Why OraSure Technologies, Inc. Jumped Higher Today
OraSure Technologies (NASDAQ: OSUR) is up 16.5% at 12:08 p.m. EDT after reporting stellar second-quarter earnings Wednesday afternoon.
Revenue was up 28% year over year. More impressively, there was a 42% jump in product sales, which factors out the loss of revenue from its HCV co-promotion agreement with AbbVie (NYSE: ABBV) that ended at the end of last year as well as funding from the U.S. Biomedical Advanced Research Development Authority.
Molecular collections systems contributed much of that gain, increasing 90% year over year as the company sold more of its Oragene products to commercial customers. Its OraQuick HCV test also saw sales jump substantially, up 138% year over year, thanks to a 268% increase in international sales.
Source: Fool.com
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