Q3 GAAP EPS of $(0.06); Q3 Non-GAAP EPS of $(0.01) OraQuick® HCV Self-test receives initial orders following receipt of WHO pre-qualification status Expanding Sample Management applications into blood proteomics Exiting Risk Assessment testing business to focus on markets with attractive growth opportunities BETHLEHEM, Pa., Nov. 06, 2024 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care and home diagnostic tests and sample management solutions, today announced its fina ...

OraSure Technologies Inc. (NASDAQ: OSUR ), a health and wellness company based in Pennsylvania, is a classic Benjamin Graham-style net current asset value-based investment (NCAV). While the discount to NCAV is only slight, it is perhaps worth the price due toI am a value investor with a concentrated portfolio, focusing on rare and exceptional buying opportunities. As a keen reader of Value Investing literature, I am well versed in the teachings of 'super investors' such as Warren Buffett, Charlie Munger, Be ...

BETHLEHEM, Pa., Oct. 22, 2024 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR) has scheduled its regular earnings conference call covering third quarter 2024 financial results and certain business developments for 5 p.m. ET on November 6, 2024. A webcast of the conference call will be available on the investor relations page of OraSure’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 1 ...

Overview of Neuberger Berman Group LLC - Neuberger Berman Group LLC is a prominent investment firm located in New York, managing an equity portfolio valued at approximately $121.8 billion, with significant holdings in technology and financial services sectors [2] - The firm's investment philosophy emphasizes long-term growth and value creation through in-depth research and global market trends [2] Recent Transaction - On September 30, 2024, Neuberger Berman acquired 3,927,692 shares of OraSure Technologies Inc at a price of $4.27 per share, reflecting an 8.73% increase in its previous stake [1] - This acquisition enhances Neuberger Berman's exposure to the healthcare sector, particularly in medical devices, aligning with its strategy to invest in high-growth sectors [6] Profile of OraSure Technologies Inc - OraSure Technologies operates in the medical devices industry, focusing on diagnostic and molecular solutions for diseases such as HIV, HCV, and COVID-19 [4] - The company has a market capitalization of $308.717 million, with a current stock price of $4.14, indicating it is modestly overvalued compared to its GF Value of $3.51 [4] Financial Health of OraSure Technologies Inc - OraSure has a PE Ratio of 11.50, a return on equity (ROE) of 6.49%, and a return on assets (ROA) of 5.80%, indicating moderate efficiency in asset and equity utilization [5] - Despite a year-to-date stock price decline of 50%, the company has a three-year revenue growth rate of 28.90%, suggesting robust long-term growth potential [5] Market and Sector Outlook - The medical devices and instruments industry is expected to grow due to technological advancements and increasing healthcare demands globally [8] - OraSure is well-positioned to capitalize on these trends, despite current market undervaluations [8] Conclusion - Neuberger Berman's strategic increase in its stake in OraSure Technologies reflects a calculated move to strengthen its position in the healthcare sector, diversifying its portfolio and aligning with its long-term investment philosophy [9]

BETHLEHEM, Pa., Sept. 09, 2024 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in point-of-care and home diagnostic tests and sample management solutions today announced the election of Jack Kenny to its Board of Directors, effective September 9, 2024. With the addition of Mr. Kenny, OraSure's Board of Directors currently has seven members. Mr. Kenny is the former Chief Executive Officer for Meridian Bioscience, where he led the company's turnaround before it was acquired. He has mor ...

Core Viewpoint - OraSure Technologies (OSUR) reported quarterly earnings of $0.07 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, and showing a significant improvement from a loss of $0.07 per share a year ago [1][2] Financial Performance - The company posted revenues of $54.34 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.86%, but down from $85.44 million in the same quarter last year [2] - Over the last four quarters, OraSure has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - OraSure shares have declined approximately 48.4% since the beginning of the year, contrasting with the S&P 500's gain of 8.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.01 on revenues of $40.22 million, and $0.04 on revenues of $188.7 million for the current fiscal year [7] - The estimate revisions trend for OraSure is mixed, which could change following the recent earnings report [6] Industry Context - The Medical - Products industry, to which OraSure belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Company Overview - OraSure Technologies, Inc. is a leader in the development, manufacture, and distribution of rapid diagnostic tests and sample collection devices designed to detect critical medical conditions [3] - The company aims to transform health through actionable insights and improve access, quality, and value of healthcare with innovative testing solutions [3] Upcoming Earnings Conference Call - OraSure has scheduled its earnings conference call for the second quarter of 2024 financial results on August 6, 2024, at 5 p.m. ET [1] - A webcast of the conference call will be available on the investor relations page of OraSure's website, and it will be archived for approximately 90 days after the call [2] Participation Details - Participants interested in asking questions during the conference call must preregister to receive access details via email [3]

