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OraSure Technologies Inc. develops, manufactures and distributes point-of-need and home diagnostic tests, along with sample collection and stabilization products used in healthcare and research settings. Its portfolio includes rapid diagnostic tests and sample management solutions sold to clinical laboratories, hospitals, physicians' offices, clinics, public health and community organizations, research institutions, government agencies, pharmaceutical companies and consumers.
OraSure news commonly covers quarterly results, manufacturing efficiency, product regulatory updates, commercial launches, research and development priorities, and capital allocation. Company updates also address subsidiaries including DNA Genotek, Sherlock Biosciences and BioMedomics, products such as OraQuick HIV self-testing and Colli-Pee urine collection, and governance matters involving board composition and shareholder engagement.
OraSure Technologies, Inc. (NASDAQ: OSUR) reported a net revenue of $29.3 million for Q2 2020, down 25% from Q2 2019, with a net loss of $10.5 million, or $0.16 per share. The decline is attributed to lower sales across various products due to the COVID-19 pandemic, despite $8.5 million generated from oral fluid collection devices for COVID-19 testing. The company ended June 2020 with $265.8 million in cash, bolstered by an equity offering. Future product launches include a COVID-19 rapid antigen self-test and an ELISA-based antibody test expected in Q4 2020.
OraSure Technologies, Inc. (NASDAQ: OSUR) announced that its OMNIgene®·ORAL (OM-505) saliva collection device has received FDA Emergency Use Authorization (EUA) for COVID-19 testing, now included in Clinical Reference Laboratory's (CRL) CRL Rapid Response™ test. This marks the fourth EUA involving a device from OraSure's subsidiary, DNA Genotek. The OMNIgene·ORAL device allows for easier, self-collected saliva samples, improving safety and comfort compared to standard nasal swabs. The collaboration aims to enhance COVID-19 testing accessibility as businesses reopen.
OraSure Technologies (NASDAQ: OSUR) is set to host its 2020 second quarter earnings conference call on August 5, 2020, at 5:00 p.m. ET. The press release detailing the financial results will be distributed at 4:01 p.m. ET.
Participants can join the call by dialing 844-831-3030 (Domestic) or 315-625-6887 (International), using Conference ID #3276612. A live webcast will be available on the company's Investor Relations page.
OraSure Technologies (NASDAQ: OSUR) has launched the first commercially available device for in-home self-collection of fecal samples for metabolomics, named OMNImet™·GUT (ME-200). This device, developed by OraSure’s DNA Genotek subsidiary, aims to enhance the study of metabolites important for understanding human health and various diseases. The OMNImet™·GUT allows for sample stability at room temperature for up to seven days, facilitating ease of use for researchers. The product validates a growing trend toward multiomic approaches in life sciences, integrating various biological data for comprehensive health insights.
Metabolon and DNA Genotek, a subsidiary of OraSure Technologies, Inc. (NASDAQ: OSUR), have launched OMNImet·GUT, a pioneering device designed for in-home collection and ambient-temperature storage of fecal samples for metabolomics research. This collaboration addresses the industry's need for a validated solution that eliminates the complexities of cold chain logistics in sample handling. The device maintains sample integrity, facilitating clinical trials and research in microbiome studies, thus enhancing the understanding of health and disease.
OraSure Technologies (NASDAQ: OSUR) secured a $629,217 contract from BARDA to develop an ELISA for detecting anti-SARS-CoV-2 antibodies in oral fluid. This funding supports the completion of development and filing for FDA Emergency Use Authorization. The oral fluid test aims to enhance laboratory testing capacity, identify past COVID-19 infections, and support workforce reintegration. The test can collect samples painlessly and may be adapted for home use, promoting social distancing. Initial product sales are targeted for this summer pending successful development.
OraSure Technologies (Nasdaq: OSUR) announced the full exercise of underwriters' option to purchase an additional 1,200,000 shares in its stock offering, increasing the total to 9,200,000 shares. This move is expected to generate approximately $94.9 million in net proceeds after discounts and fees, with the offering closing on June 5, 2020. The funds will be used to expand manufacturing for COVID-19 testing and to explore potential acquisitions. The offering is compliant with SEC regulations, with management highlighting its strategic importance.
OraSure Technologies (Nasdaq: OSUR) has priced an underwritten public offering of 8,000,000 shares of common stock at $11.00 per share, expecting net proceeds of approximately $82.48 million. The offering will close on June 5, 2020, subject to customary conditions. The company intends to use the funds to expand manufacturing for COVID-19 testing products, pursue acquisitions, and cover general corporate expenses. An additional 1,200,000 shares may be purchased by underwriters within 30 days.
OraSure Technologies (Nasdaq: OSUR) announced an underwritten public offering of 8,000,000 shares of its common stock, with a potential additional 1,200,000 shares available to underwriters. The proceeds will be used to expand manufacturing for COVID-19 testing products, fund acquisitions, and support general corporate uses. The company’s ability to complete the offering is subject to market conditions. J.P. Morgan, Citigroup, and Evercore are the lead underwriters for this offering.
OraSure Technologies, a leader in point of care diagnostics, announced that Dr. Stephen S. Tang, Ph.D., President and CEO, will present at the Jefferies 2020 Healthcare Conference on June 2, 2020, at 3:00 PM EST. The event will be available for live streaming on OraSure's website, and a replay will be accessible for seven days post-event. OraSure Technologies focuses on providing accurate health information and offers a range of diagnostic products and services globally, aimed at improving health and wellness.