In This Story
OraSure Technologies Inc. (OSUR) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $19.5 million for the year, compared to a net income of $53.7 million in the previous year. The decrease in income is attributed to a significant decline in revenues from COVID-19 diagnostic products.
Total consolidated net revenues decreased by 54% to $185.8 million, primarily due to an 82% drop in COVID-19 diagnostics revenues, which fell to $45.1 million from $257.5 million in the prior year.
The company reported a gross profit margin of 43%, slightly up from 42% in the previous year, despite the decline in revenues. This was due to reduced depreciation expenses and improved manufacturing overhead absorption.
Operating expenses, excluding impairment charges, decreased by $25.0 million to $103.2 million, reflecting cost-saving measures and headcount reductions.
Research and development expenses decreased by 23% to $26.0 million, largely due to lower staffing costs and reduced spending on COVID-19 product development.
Sales and marketing expenses decreased by 15% to $31.0 million, primarily due to decreased employee costs and lower advertising and consulting spend.
General and administrative expenses decreased by 21% to $46.2 million, largely due to lower legal fees and reduced headcount.
The company reported other income of $12.2 million, down from $23.6 million in the previous year, due to the absence of additional profit from the $109 million DOD manufacturing expansion contract.
The company recorded income tax expense of $1.8 million, compared to $2.6 million in the previous year. The full valuation allowance against its total U.S. deferred tax asset remains in place.
OraSure's cash and cash equivalents decreased to $267.8 million from $290.4 million, primarily due to a $30.0 million investment in Sapphiros and a $5.0 million initial payment for the acquisition of Sherlock Biosciences, Inc.
The company announced the discontinuance of its risk assessment product line, expected to be completed in the first half of 2025, and completed the wind-down of its molecular services business offered by Diversigen.
OraSure acquired Sherlock Biosciences, Inc. in December 2024, expanding its innovation pipeline with Sherlock's molecular diagnostics platform.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OraSure Technologies Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.