Core Insights - OraSure Technologies, Inc. supports National HIV Testing Day initiatives to encourage HIV testing across the U.S. [1] - The CDC estimates 1.2 million people in the U.S. are living with HIV, with 14% unaware of their status, and Black/African American individuals represent 40% of infections despite being only 12% of the population [2] - The OraQuick® HIV Self-Test has empowered millions globally to learn their HIV status and connect to care [3] - OraSure's partnership with the CDC aims to distribute one million free HIV test kits over five years, targeting communities disproportionately affected by HIV [3] - The updated OraQuick® HIV Self-Test features improved sustainability, reducing packaging waste by 1,500 tons of paper and 450 tons of plastic annually [4] - National HIV Testing Day promotes awareness and testing, with OraSure providing tests for free rapid HIV testing in over 550 Walgreens stores [5] Company Overview - OraSure Technologies transforms health through actionable insights and enhances healthcare access and quality with innovative diagnostic tests and sample management solutions [6] - The company’s products are sold globally to various entities, including clinical laboratories, hospitals, and direct consumers [6]

Core Points - OraSure Technologies, Inc. supports HIV testing initiatives across the U.S. in recognition of National HIV Testing Day on June 27th, aiming to encourage testing among thousands of individuals [1][8] - The OraQuick® HIV Self-Test has empowered millions globally to learn their HIV status and connect to care, with a commitment to providing access to critical health information [2][6] - An updated version of the OraQuick® HIV Self-Test has been launched, featuring sustainability improvements such as reduced packaging, which is expected to save 1,500 tons of paper and 450 tons of plastic annually [2][6] - The CDC estimates that 1.2 million people in the U.S. are living with HIV, with approximately 14% unaware of their status, and Black/African American individuals disproportionately represent 40% of estimated infections [6][7] - OraSure supplies its OraQuick® HIV Self-Test to the CDC's Together Take Me Home program, aiming to distribute one million free test kits over five years, targeting communities most impacted by HIV [7] - As part of National HIV Testing Day, OraSure provided tests for free rapid HIV testing in over 550 Walgreens stores to promote awareness and encourage testing [8] Company Overview - OraSure Technologies is a leader in point-of-care and home diagnostic tests, focusing on improving access, quality, and value of healthcare through innovative testing solutions [9] - The company, along with its subsidiary DNA Genotek Inc., develops and distributes rapid diagnostic tests and sample collection devices for critical medical conditions [9]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) OraSure Technologies reported a significant Q1 2024 net revenue decrease and net loss, primarily due to declining COVID-19 test sales [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $467.6 million by March 31, 2024, primarily due to reduced cash and a new $28.3 million equity investment Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $247,145 | $290,407 | | Total current assets | $348,505 | $386,459 | | Investment in equity method investee | $28,333 | $0 | | Total Assets | $467,558 | $482,845 | | **Liabilities & Equity** | | | | Total current liabilities | $29,105 | $39,536 | | Total Liabilities | $41,307 | $52,174 | | Total stockholders' equity | $426,251 | $430,671 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 saw a net loss of $3.6 million, a reversal from prior year's net income, driven by a 65% revenue decline from COVID-19 product sales Q1 2024 vs Q1 2023 Performance (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Revenues | $54,132 | $154,963 | | Gross Profit | $24,065 | $65,815 | | Operating Income (Loss) | ($7,093) | $24,321 | | Net Income (Loss) | ($3,584) | $27,219 | | Diluted EPS | ($0.05) | $0.37 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $6.7 million, but significant investing activities, including a $28.3 million equity investment, led to a $43.3 million cash decrease Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,738 | $6,002 | | Net cash provided by (used in) investing activities | ($46,528) | $1,016 | | Net cash used in financing activities | ($1,297) | ($1,331) | | **Net (Decrease) in Cash** | **($43,262)** | **$6,214** | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Notes detail a $28.3 million Sapphiros investment, $3.3 million impairment charges, workforce reductions, an 80% decline in COVID-19 sales, and ongoing patent litigation - In January 2024, the company invested **$28.3 million** in Sapphiros, a privately held consumer diagnostics company, as part of a strategic distribution agreement. This investment is accounted for using the equity method[33](index=33&type=chunk)[69](index=69&type=chunk) - The company recorded pre-tax asset impairment charges of **$1.8 million** for property, plant, and equipment and **$1.5 million** for right-of-use assets in Q1 2024. These charges are a result of the strategic decision to exit the microbiome molecular sequencing services business (Diversigen) and close its Belgian operations (Novosanis)[37](index=37&type=chunk)[45](index=45&type=chunk) - A reduction in workforce was executed in Q1 2024, largely affecting COVID-19 manufacturing, resulting