OSUR - Why OraSure Technologies Stock Is Jumping Today
Shares of OraSure Technologies (NASDAQ: OSUR) , a medical devices company that makes diagnostic testing kits, were jumping 12.5% higher as of 3:28 p.m. ET on Wednesday. The big gain came after the company reported its 2022 fourth-quarter results following the market close on Tuesday.
OraSure announced net revenue in the fourth quarter of $123.1 million, up 94% year over year. The company recorded earnings of nearly $15.6 million, or $0.21 per share, based on generally accepted accounting principles ( GAAP ). It also posted non-GAAP (adjusted) earnings of over $26 million, or $0.36 per share. The consensus estimate was for a net loss in Q4 of $0.01 per share.
The company also projected 2023 first-quarter revenue of between $125 million and $130 million. The midpoint of this range reflects a year-over-year increase of 88.5%. OraSure didn't provide full-year guidance for 2023. However, it stated that lower sales are anticipated in the second half of the year as it works down existing COVID-19 contracts with governments.
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Why OraSure Technologies Stock Is Jumping Today