86.1 million, or $.11 per share, a year ago, slightly below the consensus Wall Street estimate of a loss of $.10 per share. The company's R&D spending increased to $19.4 million from $18.8 million a year ago, while its SG&A costs fell to $72.3 million from $79.7 million. Opko finished the quarter with $138.6 million in cash and cash equivalents.
Biodesix this week reported a 21 percent increase in Q3 revenues to $13.5 million from $11.1 million in the year-ago quarter, which included COVID testing revenue. Excluding COVID testing, which the company no longer provides, Q3 revenues grew 37 percent year over year driven by strong growth in lung diagnostics, primarily due to the continued adoption of its blood-based Nodify Lung nodule risk assessment tests, the company said. Biodesix trimmed its Q3 net loss to $10.9 million, or $.14 per share, from $13.7 million, or $.34 per share, a year ago. The firm used approximately 79.7 million shares to calculate per-share loss in the recently completed quarter compared to about 40.5 million in Q3 2022. The firm finished the quarter with $19.8 million in cash and cash equivalents. Biodesix said that it plans to draw down an additional $10 million from the second tranche of its $50 million term loan facility with Perceptive Advisors in the fourth quarter.
Sophia Genetics this week reported a 40 percent year-over-year increase in revenues for the third quarter of 2023. Revenues increased to $16.3 million from $11.6 million a year ago. Due to the continued adoption of the firm's Sophia DDM platform in clinical markets, analysis volume climbed to a record 79,784 analyses during the quarter, representing 28 percent growth from 62,276 analyses in Q3 2022. Sophia's net loss narrowed to $13.8 million, or $.21 per share, from a net loss of $23.3 million, or $.36 per share, in Q3 of 2022. The Swiss bioinformatics company ended the quarter with $132.8 million in cash and cash equivalents.