May 8, 2025
— Jeff Ward, Lehigh Valley News Briefs
Shares of OraSure dropped Thursday morning, the day after the company again reported declining revenue and a quarterly loss.
The Bethlehem-based maker of diagnostic kits, such as InteliSwab for COVID-19 and OraQuick for HIV, has been a dud for years now.
As of 10:20 a.m. Thursday, OraSure shares (NASDAQ:OSUR) were trading at $2.62, down 6.1% from the closing price on Wednesday.
This company has been muddling along for years. It got a boost during the COVID pandemic, when the federal government gave it money to build a factory in Bethlehem Township, and ordered a lot of tests.
Now, federal spending on health may fall, as the Department of Health and Human Services cuts staff and programs.
Shortly after 4 p.m. last night, OraSure announced first-quarter revenue of $29.9 million, down 45% from the year-ago quarter, an adjusted loss per share of 18 cents, and a GAAP (Generally Accepted Accounting Principles) total loss of $16 million.
That is about what the company expected, Chief Executive Officer Carrie Eglinton Manner said, but expecting and then announcing bad things is not helping.
OraSure announced a small acquisition in December, and the shares fell. It announced a $40 million buyback in March, and shares jumped for a few hours, then fell.
Ending the buyback would be a good step. Spending cash on unpopular stock that records losses is not helping the share price.
OraSure employed 501 people as of the end of 2024, according to its website. Its headquarters is in South Bethlehem, and what it calls its “Factory of the Future” is in Bethlehem Township.
Lehigh Valley News Briefs 