OraSure Technologies on Tuesday reported a year-over-year increase of 39% in its second quarter revenues.
For the quarter ended June 30, the Bethlehem, PA-based company reported revenues of $80.2 million compared to $57.2 million in Q2 2021, beating analysts' average estimate of $70.1 million.
The firm booked Q2 revenues of $43.1 million for InteliSwab, its COVID-19 rapid antigen test, an increase of 95% compared to Q1.
The test has received U.S. Food and Drug Administration Emergency Use Authorization, including for over-the-counter (OTC) use without a prescription.
OraSure said that during the second quarter, production volumes of InteliSwab "scaled dramatically," and it now has the capacity to produce approximately 1.6 million tests per week. The firm anticipates that capacity will nearly double by early 2023.
Excluding InteliSwab revenues, OraSure's diagnostics base-business revenues were $17.3 million in the quarter, down 10% compared to the prior year quarter. Year-to-date diagnostics base business revenues were relatively flat year over year.
The firm recorded a Q2 net loss of $18.8 million, or $.26 per share, compared to a net loss of $1.4 million, or $.02 per share, in the prior year quarter, missing the analysts' average estimate of a loss of $.13.
The company anticipates Q3 revenues of $90 million to $95 million, representing 67% to 76% growth compared to the third quarter of last year.