OraSure Technologies on Tuesday said its fourth-quarter revenue rose 94% to $123.1 million compared with $63.6 million in Q4 2021, as sales of its InteliSwab COVID-19 rapid tests surged.
The firm further announced that it is combining its Molecular Solutions and Diagnostics business units into One OraSure, a move that will eliminate roles associated with 11% of its current non-production workforce.
The company said the restructuring changes, along with other cost savings, will lead to annual operating-expense reductions of approximately $15 million and will be implemented by the end of the second quarter.
For the quarter ended December 31, Core Diagnostics revenue rose 3% to $18.4 million compared with $17.9 million in the prior-year quarter.
Revenue for InteliSwab rose about sixfold to $88.9 million compared with $14.8 million in Q4 2021.
Core Molecular Solutions revenue of $15.7 million fell 32% year-over-year compared to $22.9 million, and COVID-19 kits revenue of $137,000 dropped from $8 million in Q4 2021.
OraSure has received U.S. Food and Drug Administration (FDA) emergency use authorizations for InteliSwab for over-the-counter use without a prescription, for professional use in point-of-care CLIA-waived settings, and for home use with a prescription.
In Q4, total InteliSwab test revenue increased 12% sequentially as the company scaled up its production capacity and saw increased order volume supporting the federal government’s school testing program.
OraSure reported Q4 net income of $15.6 million, or $.21 per share, compared with a lost of $10.4 million, or a loss of $.14 per share, in Q4 2021. Its Q4 adjusted EPS was $.36.
For full-year 2022, OraSure booked $387.5 million, up 66% from $233.7 million in 2021.
The company’s 2022 net loss narrowed to $17.9 million, or a loss of $.25 per share, compared with a loss of $23 million, or a loss of $.32 per share, in Q4 2021. Its 2022 adjusted EPS was $.34.
Cash and short-term investments increased by $9.2 million sequentially to $110.8 million in Q4 2022.
In response to the restructuring news and financial results, OraSure’s shares rose more than 9% to $5.38 in Wednesday morning trading on the Nasdaq.