OraSure Technologies, Inc. (NASDAQ:OSUR) posted its consolidated financial report for the fourth quarter closed December 31, 2017. Consolidated net revenues for Q4 2017 came at $52 million, a jump of 47% from Q4 2016. Consolidated net product revenue came at $50.2 million, exhibiting a 75% jump over Q4 2016.
For FY2017, the consolidated net revenues came at $167.1 million, a jump of 30% from FY2016. Consolidated net product revenues came at $162 million, exhibiting a jump of 51% from 2016. Douglas A. Michels, the CEO and President of OraSure, reported that their Q4 2017 and FY2017 results were remarkable.
They posted record profitability and revenues for the year as an outcome of the remarkable performance of their molecular business and robust growth in their global HCV and HIV operations. The firm is in strong shape financially and they are beginning 2018 in an extremely robust position with considerable momentum in their infectious disease and molecular businesses.
OraSure Technologies reported that the firm’s cash/investment balance came at $176.6 million at the close of December 31, 2017, versus $120.9 million at the close of December 31, 2016. Working capital came at $189.7 million at the close of December 31, 2017, versus $139.1 million as of the close of December 31, 2016. For the year closed December 31, 2017, cash from operations came at $28.2 million.
In January 2018, OraSure reported the engagement of Dr. Stephen Tang as the firm’s new CEO and President, effective April 1, 2018. The firm has also recently reported that Ronald H. Spair, the COO and CFO, will be retiring close to June 30, 2018. Charges related with these transitions are anticipated to come around $6.8 million in Q1 2018. The firm projects consolidated net revenues to come in between $40 million and $41 million and is estimating a consolidated net loss of around $0.06 a share for Q1 2018.