OraSure Technologies(OSUR) - 2025 Q3 - Quarterly Results

Financial Performance - Total net revenues for Q3 2025 decreased 32% to $27.1 million from $39.9 million in Q3 2024[8] - Core revenues, excluding COVID-19, Molecular Services, and Risk Assessment Testing, were $27.0 million, a 25% year-over-year decline[8] - Diagnostics revenues fell 34% year-over-year to $14.5 million, primarily due to lower revenue from HIV tests[8] - Sample Management Solutions revenues decreased 20% year-over-year to $10.3 million, attributed to a large customer in the consumer genomics segment[8] - Net revenues for Q3 2025 were $27.1 million, a decrease of 32.5% compared to $39.9 million in Q3 2024[26] Losses and Expenses - Operating loss for Q3 2025 was $16.1 million, compared to a loss of $6.0 million in Q3 2024[8] - Net loss for the nine months ended September 30, 2025, was $49,445,000, compared to a net loss of $8,706,000 for the same period in 2024, indicating a significant increase in losses[19] - Non-GAAP net loss for the nine months ended September 30, 2025, was $37.2 million, compared to a net income of $8.2 million in the same period of 2024[26] - GAAP operating loss for Q3 2025 was $16.1 million, compared to a loss of $6.0 million in Q3 2024[26] - Non-GAAP operating loss for Q3 2025 was $12.7 million, compared to a loss of $2.7 million in Q3 2024[26] - GAAP net loss per share for Q3 2025 was $0.19, compared to $0.06 in Q3 2024[26] - Non-GAAP loss per share for Q3 2025 was $0.13, compared to a loss of $0.01 in Q3 2024[26] - The company recorded a reduction in workforce severance expense of $1.1 million for the nine months ended September 30, 2025[26] Cash and Assets - Cash and cash equivalents stood at $216 million as of September 30, 2025[8] - Cash and cash equivalents decreased from $267,763,000 to $216,478,000, representing a decrease of about 19.2%[19] - Total assets decreased from $479,659,000 on December 31, 2024, to $423,098,000 on September 30, 2025, a decline of approximately 11.8%[17] - The company reported a net cash decrease of $51,285,000 for the nine months ended September 30, 2025[19] Liabilities and Equity - Total liabilities decreased from $69,321,000 on December 31, 2024, to $61,341,000 on September 30, 2025, a decrease of about 11.5%[17] - Stockholders' equity decreased from $410,338,000 to $361,980,000, reflecting a decline of approximately 11.7%[17] Future Plans and Strategies - The company plans to acquire BioMedomics, adding SickleSCAN, a rapid test for sickle cell disease, to its diagnostic portfolio[7] - The company is guiding for Q4 2025 total revenues of $25 million to $28 million, including less than $100 thousand from COVID-19 testing revenues[10] - The company launched new products expected next year, including the Sherlock over-the-counter molecular self-test for Chlamydia and Gonorrhoeae[4] - The company is focused on expanding international sales and improving operational efficiencies as part of its future growth strategy[22] Capital Expenditures and Compensation - Capital expenditures for the nine months ended September 30, 2025, were $3,275,000, slightly down from $3,341,000 in 2024[18] - Stock-based compensation decreased from $9,178,000 in 2024 to $8,687,000 in 2025, a reduction of approximately 5.4%[18] - Stock compensation expenses for Q3 2025 were $2.8 million, compared to $2.9 million in Q3 2024[26]