Orasure Tech Stock Price, News & Analysis

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.

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.