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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 (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.
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.