Orasure Announces First Quarter 2025 Financial Results

Original from: Orasure

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 March 31, 2025.

“Our Q1 results were consistent with our expectations. Our customers continue to demonstrate their preference for our differentiated products in delivering on their important health objectives, even while uncertainty remains elevated related to government funding sources for some segments,” said OraSure President and CEO Carrie Eglinton Manner. “We are making good progress in advancing our innovation roadmap, including multiple new product milestones planned in 2025, and OTI is positioned to deliver accelerated growth in our core business in the coming years.”

She added, “OTI is strong today and confident in our ability to successfully navigate the current environment to emerge even stronger. We continue to prioritize expanding our product portfolio, strengthening and diversifying our customer relationships, and driving operational efficiencies. Additionally, our Board’s recent authorization of a $40 million stock repurchase program aligns with our capital deployment strategy aimed at delivering value for shareholders.”

Financial Highlights

· Total net revenues for the first quarter of 2025 decreased 45% to $29.9 million from $54.1 million in the first quarter of 2024 primarily due to the decline in COVID-19 revenues.

· Core revenues (all revenues excluding COVID-19 and Molecular Services revenues) of $29.5 million in the first quarter decreased 2% year-over-year. Diagnostics revenues in the first quarter increased 8% year-over-year to $17.7 million and Sample Management Solutions revenues decreased 16% to $9.1 million.

· COVID-19 revenues of $0.5 million in the first quarter decreased 98% year-over-year primarily due to the completion of our largest government contract in Q2 2024.

· GAAP gross margin was 41.1% in the first quarter of 2025 compared to 44.5% in the first quarter of 2024. Non-GAAP gross margin in the first quarter of 2025 was 41.7% compared to 45.2% in the first quarter of 20241. On a year-over-year basis, gross margin was impacted by the decline in COVID-19 revenues and the higher mix of international revenues.

· GAAP operating loss in the first quarter of 2025 was $17.8 million compared to operating loss of $7.1 million in the first quarter of 2024. Non-GAAP operating loss was $15.3 million in the first quarter of 2025 compared to non-GAAP operating loss of $0.3 million in the first quarter of 2024.

· Cash and cash equivalents were $248 million as of March 31, 2025.

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

· We are proud to support Color Health following the recent approval from the New York State Department of Health of their at-home cervical cancer risk screening test that utilizes our Colli-Pee™ first-void urine collection device.

· Renewed our customer agreement with Myriad Genetics. We believe this renewal underscores the value and reliability of our FDA-cleared Oragene™ Dx saliva collection kits in supporting a number of Myriad’s screening tests.

· Divested certain assets related to our Risk Assessment testing product line, and we expect to complete our exit from this business in Q2.

· In late March, OTI’s Board of Directors authorized the repurchase of up to $40 million of our common stock over a two year period from the authorization date, which will be funded from cash on hand.

· Published our 2024-2025 “OTI Cares” Impact and Governance report, which highlights our progress in advancing the impact of our sustainability and governance-related initiatives that are meaningful to our internal and external stakeholders.

Financial Guidance

The Company is guiding to Q2 2025 revenues of $28.5 million to $32.5 million. The Company anticipates Core revenues in Q2 2025 of $28 million to $32 million, and COVID-19 and Risk Assessment testing revenues of approximately $0.5 million.

Source: Orasure Announces First Quarter 2025 Financial Results