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) announced that its InteliSwab® COVID-19 Rapid Test has been chosen by the U.S. Department of Health and Human Services (HHS) for distribution to schools nationwide. This initiative helps to provide at-home COVID-19 tests to students, teachers, and staff, funded through a procurement contract from the Defense Logistics Agency. The InteliSwab® test demonstrates a 93% accuracy rate, allowing users to test easily at home with results available in 30 minutes, without the need for additional equipment.
OraSure Technologies has appointed Carrie Eglinton Manner as President and CEO, effective June 4, 2022, succeeding Dr. Nancy Gagliano. Manner, with over 25 years of experience in healthcare leadership, previously served as Senior Vice President at Quest Diagnostics, where she oversaw a $2 billion revenue portfolio. The company concludes its strategic alternatives review, believing that under Manner's leadership, it can build on recent operational successes and improve profitability. OraSure aims to enhance its market position in diagnostic testing and sample collection technologies.
OraSure Technologies, Inc. (NASDAQ: OSUR) announced that its InteliSwab® COVID-19 rapid tests effectively detect several Omicron subvariants, including BA.2, BA.3, and BA.5, on par with previous variants. This assessment was conducted by an independent lab using live SARS-CoV-2 virus, confirming reliable detection levels. InteliSwab® tests require minimal user involvement and offer results in about 30 minutes. The tests are FDA authorized for over-the-counter and professional use, enhancing accessibility for consumers and healthcare providers during the ongoing pandemic.
OraSure Technologies, Inc. (OSUR) reported a record Q1 2022 net revenue of $67.7 million, rising 16% year-over-year, driven by a 163% increase in Diagnostics revenue primarily from InteliSwab®, which generated $22.1 million in revenue, marking a 50% sequential gain. However, Molecular Solutions revenue declined 33% year-over-year, largely due to decreased COVID-19 kit sales. Operating loss totaled $16 million, influenced by production inefficiencies and strategic investments. The company has $112.2 million in cash as of March 31, 2022.
OraSure Technologies, Inc. (NASDAQ: OSUR) has announced its earnings conference call for Q1 2022 results scheduled for May 10, 2022, at 5:00 pm ET. A press release detailing the financial results will be available at 4:01 pm ET on the same day. Interested participants can join the call by dialing (877) 344-8082 within the U.S. or (213) 992-4618 internationally, using Conference ID # 4956626. A webcast will also be accessible via OraSure’s Investor Relations page. An archived recording will be available for 14 days post-call.
OraSure Technologies, Inc. (NASDAQ: OSUR) has received de novo authorization from the FDA for its OMNIgene®·GUT Dx microbiome collection device, marking its commercial launch. This device facilitates the non-invasive collection and stabilization of human fecal samples for microbiome profiling. Kathleen Weber, President of Molecular Solutions, emphasized the importance of FDA authorization for advancing microbiome-related clinical assays and therapeutics. DNA Genotek, a subsidiary of OraSure, supports a global customer base in diagnostic testing, showcasing the device's widespread recognition in scientific research.
OraSure Technologies, Inc. (NASDAQ: OSUR) announced the launch of a new metatranscriptomic sequencing service through its subsidiary Diversigen, aimed at analyzing gut microbiome samples. This innovative service provides insights into gene expression and microbial functions, essential for understanding health issues and treatment impacts. The service utilizes advanced extraction methods and a comprehensive database of over 190,000 genomes. Target clients include researchers in pharmaceuticals, biotech, and academia, enhancing OraSure's portfolio in diagnostics and genomic research.
OraSure Technologies (NASDAQ: OSUR) has appointed Nancy Gagliano, MD, as interim CEO effective April 1, 2022, following the departure of Stephen Tang, Ph.D. Dr. Gagliano, who joined the Board in November 2021, brings extensive experience in diagnostics and healthcare, including leadership in the NIH’s RADx Tech program for COVID-19 testing. The Board is actively searching for a permanent CEO and continues to explore strategic alternatives to maximize stockholder value. The ongoing evaluation may or may not lead to conclusive transactions.
OraSure Technologies (NASDAQ: OSUR) reported a total revenue of $233.7 million for 2021, representing a 36% increase year-over-year. In Q4 alone, revenue reached $63.6 million, a 1% rise from Q4 2020. The InteliSwab® product saw significant growth, with Q4 revenues of $14.7 million, up 92% sequentially. However, the company faced challenges, including a net loss of ($10.4) million for Q4 and a 27% decline in Molecular Solutions revenues. Management is optimistic about InteliSwab®'s growth potential and plans for further scaling production.
OraSure Technologies, Inc. (NASDAQ: OSUR) has announced its earnings conference call for the fourth quarter of 2021, scheduled for February 23, 2022, at 5:00 PM ET. A press release detailing the financial results will be distributed at 4:01 PM ET on the same day. Investors can participate by calling (888) 771-4371 domestically or (847) 585-4405 internationally, using Conference ID #50277718. The call will also be available via webcast on OraSure’s Investor Relations page, with a replay accessible for 14 days post-call.
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