OraSure Highlights Significant Operational Progress and Value Creation Initiatives Following Letter from Altai Capital

Core Insights - OraSure Technologies is focused on executing a transformation strategy aimed at enhancing operational performance and driving long-term value creation, with significant regulatory and commercial milestones expected in 2026 [1][2] Group 1: Company Strategy and Performance - The company anticipates a return to revenue growth in 2026, driven by stabilization in core end-markets and the clinical adoption of precision medicine, alongside the launch of high-impact products targeting a combined $2 billion addressable market [2] - OraSure has submitted two product applications to the U.S. FDA for its rapid molecular self-test for Chlamydia trachomatis and Neisseria gonorrhoeae, and the Colli-Pee at-home urine collection device, positioning the company for regulatory decisions and commercialization in 2026 [2] - Operational changes since late 2022 have included a 40% reduction in workforce and the closure of four global sites, leading to a 37% reduction in annual SG&A expenses and approximately 260 basis points of adjusted gross margin expansion [2] Group 2: Capital Allocation and Shareholder Engagement - The company has initiated a $40 million share repurchase program, reflecting confidence in its earnings potential and improving free cash flow [2] - OraSure's Board has engaged with Altai Capital for over a year, attempting to reach a constructive resolution regarding Altai's demands, while consistently remaining open to ideas from Altai [5][6] - The Board has proposed to appoint Altai's nominee, Mr. Bertrand, as an independent director, while also committing to declassify the Board beginning in 2027 [7][8] Group 3: Board Composition and Governance - OraSure's Board has been refreshed over the past six years, adding three new independent directors with relevant industry expertise, enhancing oversight as the company positions itself for growth [4] - The leadership team has demonstrated confidence in the company's strategy through personal investments in OraSure stock, continuing into 2026 [3]