OraSure Technologies, Inc. announced its financial results for the three months ended March 31, 2025, reporting consolidated net revenues of $29.9 million, a 45% decrease year-over-year. This sharp decline was primarily driven by a 98% drop in COVID-19 Diagnostics revenue, which fell to $0.5 million from $23.1 million in Q1 2024.
Core revenue, excluding COVID-19 and Molecular Services, was $29.5 million, a 2% decrease year-over-year, but flat when adjusting for the exited Risk Assessment business. Diagnostics revenue increased 8% to $17.7 million, boosted by international HIV and HCV sales and initial syphilis product sales. However, Sample Management Solutions revenue decreased 16% to $9.1 million due to disruption at a large consumer genomics customer.
The company's consolidated operating loss widened to $17.8 million in Q1 2025 from $7.1 million in Q1 2024, impacted by lower revenues, decreased gross margins, and increased operating expenses. Research and development expenses rose 24% to $9.6 million, and general and administrative expenses increased 21% to $14.1 million, with both categories affected by costs associated with the newly acquired Sherlock Biosciences. OraSure ended the quarter with $247.6 million in cash and equivalents and zero debt, providing a robust financial foundation despite the operating loss. For Q2 2025, management guided total revenue to be between $28.5 million and $32.5 million, with core revenue expected to be $28 million to $32 million.
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