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OraSure Won’t Quantify Improperly Recognized Revenue
Healthcare firm appears to have corrected the error without quantifying the impact on sales.
November 8, 2023
OraSure Technologies (OSUR), a provider of point-of-care and home diagnostics and specimen collection devices, has admitted recognizing revenue it shouldn’t have. In a filing for the quarter ended September 30, 2023, OraSure revealed its controls related to customer pricing— part of the revenue recognition process— are flawed:
“A control related to the validation of accurate pricing in customer sales orders did not operate effectively to detect an error in prices, which resulted in the recognition of revenue at an inaccurate price during the six months ended June 30, 2023.”
OraSure says the error is ot material.
The company did not quantify the error or provide a reconciliation. However, the disclosure stated the company’s financials for the nine months ended September 30th are not misstated, suggesting to us the error— which did impact the first six months of the year— was offset in the third quarter.
OraSure did not immediately respond after DuDil requested the company quantify the revenue that was improperly recognized and provide additional detail.
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