Orasure Tech Stock Price, News & Analysis

OraSure Technologies, Inc. (NASDAQ: OSUR) has announced its preliminary Q4 2021 financial outlook, expecting total revenue of approximately $60 million, with InteliSwab™ sales around $12 million. The Company is addressing technology transfer challenges to scale up production and capitalize on demand. A strategic review is underway to enhance shareholder value, coupled with leadership changes including CEO Stephen Tang's departure on March 31, 2022. The Board aims for improved operational performance and has appointed new presidents for Diagnostics and Molecular Solutions.

OraSure Technologies, Inc. (NASDAQ: OSUR) has announced that its 2022 Annual Meeting of Stockholders will take place on May 17, 2022, at 10:00 a.m. EDT, with a record date of March 27, 2022. The meeting will be conducted virtually via a live webcast, allowing only stockholders of record to vote. Additional details will be provided later. OraSure Technologies specializes in rapid diagnostic tests, sample collection, and molecular services, serving various sectors globally, including clinical laboratories and public health organizations.

OraSure Technologies (NASDAQ: OSUR) will ring the Nasdaq closing bell on November 30, 2021, to honor World AIDS Day.

The company has made significant advancements in HIV testing since the FDA approved its first rapid test in 2002, with over 70 million tests used worldwide.

The event will feature a panel discussing the history of the HIV epidemic. OraSure continues its commitment by supporting global HIV testing efforts.

CEO Stephen S. Tang emphasizes the need for continued action against the HIV epidemic, marking 40 years of progress.

OraSure Technologies announces participation in two upcoming conferences, with Dr. Stephen S. Tang, President and CEO, speaking at both. The first is the Stephens Annual Investment Conference on November 29, 2021, at 12:00 pm ET, followed by the Evercore 4th Annual HealthConx Virtual Conference on December 1, 2021, at 1:50 pm ET. Both events will be webcasted live. Interested parties can access the presentations and replays on the OraSure Technologies website for 14 days.

OraSure Technologies (NASDAQ: OSUR) announced the retirement of Jack E. Jerrett, Senior VP and General Counsel, after nearly 21 years. Effective December 31, 2021, he will be succeeded by Agnieszka M. Gallagher, previously Chief Ethics and Compliance Officer at Alnylam Pharmaceuticals. Gallagher brings over 20 years of legal and compliance experience, including roles at major companies like ViiV Healthcare and GSK Vaccines. OraSure aims to maintain its leadership in diagnostic testing and sample collection technologies with this transition.

OraSure Technologies has appointed Nancy J. Gagliano, M.D., and Anne C. Whitaker to its Board of Directors, effective November 8, 2021. Dr. Gagliano, a healthcare executive with a background in internal medicine and retail pharmacy, previously led the RADx Tech program at NIH during the COVID-19 pandemic. Her term expires at the 2024 Annual Meeting. Mrs. Whitaker, recognized as a leading figure in BioPharma, has over 30 years of pharmaceutical industry experience and will serve until the 2023 Annual Meeting. Both appointees bring extensive skills in global product development and public health, crucial for OraSure's growth strategy.

OraSure Technologies reported third quarter 2021 revenues of $53.9 million, a 12% year-over-year increase. Excluding COVID-19 products, revenues rose 37%. The company secured three major contracts totaling $327.6 million from U.S. government agencies for its InteliSwab™ COVID-19 Rapid Test. They revised revenue guidance for 2021 to between $230 million and $233 million. However, the gross margin fell to 39.8%, down from 63.1% a year ago, resulting in an operating loss of $13 million and a net loss of $15 million.

OraSure Technologies, Inc. (NASDAQ: OSUR) announced an amendment to the Emergency Use Authorization (EUA) for its InteliSwab™ COVID-19 rapid tests. The FDA now requires only one test for symptomatic individuals, simplifying the testing process. Previously, the test required two tests for both symptomatic and asymptomatic individuals. Additionally, studies confirmed that the InteliSwab™ tests can detect all COVID-19 variants of concern, including the Delta variant. This adjustment aims to increase the availability and accessibility of rapid testing across the nation.

OraSure Technologies (NASDAQ: OSUR) will hold its earnings conference call to discuss the third quarter financial results on November 3, 2021, at 5:00 PM ET. The financial results press release will be distributed at 4:01 PM ET. Interested parties can join the call by dialing (888) 771-4371 domestically or (847) 585-4405 internationally, using Conference ID # 50214426. A webcast will be available on the Investor Relations page of OraSure's website, and a replay will be accessible for 14 days after the call.