NEW YORK – OraSure Technologies reported after the close of the market on Monday that its fourth quarter revenues rose 27 percent year over year due to strong sales of molecular sample collection devices.
For the three months ended Dec. 31, 2020, the point-of-care diagnostic testing and specimen collection device manufacturer reported revenues of $62.9 million, up from $49.7 million a year ago and above the analysts' average estimate of $57.3 million.
The firm's net product and service revenues for the recently completed quarter rose 28 percent year over year to $60.4 million from $47.2 million in Q4 2019. Within products, molecular business revenues increased 58 percent to $40.3 million from $25.5 million, and included $22.5 million in sales of sample collection devices for COVID-19 testing.
The firm's Q4 2020 revenues from infectious disease testing decreased 6 percent to $17.6 million from $18.7 million a year ago, while risk assessment testing revenues declined 14 percent to $2.5 million from $2.9 million.
Sales of the firm's OraQuick tests for HIV and HCV — which make up the bulk of the infectious disease business unit — dipped 4 percent to $17.4 million from $18.3 million in Q4 2019.
Total HIV sales were up 3 percent to $15.2 million from $14.8 million. Domestic HIV testing dropped 22 percent to $3.9 million from $5.0 million, offset by a 16 percent increase in international HIV testing sales to $11.3 million from $9.8 million. Total HCV testing sales fell 36 percent to $2.2 million from $3.5 million in the year-ago quarter, as domestic HCV testing sales declined 38 percent to $1.4 million from $2.2 million, while international HCV testing revenues dropped 32 percent to $884,000 from $1.3 million.
Royalty income declined 16 percent to $1.8 million for the fourth quarter from $2.2 million in Q4 of 2019. Other revenues for Q4 increased 91 percent to $637,000 from $334,000 a year ago.
OraSure's Q4 net income was $1.9 million, or $.03 per share, compared to $2.4 million, or $.04 per share, in the year-ago period. The analysts' average estimate was EPS of $.07.
The firm's R&D expenses for the quarter surged 72 percent to $10.5 million from $6.1 million in Q4 2019, and its SG&A costs rose 9 percent to $21.3 million from $19.5 million.
In a statement, OraSure noted that it has completed development and clinical testing of a rapid antigen test for COVID-19 and plans to submit it for Emergency Use Authorization from the US Food and Drug Administration for both the professional and prescription self-test claims by the end of March.
For full-year 2020, OraSure reported that total revenues increased 11 percent to $171.7 million from $154.6 million a year earlier, above the average Wall Street estimate of $166.1 million.
The firm's product revenues for the year were up 12 percent to $166.4 million from $148.1 million in 2019 and included $49.8 million in COVID-19 sales.
Within products, molecular solutions revenues rose 39 percent in 2020 to $106.5 million from $76.4 million. This was led by a 41 percent increase in laboratory services to $9.6 million from $6.8 million, offset by a 14 percent decrease in revenues from microbiome products to $6.2 million from $7.2 million, and a 34 percent decrease in genomics product revenues to $37.1 million from $56.2 million.
The firm's 2020 revenues from OraQuick infectious disease testing fell 6 percent to $52.7 million from $56.0 million a year earlier.
Total HIV sales in 2020 rose 3 percent to $44.2 million from $43.1 million. Domestic HIV testing sales fell 16 percent to $15.1 million from $18.0 million, offset by a 16 percent increase in international HIV testing sales to $29.0 million from $25.1 million. Total HCV testing sales meanwhile dropped 35 percent to $8.4 million from $13.0 million in 2019 — this included a 41 percent decrease in domestic HCV testing sales to $4.8 million from $8.1 million, while international HCV testing revenues fell 25 percent to $3.7 million from $4.9 million.
Risk assessment testing revenues dropped 23 percent to $9.4 million from $12.2 million a year ago, and the firm posted no cryosurgical system revenues for the recently completed quarter compared to $7.0 million in 2019.
OraSure reported a net loss in 2020 of $14.9 million, or $.22 per share, from a net income of $16.7 million, or $.27 per share, in 2019. Analysts had estimated a loss of $.17 per share on average.
The firm's R&D expenses for the year rose 58 percent to $31.0 million from $19.6 million in 2019, while its SG&A costs increased 14 percent to $77.1 million from $67.2 million.
OraSure ended the year with $160.8 million in cash and cash equivalents and $48.6 million in short-term investments.
On average, analysts expect revenues of $306.5 million and EPS of $.60 in 2021. OraSure did not provide guidance for the full year, but the company expects first quarter 2021 net revenues to range from $55.0 million to $60.0 million.
OraSure's stock was down approximately 1 percent to $10.90 in Tuesday morning trading on the Nasdaq.