Altai Capital Management, which holds roughly 5 % of OraSure Technologies’ common stock, sent a letter to the company’s board on March 17 2026 demanding the appointment of two Altai nominees—Rishi Bajaj and John Bertrand—to the board and a fair settlement that could include a sale of the company.
The letter cites OraSure’s underperformance, noting that the company’s share price has fallen 73 % over the past five years and that shareholders have lost 60 % of their investment since 2023. Altai estimates a sale price of $4.54 to $6.60 per share, representing a 42 % to 109 % premium to the then‑current price, and argues that a sale would unlock shareholder value.
Financially, OraSure reported Q4 2025 revenue of $26.8 million, missing the forecast of $28.08 million by 4.6 %. The company posted a loss of $0.94 per share and negative EBITDA of $57.4 million. Independent directors collectively own less than 1 % of shares and receive over $250,000 annually in compensation, while CEO Carrie Eglinton Manner’s compensation is largely untied to share‑price performance; Altai estimates she has earned $15 million during her tenure.
In its earnings release, CEO Carrie Eglinton Manner said, "Our Q4 results were consistent with our expectations, and revenue of $26.8 million was above the midpoint of our guidance range." She added, "We supported our customers in navigating a challenging funding environment in 2025, and we are encouraged to see increasing signs of stability in key segments as we enter 2026."
OraSure has recently completed a $205 million market‑cap valuation and trades at a price‑to‑book ratio of 0.63. The company acquired Sherlock Biosciences in December 2024 and invested in Sapphiros, while exiting its risk‑assessment testing business in Q2 2025 to focus on core diagnostics and sample‑management solutions. The board has undergone recent refreshment, and former entrepreneur Ron Zwanziger had previously expressed interest in a buyout, which OraSure rejected.
Altai’s letter signals a potential proxy fight or forced divestiture if the board does not respond. The demand for board seats and a sale reflects Altai’s belief that OraSure’s current strategy is underperforming and that a sale would unlock value for shareholders. The letter is the first formal public challenge from Altai and underscores the firm’s readiness to pursue a change in governance and capital structure to address the company’s performance concerns.
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