NEW YORK (360Dx) – OraSure Technologies announced after the close of the market on Wednesday an 8 percent year-over-year increase in its second quarter revenues on strong international sales of its OraQuick HIV testing products.
For the three-month period ended June 30, OraSure's revenues rose to $43.6 million from $40.2 million in the same quarter last year, topping Wall Street's consensus estimate of $42.2 million.
Sales of OraQuick HIV products jumped nearly 42 percent to $12.6 million from $8.9 million on strong demand for the OraQuick HIV self-test internationally, while molecular collection systems revenues climbed 7 percent to $17.2 million from $16.1 million.
Second quarter revenues from the OraQuick HCV rapid test and related products, however, fell 58 percent to $3.2 million from $7.6 million — a decline the company attributed primarily to the non-renewal of a foreign government supply contract that had contributed $4.1 million in revenues in the year-ago quarter.
Bethlehem, Pennsylvania-based OraSure posted a second quarter net profit of $4.1 million, or $.07 per share, versus $5.4 million, or $.09 per share, in the same period of 2017. Analysts had, on average, expected earnings of $.04 per share.
The company’s R&D costs in the quarter were up 30 percent to $4.3 million from $3.3 million, while SG&A costs edged up almost 5 percent to $16 million from $15.3 million.
At the end of June, OraSure had cash and cash equivalents totaling $71.1 million, with short-term investments of $74.3 million.
"Our financial results for the second quarter of 2018 exceeded expectations and continued the solid performance started in Q1," OraSure President and CEO Stephen Tang said in a statement. "We expect that our HIV self-test and molecular businesses will continue to be key growth contributors for the rest of 2018."
OraSure said it expects its third quarter revenues to be between $44 million and $45.5 million, with earnings per share in the range of $.10 to $.12.
In early morning trading on the Nasdaq Thursday, OraSure’s shares were up $.45 at $17.06.