OraSure Technologies, Inc. reported fourth‑quarter 2025 results that included a $26.763 million revenue beat of the $26.443 million consensus estimate, a $0.32 million (1.2%) upside. The company posted an adjusted earnings‑per‑share loss of $0.19 versus the consensus estimate of $0.17, a miss of $0.02. YoY revenue fell 29% from $37.4 million in Q4 2024, reflecting the wind‑down of COVID‑19 testing sales and the discontinuation of non‑core segments.
The revenue beat was driven by continued demand for OraSure’s core diagnostic and sample‑management products. Diagnostic Products generated $15.1 million and Sample Management Solutions $9.1 million, up from $14.5 million and $8.5 million respectively in the prior year. Gross margin improved to 41.0% from 36.2% YoY, driven by a higher mix of higher‑margin diagnostic solutions and pricing power in the core segments. Operating losses widened to a GAAP loss of $20.1 million and a non‑GAAP loss of $15.2 million, largely due to increased R&D and SG&A expenses associated with the development of the Sherlock CT/NG self‑test and Colli‑Pee urine‑collection device.
Management guidance for the first quarter of 2026 projects revenue of $26 million to $29 million, below the analyst expectation of approximately $29.2 million. The company’s cautious outlook reflects the expected time lag before the new products contribute to top‑line growth and the continued softness in legacy revenue streams. The guidance signals confidence in a return to growth in 2026, but also highlights near‑term revenue pressure.
Investors reacted to the results with a focus on the 29% YoY revenue decline and the conservative Q1 guidance, leading to a decline in after‑hours trading. The market’s reaction underscores concerns about the pace of recovery and the ability of the new product launches to offset legacy revenue erosion.
President and CEO Carrie Eglinton Manner described 2025 as a transition year, noting that the company supported customers through a challenging and uncertain funding environment. She expressed confidence that 2026 will see growth driven by regulatory clearance and the launch of the CT/NG self‑test and Colli‑Pee device.
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