OraSure Technologies, Inc. announced its financial results for the second quarter of 2025, reporting GAAP revenue of $31.2 million, a 43% decrease compared to the prior year. The company posted a non-GAAP earnings per share (EPS) of $(0.19). This performance reflects the ongoing transition away from pandemic-driven revenue peaks.
Core diagnostics revenue saw a 3% increase to $19.2 million, driven by infectious disease test kits. However, sample management solutions revenue fell 22% to $9.9 million, primarily due to a steep reduction in orders from a single large consumer genomics customer, which management identified as a major concentration risk. Gross margin dropped compared to the prior year, and operating income swung to a non-GAAP loss of $(13.2) million, with research and development expenses increasing 73% due to new product development and clinical trials.
OraSure ended the quarter with $234.6 million in cash and equivalents, but reported negative operating cash flow of $30 million for the first half of 2025. The company spent $5 million to repurchase 1.8 million shares under its $40 million program. Management's outlook for Q3 2025 projects GAAP sales between $27 million and $30 million, and noted that the CDC’s Together Take Me Home HIV testing initiative, which contributed approximately $4 million in revenue, is expected to end by the close of Q3 2025.
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