May 7, 2025
— Jeff Ward, Lehigh Valley News Briefs
OraSure, the Bethlehem-based maker of medical diagnostic kits, reported another quarterly decline in revenue and a loss.
First-quarter revenue was $29.9 million, down 45% from $54.1 million in the year-ago quarter. Most of the decline was due to falling COVID-19 revenue, according to the company statement.
The company’s adjusted loss per share for the quarter was 18 cents. On a GAAP (Generally Accepted Accounting Principles) basis, the loss was $16 million, or 21 cents per share.
“Our Q1 results were consistent with our expectations,” OraSure Chief Executive and President Carrie Eglinton Manner said in the report.
That is accurate, but at some point will revenue rise and losses turn to profit?
OraSure forecast second-quarter revenue of $28.5 million to $32.5 million. Of that, it expects most to be what it calls “core” (non-COVID) revenue, totaling $28 million to $32 million, with just a half-million dollars in COVID and Risk Assessment testing revenue.
The company will hold a conference call at 5 p.m. today.
The closing price Wednesday for OraSure (NASDAQ:OSUR) was $2.79.
OraSure was founded as SolarCare in 1988 to make sunscreen towelettes. Its products now include InteliSwab, a COVID-19 test, and OraQuick, which tests for HIV.
During the COVID pandemic, OraSure received federal government money to build a factory in Bethlehem Township, and federal contracts for tests.
The company’s shares have been declining. The 52-week high is $5.59, twice today’s closing price.
Lehigh Valley News Briefs 