Core Insights - OraSure Technologies, Inc. reported a significant decline in total net revenues for Q2 2025, decreasing 43% to $31.2 million from $54.3 million in Q2 2024, primarily due to a drop in COVID-19 related revenues [11] - The company is focused on expanding its product portfolio and has launched a new blood collection device for proteomic research, indicating a strategic shift towards innovation and diversification [2][3] - The company’s strong balance sheet, with cash and cash equivalents of $235 million as of June 30, 2025, provides flexibility for investments in growth opportunities [11] Financial Performance - Core business revenues decreased by 5% year-over-year to $30.8 million, while diagnostics revenues increased by 3% to $19.2 million [11] - Gross profit for Q2 2025 was $13.2 million, with a gross margin of 42.1%, down from 45.4% in Q2 2024 [11] - The operating loss for Q2 2025 was $18.0 million, compared to a loss of $2.7 million in Q2 2024, indicating a significant deterioration in operational performance [11] Recent Developments - The company launched the HEMAcollect™●PROTEIN product in July 2025, aimed at enhancing proteomic research capabilities [11] - A renewed customer agreement with GeneDx was announced, which will facilitate early diagnosis of rare pediatric diseases [11] - Anne Messing was appointed as Chief Commercial Officer, tasked with expanding sales, marketing, and product management efforts [11] Financial Guidance - The company anticipates Q3 2025 total revenues to be between $27 million and $30 million, with minimal contributions from COVID-19 testing revenues [7]