OraSure Reports Third-Quarter Revenue of $39.9 Million, Down 55% From Year-Ago Quarter

— Jeff Ward, Lehigh Valley News Briefs

OraSure Technologies, a Bethlehem-based maker of medical diagnostics, reported $39.9 million in revenue for the third quarter.

That’s down 55% from the year-ago quarter’s $89.2 million in revenue. OraSure sales have dropped steeply since the end of the COVID-19 pandemic.

OraSure reported an adjusted loss of 1 cent per share in the third quarter. Adjusted results exclude items the company considers to be one-time or unusual. On a GAAP (Generally Accepted Accounting Principles) basis, the company lost 6 cents per share. GAAP accounting does not allow for exclusions.

“Our 3Q results were consistent with our expectations,” Chief Executive Officer Carrie Eglinton Manner said in a statement.

What OraSure defines as “core revenue,” excluding COVID-19 sales and its molecular services business, fell 1% from the third quarter of 2023.

Eglinton Manner also said the company is “winding down” its Risk Assessment testing business.

OraSure’s products include InteliSwab, a home test for COVID, and OraQuick, an HIV test.

The closing price of OraSure (NASDAQ:OSUR) on Wednesday was $4.40. In the last 52 weeks, the shares have traded as high as $8.45 and as low as $3.92.

At $4.40 per share, OraSure has a market capitalization of $328.1 million.

The company forecast fourth-quarter revenue of $36 million to $38 million, with about $1 million of that from COVID products. OraSure will hold a conference call at 5 p.m. Wednesday.

What is now OraSure was founded in South Bethlehem in 1987 as SolarCare Technologies, a maker of sunscreen towelettes.