OraSure Q1 record revenue $67.7M (+16% YoY) but net loss $20M, InteliSwab scales

ORASURE TECHNOLOGIES INC

2022-Q1 EPS reported -$0.28 revenue$67,707,000

Net loss of $20.0M ($0.28 diluted EPS) vs net income of $3.8M ($0.05) in Q1 2021; operating loss $16.0M.
Record revenue $67.7M (+16% YoY); non-COVID revenue up 21%; InteliSwab revenue $22.1M (50% sequential growth).
Gross margin fell to 36% from 65% due to InteliSwab scrap, under-absorption, product mix, and subsidy expiration.
Cash from ops used $35.8M; cash and investments $112.2M; $16.9M committed for DoD capacity expansion to be reimbursed.
Strategic alternatives review ongoing; CEO search underway with interim CEO Nancy Gagliano not a candidate.

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