in **$0.4 million** of termination benefit charges[50](index=50&type=chunk) - A single non-commercial customer accounted for **40% of net consolidated revenues** for the three months ended March 31, 2024, down from 78% in the prior year period[51](index=51&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 65% revenue decline to reduced COVID-19 sales, resulting in a $7.1 million operating loss despite improved gross margin and reduced operating expenses [Recent Developments](index=22&type=section&id=Recent%20Developments) Recent developments include winding down Novosanis and Diversigen operations, alongside a strategic investment and distribution agreement with Sapphiros - The company is winding down operations at its Novosanis subsidiary in Belgium and exiting the molecular services business offered by its Diversigen subsidiary[68](index=68&type=chunk) - Announced a strategic investment and distribution agreement with Sapphiros, a consumer diagnostics company, with a commitment of up to **$30.0 million**[69](index=69&type=chunk)[70](index=70&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Net revenues declined 65% to $54.1 million, primarily due to an 80% drop in COVID-19 Diagnostics sales, leading to a $7.1 million operating loss Net Revenues by Category (in thousands) | Category | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | COVID-19 Diagnostics | $23,097 | $118,254 | (80)% | | Diagnostics (HIV, HCV) | $16,380 | $17,090 | (4)% | | Molecular Sample Management Solutions | $10,822 | $12,942 | (16)% | | **Total Net Revenues** | **$54,132** | **$154,963** | **(65)%** | - The **80% decrease in COVID-19 Diagnostics revenue** was due to decreased sales through U.S. government procurement contracts, a decline expected to continue through 2024[74](index=74&type=chunk) - Consolidated gross profit margin increased to **44.5%** from 42.5% year-over-year, driven by higher average selling prices on InteliSwab® sales and lower scrap expense[80](index=80&type=chunk) - Operating expenses, excluding impairment charges, decreased by **$12.6 million** compared to Q1 2023, reflecting the impact of cost-saving measures and headcount reductions[82](index=82&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and short-term investments decreased to $263.8 million, mainly due to a $28.3 million investment in Sapphiros, though operating activities generated $6.7 million Liquidity Position (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $247,145 | $290,407 | | Short-term investments | $16,627 | $0 | | Working capital | $319,400 | $346,923 | - Cash from operating activities was **$6.7 million**, driven by positive non-cash adjustments (depreciation, stock compensation, impairments) and favorable changes in accounts receivable and inventory, offset by payments for accrued year-end bonuses[93](index=93&type=chunk) - Net cash used in investing activities was **$46.5 million**, reflecting the **$28.3 million** investment in Sapphiros and net purchases of short-term investments[94](index=94&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk assessment have occurred since the 2023 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures since its 2023 Form 10-K[100](index=100&type=chunk) [Item 4. Controls and Procedures](index=26&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2024[101](index=101&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2024[102](index=102&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing patent litigation with Spectrum Solutions includes an appealed noninfringement ruling and unfavorable PTO decisions, with no expected material adverse financial impact - The company is appealing a District Court's summary judgment of noninfringement in its patent litigation against Spectrum Solutions, with oral arguments expected in the second half of 2024[105](index=105&type=chunk) - The Patent and Trademark Office (PTO) has issued an unfavorable decision on one patent in the litigation and has instituted a review of a third related patent[105](index=105&type=chunk) [Item 1A. Risk Factors](index=27&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have been reported since the 2023 Annual Report on Form 10-K - No material changes to the risk factors from the 2023 Annual Report on Form 10-K have been reported[106](index=106&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 193,478 shares in Q1 2024, primarily to satisfy tax withholding obligations for employee stock awards, not as part of a public program Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2024 | 59,151 | $8.19 | | Feb 2024 | 55,620 | $7.40 | | Mar 2024 | 78,707 | $7.18 | | **Total** | **193,478** | | - The repurchased shares were retired to satisfy minimum tax withholdings for employees upon the vesting of stock awards and were not part of the company's publicly announced share repurchase program[111](index=111&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - The company reports no defaults upon senior securities[112](index=112&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[112](index=112&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) The company reports no other information under this item - The company reports no other information under this item[112](index=112&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and Inline XBRL documents - The exhibits filed include required certifications from the CEO and CFO, as well as Interactive Data Files (XBRL)[113](index=113&type=chunk)