Welcome to our dedicated page for OraSure Technologies news (Ticker: OSUR), a resource for investors and traders seeking the latest updates and insights on OraSure Technologies stock.
OraSure Technologies Inc., based in Bethlehem, Pennsylvania, is a pioneering medical devices company specializing in the development, manufacture, and distribution of oral fluid diagnostic and collection devices. As a leader in this field, OraSure offers a range of products designed to detect or diagnose critical medical conditions. The company operates through two primary segments: Diagnostics and Molecular Solutions.
In the Diagnostics segment, OraSure produces rapid oral diagnostic tests and specimen collection devices for infectious diseases, such as HIV and HCV. Notable products include the OraQuick® In-Home HIV Test, OraQuick Advance® Rapid HIV-1/2 Antibody Test, and the OraSure® HIV-1 Oral Specimen Collection Device. Additionally, the company offers the OraQuick® HCV Rapid Antibody Test, and various oral fluid testing solutions for drug abuse, such as the Intercept® Oral Fluid Drug Testing System and the Q.E.D.® Saliva Alcohol Test.
The Molecular Solutions segment focuses on kits used to collect, stabilize, and transport genetic material samples for molecular testing. These kits are essential for diagnosing hereditary diseases and infectious diseases, including COVID-19. The molecular solutions segment is a significant revenue driver for OraSure, with a substantial portion of sales originating from customers in the United States.
Beyond diagnostics, OraSure also manufactures and sells cryosurgical products like Histofreezer®, used for the cryosurgical removal of common and plantar warts, along with other benign skin lesions. These products are available both for professional physician office markets and over-the-counter use.
Recently, OraSure has announced its third-quarter 2023 financial results and certain business developments. Notably, the regular earnings conference call is scheduled for November 7, 2023. This announcement signifies the company's commitment to transparency and continuous communication with its stakeholders.
OraSure Technologies (NASDAQ: OSUR) has launched its InteliSwab® COVID-19 Rapid Test on Amazon, enhancing access to testing for U.S. consumers. The product, which is easy to use and requires no additional equipment, will be sold and fulfilled by Amazon with free Prime shipping. CEO Carrie Eglinton Manner emphasized that this partnership aims to broaden consumer reach and increase product awareness. The InteliSwab® test has received Emergency Use Authorization from the FDA for over-the-counter use, further supporting its use in nationwide testing initiatives.
OraSure Technologies schedules its earnings conference call for the third quarter of 2022 on November 8, 2022, at 5:00 pm ET. The press release detailing the financial results will be available at 4:05 pm ET on the same day. Participants can register for the call through a provided link, and a live webcast will be accessible via the company's investor relations page. For those who cannot attend, the call will be archived for 14 days. This event will provide insights into the company's financial performance and developments.
OraSure Technologies (NASDAQ: OSUR) has secured an $8.6 million contract from the Biomedical Advanced Research and Development Authority (BARDA) to develop a second-generation Ebola test utilizing the OraQuick® testing platform. The new test aims to enhance sensitivity, shelf life, and automation compared to the existing FDA-authorized version. OraSure's current Ebola Rapid Antigen Test is the only one with de novo FDA authorization since 2019 and has been widely used in Africa. This partnership underscores OraSure's commitment to addressing critical public health challenges.
OraSure Technologies (NASDAQ: OSUR) has been selected to provide OraQuick® In-Home HIV tests as part of the CDC’s ‘Together Take Me Home’ program, receiving $41.5 million over five years for community testing. The initiative targets populations disproportionately affected by HIV, aiming to deliver up to one million self-tests. This effort addresses barriers to HIV testing, such as privacy concerns and stigma, while empowering individuals to manage their health. The program is managed by Emory University in collaboration with various organizations.
OraSure Technologies (NASDAQ: OSUR) has announced a collaboration between its subsidiary Diversigen and Mars Petcare, aimed at enhancing understanding of pet health through microbiome research. This partnership involves sequencing microbiome samples from various breeds of cats and dogs as part of the Mars Petcare Biobank™ project. The collaboration aims to generate insights into microbial community composition to improve feline and canine health.
OraSure Technologies reported a strong financial performance for Q2 2022, with net revenues reaching $80.2 million, up 39% year-over-year, driven by a 213% increase in its Diagnostics business unit. InteliSwab® revenue surged to $43.1 million, representing 95% sequential growth. However, GAAP gross margins fell to 34.4%, down from 53.2% a year earlier. The company expects positive cash flow in Q4 2022, alongside strategic changes including a new CFO and Board adjustments.
OraSure Technologies, Inc. (NASDAQ: OSUR) has announced its earnings conference call scheduled for August 9, 2022, at 5:00 p.m. ET, to discuss the second quarter financial results and business developments. A press release detailing the financial results will be distributed at 4:05 p.m. ET, followed by the conference call at 5:00 p.m. Participants can join the call by dialing (866) 374-5140 using conference ID #11565698. A webcast of the call will also be available on the investor relations page of OraSure's website.
OraSure Technologies (OSUR) reaffirms its commitment to combat Hepatitis C through the Race to End Hep C initiative, which offers free testing at select NASCAR events. This initiative uses the OraQuick® HCV Rapid Antibody Test, providing results in 20 minutes. In 2021, 2.5% of 351 tested individuals were linked to care after a positive result. The CDC reports around 2.4 million adults in the U.S. have HCV, with 40% unaware of their infection. The program aims to improve awareness and access to treatment, aligning with World Hepatitis Day.
OraSure Technologies (NASDAQ: OSUR) announced the launch of its OMNIgene®•GUT DNA and RNA product, available to gut microbiome researchers for self-collection and stabilization of microbial DNA and RNA at ambient temperature. This product supports researchers in gene expression studies of gut microbes, aligning with OraSure's multiomics strategy and its subsidiary Diversigen's new sequencing services. With a strong track record in the genomics space, DNA Genotek's device portfolio is utilized globally in over 90 countries, further enhancing OraSure's market position.
OraSure Technologies, Inc. (NASDAQ: OSUR) announced on June 4, 2022, that its Board of Directors granted an inducement award to new CEO Carrie Eglinton Manner. This award includes:
- 814,830 restricted stock shares, vesting fully on June 4, 2024.
- 325,932 restricted stock shares, vesting in three annual installments starting June 4, 2023.
- 325,932 performance restricted stock units, vesting in three annual installments subject to performance conditions.
The award was granted under Nasdaq Rule 5635(c)(4), facilitating Ms. Manner's employment with the company.
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