OraSure Technologies(OSUR) - 2025 Q3 - Quarterly Report

Revenue Performance - Consolidated net revenues decreased 32% to $27.1 million for the three months ended September 30, 2025, compared to $39.9 million for the same period in 2024[98]. - Sales of Diagnostics products decreased 34% to $14.5 million for the three months ended September 30, 2025, primarily due to lower international HIV revenues[99]. - Sample Management Solutions revenues decreased 20% to $10.3 million for the three months ended September 30, 2025, impacted by a large customer's bankruptcy[100]. - COVID-19 Diagnostics revenues decreased 96% to $0.09 million for the three months ended September 30, 2025, due to decreased sales through U.S. government procurement contracts[102]. - Consolidated net revenues decreased 41% to $88.3 million for the nine months ended September 30, 2025, compared to $148.4 million for the same period in 2024[118]. - Sales of Diagnostics products decreased 10% to $51.4 million for the nine months ended September 30, 2025, largely due to lower international HIV revenues[119]. - COVID-19 Diagnostics revenues decreased 99% to $0.6 million for the nine months ended September 30, 2025, reflecting a significant decline in demand[121]. - Non-product and services revenues increased 307% to $4.1 million for the nine months ended September 30, 2025, driven by funded R&D contracts from the Sherlock acquisition[123]. Operating Performance - Consolidated operating loss for the three months ended September 30, 2025, was $16.1 million, compared to a $6.0 million operating loss for the same period in 2024[107]. - Operating loss increased to $51.9 million for the nine months ended September 30, 2025, compared to a loss of $15.8 million in 2024[127]. - Consolidated gross profit margin decreased to 42.2% for the nine months ended September 30, 2025, down from 44.4% in 2024, primarily due to a negative product mix[126]. Expenses - Research and development expenses rose by 56% to $31.1 million for the nine months ended September 30, 2025, driven by clinical trials and operational expenses from acquired companies[128]. - Sales and marketing expenses decreased by 19% to $19.5 million for the nine months ended September 30, 2025, due to reduced employee costs and lower advertising expenses[129]. - General and administrative expenses increased by 14% to $37.9 million for the nine months ended September 30, 2025, largely due to higher legal fees and costs associated with acquisitions[130]. Other Financial Metrics - Other income decreased to $5.7 million for the nine months ended September 30, 2025, down from $9.3 million in 2024, primarily due to lower interest income[133]. - Cash and cash equivalents decreased to $216.5 million at September 30, 2025, from $267.8 million at December 31, 2024[136]. - Working capital decreased to $242.8 million at September 30, 2025, down from $299.7 million at December 31, 2024[137]. - Net cash used in operating activities was $40.0 million for the nine months ended September 30, 2025, influenced by various non-cash charges[138].