OraSure Technologies, Inc. (NASDAQ:OSUR) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET

Company Participants

Scott Gleason - Senior Vice President of Investor Relations & Corporate Communications

Carrie Manner - President & Chief Executive Officer

Kathleen Weber - President of Molecular Solutions

Ken McGrath - Chief Financial Officer

Lisa Nibauer - President of Diagnostics

Conference Call Participants

Casey Woodring - JPMorgan

Andrew Cooper - Raymond James

Operator

Welcome to the OraSure Technologies, Incorporated 2022 Second Quarter Earnings Conference Call. My name is Darryl and I will be your operator for today's call. [Operator Instructions] As a reminder, this conference is being recorded.

I will now turn the call over to Scott Gleason. Scott, you may begin.

Scott Gleason

Thanks, Darryl. Good afternoon and welcome to OraSure Technologies second quarter 2022 earnings call. I'm Scott Gleason, the SVP of Investor Relations and Communications. Presenting with me today for OraSure is Carrie Manner, our President and Chief Executive Officer; Ken McGrath, our newly appointed Chief Financial Officer; Lisa Nibauer, our President of Diagnostics; and Kathleen Weber, our President of Molecular Solutions. As a reminder, today's webcast is being recorded and the recording, along with the slide presentation accompanying the webcast, can be found on our Investor Relations website.

Before we begin, you should know that this call may contain important -- certain forward-looking statements, including statements with respect to revenues, expenses, profitability, earnings or loss per share and other financial performance, product development performance, shipment and markets, business plans, regulatory filings and approvals, expectations and strategies. Actual results could be significantly different. Factors that could affect our results are discussed more fully in the company's SEC filings, including its registration statements, its annual reports on Form 10-K for the year ended December 31st, 2021, its quarterly reports on Form 10-Q and its other SEC filings. Although forward-looking statements help to provide complete information about future prospects, listeners should keep in mind that forward-looking statements are based solely on information available to management as of today. The company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after this call.

With that, I'm pleased to turn the call over to Carrie.

Carrie Manner

Appreciate it, Scott and thank you to everyone for joining us. It's a real pleasure here my first earnings call to share that today, we announced very strong second quarter results which are reflective of the tremendous work our employees are doing across the organization. We set a new record for revenue growth and on an adjusted basis, our gross margins saw meaningful sequential improvement despite the significant mix change, along with some headwinds in our base business. We made good progress decreasing our cash burn on our path to profitability. And while we still have more to do, I am very proud of our team's work and we're fully committed to consistently delivering results.