OraSure Technologies, Inc. (NASDAQ:OSUR) Q4 2023 Earnings Conference Call February 27, 2024 5:00 PM ET

Company Participants

Jason Plagman - Vice President-Investor Relations

Carrie Eglinton Manner - President & Chief Executive Officer

Ken McGrath - Chief Financial Officer

Conference Call Participants

Patrick Donnelly - Citi

Jacob Johnson - Stephens

Matthew Stanton - Jefferies

Andrew Cooper - Raymond James

Operator

Good day, and thank you for standing by. Welcome to the OraSure Technologies Inc. 2023 Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today Jason Plagman, Vice President of Investor Relations. Please go ahead.

Jason Plagman

Good afternoon, and welcome to OraSure Technologies' fourth quarter 2023 earnings call. Participating in the call today for OTI are Carrie Eglinton Manner, our President and Chief Executive Officer; and Ken McGrath our Chief Financial Officer. As a reminder today's webcast is being recorded, and the recording can be found on our Investor Relations website.

Before we begin, you should know that this call may contain certain forward-looking statements including statements with respect to revenues and guidance, expenses, profitability, earnings or loss per share and other financial performance, product development, performance, shipments in markets, business plans, regulatory filings and approvals, expectations and strategies. Actual results could significantly differ.

Factors that could affect results are discussed more fully in OTI's SEC filings including its registration statements its annual report on Form 10-K for the year ended December 31, 2022, 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. OTI undertakes no obligation to update any forward-looking statements to reflect events or circumstances after this call.

With that I am pleased to turn the call over to Carrie.

Carrie Eglinton Manner

Thanks, Jason and thank you to everyone for joining us today. We are pleased to provide an update on the progress OraSure is making on the three pillars of our strategic transformation: one, strengthening our foundation; two, elevating our core growth; and three accelerating profitable growth.

A few notable items since last quarter include that we generated $41 million of operating cash flow in Q4 and grew our cash balance to $290 million. For the full year 2023, our cash and short-term investments increased by $180 million. We continue to execute on our COVID-19 contract and we delivered stronger than anticipated InteliSwab volumes during the quarter.