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OraSure sells cryosurgical systems business to CryoConcepts for $12M

OraSure Technologies Inc. completed the sale of its cryosurgical systems business to Bethlehem, Pa.-based medical device company CryoConcepts LP for $12 million in cash.

Cryosurgery uses extreme cold produced by evaporation of either liquid nitrogen or argon to destroy abnormal tissue and external tumors.

Under the transaction, CryoConcepts will acquire OraSure's Histofreezer along with several other products sold in the consumer market related patents and trademarks.

Following the sale, OraSure revised its full-year net revenue guidance to be in the range of $160 million to $165 million, down from the earlier guidance range between $165 million and $170 million.

The healthcare supplier increased its EPS guidance for 2019 to a range of 36 cents to 38 cents, versus the prior outlook of 24 cents to 26 cents. OraSure provides diagnostic tests and specimen collection and stabilization devices.