OraSure Reports Second-Quarter Adjusted Loss of 19 Cents Per Share; Sales Plunge as COVID-19 Revenue Disappears

Aug. 5, 2025

— Jeff Ward, Lehigh Valley News Briefs

OraSure, the Bethlehem-based maker of home diagnostic kits, reported an adjusted second-quarter loss today.

Sales fell 43% from the year-ago quarter as sales related to COVID-19 almost disappeared. Second-quarter revenue was $31.4 million, down from $54.3 million.

The forecast for the third quarter is for even lower revenue, $27 million to $30 million, and that will include “less than $100 thousand of COVID-19 testing revenues,” according to OraSure. 

At OraSure, apparently losses and declines in sales are to be expected, as Chief Executive Carrie Eglinton Manner said in the earnings statement.

“Our Q2 results were consistent with our expectations,” she said. Eglinton Manner also noted “uncertainty related to funding for public health programs and research” that is affecting customers. In short, federal funding cuts are still an issue.

“Overall, I am confident that OTI is well-positioned to deliver growth in 2026,” the CEO said. Sometimes OraSure refers to itself as OTI, for OraSure Technologies Inc.

The most interesting item may be in the balance sheet, which notes “Cash and cash equivalents were $235 million as of June 30, 2025.”

The company’s market capitalization (share price times number of shares outstanding) is around $233 million, about equal to its cash pile, and the company has almost no debt. That suggests investors don’t put a lot of value on OraSure’s operations.

OraSure did spend $5 million buying back its own shares in the quarter; trading cash (good) for OraSure stock (bad) is not a great idea.

Meanwhile, shares fell in late trading. At 4:30 p.m., the stock (NASDAQ:OSUR) was down 12 cents to $3.00 at 4:52 p.m.. To be sure, late trading is often thin and volatile.

The second-quarter adjusted loss (which excludes items the company considers to be one-time or unusual) was $14.2 million, or 19 cents per share. Under Generally Accepted Accounting Principles, which do not permit adjustments, the loss was $19.7 million or 26 cents per share.

The company will hold a conference call at 5 p.m. today. Maybe something dramatic will be said, and the call will be available for replay.

OraSure revenue has been falling since the COVID-19 epidemic, when it was the beneficiary of government contracts. Its product line includes the InteliSwab COVID test, the OraQuick HIV test, specimen-collection devices and more.

Yesterday, OraSure said it hired Anne Messing as its chief commercial officer, and today Eglinton Manner said it’s preparing to sell some new products. OraSure has acquired Sherlock Biosciences, which is working on tests for sexually transmitted diseases (STDs).

The question remains: What can this little company based in South Bethlehem do on its own to revive its stock? A report from Reuters said an investor had prepared a bid for OraSure in the $3.50 to $4 range. The company has as of now not responded to that report, although Reuters said the bid was rejected.

Here’s a link to the second-quarter earnings statement and below is an abbreviated cut-and-paste version, but please see the link as the tables aren’t going to work in this blog format:

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BETHLEHEM, Pa., Aug. 05, 2025 (GLOBE NEWSWIRE) — OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-need and home diagnostic tests and sample management solutions, today announced its financial results for the three months ended June 30, 2025.

“Our Q2 results were consistent with our expectations. We are making significant progress on our initiatives to expand our product portfolio, including launching our novel blood collection device for proteomic research in July. We are also staying closely aligned with our customers as they navigate an environment with improving, but still elevated, levels of uncertainty related to funding for public health programs and research,” said Carrie Eglinton Manner, President and CEO of OTI.

She added, “Our team is focused on advancing our innovation roadmap, as well as expanding our commercial reach and diversifying our client relationships in new segments under the leadership of our Chief Commercial Officer, Anne Messing, as we prepare to launch several new products. Overall, I am confident that OTI is well-positioned to deliver growth in 2026, and our strong balance sheet provides the flexibility to invest in organic and inorganic opportunities that leverage our existing capabilities to drive profitable long-term growth.”

— Skips tables, the format didn’t work for this blog, so please see the link —

Here’s some more from the release:

• Total net revenues for the second quarter of 2025 decreased 43% to $31.2 million from $54.3 million in the second quarter of 2024 primarily due to the decline in COVID-19 revenues.
• Core revenues (all revenues excluding COVID-19, Molecular Services, and Risk Assessment testing revenues) of $30.8 million in the second quarter decreased 5% year-over-year. Diagnostics revenues in the second quarter increased 3% year-over-year to $19.2 million. Sample Management Solutions revenues decreased 22% year-over-year to $9.9 million, with the decline attributable to a large customer in the consumer genomics segment.
• GAAP gross margin was 42.1% in the second quarter of 2025 compared to 45.4% in the second quarter of 2024. Non-GAAP gross margin in the second quarter of 2025 was 43.2% compared to 47.4% in the second quarter of 2024¹. On a year-over-year basis, gross margin was impacted by the decline in COVID-19 revenues and a higher mix of international revenues while partially offset by operational efficiencies.
• GAAP operating loss in the second quarter of 2025 was $18.0 million compared to operating loss of $2.7 million in the second quarter of 2024. Non-GAAP operating loss was $13.2 million in the second quarter of 2025 compared to non-GAAP operating income of $3.3 million in the second quarter of 2024.
• Cash and cash equivalents were $235 million as of June 30, 2025.
• OTI deployed $5 million during the second quarter to repurchase 1.8 million shares of our common stock.

¹ For additional information on non-GAAP financial measures and a reconciliation of the GAAP financial results to non-GAAP financial results, see the schedules below. A description of the adjustments made to the GAAP financial measures is included at the end of the schedules.

Recent Business Developments

• Launched our HEMAcollect™●PROTEIN product in July to meet the evolving needs of proteomic researchers. This product has the potential to transform proteomic discovery through extended protein stabilization and a simplified workflow for research, and it is anticipated that use of the device for sample collection will deliver operational and financial efficiencies to researchers and support the generation of high-quality data.
• Renewed our customer agreement with GeneDx. OTI’s ORAcollect kits help enable early diagnosis of rare pediatric diseases through the use of GeneDx’s exome and genome analysis.
• Announced the addition of Anne Messing as Chief Commercial Officer. Ms. Messing joins from Becton Dickinson and will be responsible for Sales, Marketing, and Product Management in shaping the vision and management of OTI’s product portfolio with the aim to achieve market leadership and drive sustainable growth.

Financial Guidance

The Company is guiding to Q3 2025 Total revenues of $27 million to $30 million, which includes less than $100 thousand of COVID-19 testing revenues. 

Conference Call

The Company will host a conference call and audio webcast to discuss the Company’s second quarter 2025 results and certain business developments, beginning today at 5 p.m. Eastern Time. The call will include prepared remarks by management and a question and answer session.

A webcast of the conference call will be available on the investor relations page of OTI’s website at https://orasure.gcs-web.com/events-and-presentations. Please click on the webcast link and follow the prompts for registration and access at least 10 minutes prior to the call. The webcast will be archived on OTI’s website shortly after the call has ended and will be available for approximately one year. If a participant will be listen-only, they are encouraged to listen via the webcast.