Fri, Mar 7, 10:01 PM (44 days ago)
**OraSure Technologies, Inc. (OSUR) 2024 Annual Report Summary** In fiscal 2024, OraSure Technologies reported consolidated net revenues of $185.8 million, a significant decline of 54% from $405.5 million in 2023. The decrease was primarily driven by an 82% drop in COVID-19 diagnostics revenue to $45.1 million due to reduced demand and fulfillment of government contracts, alongside a 6% decrease in sample management solutions. The company recorded a net loss of $19.5 million, or $0.26 per share, compared to a net income of $53.7 million in the previous year. Operating expenses decreased to $107.6 million, reflecting cost-saving measures, including workforce reductions. The gross profit margin improved slightly to 43% despite lower revenues, aided by reduced depreciation and improved overhead absorption. Strategically, OraSure acquired Sherlock Biosciences, enhancing its diagnostics portfolio with new molecular testing capabilities. The company also announced its exit from the molecular services and risk assessment testing markets, focusing instead on core diagnostic products. Future risks include reliance on government contracts, competitive pressures, and potential regulatory changes impacting product approvals and market access. The company ended the year with cash and equivalents of $267.8 million, indicating a solid liquidity position to support ongoing operations and strategic initiatives.