OraSure Technologies, Inc. (NASDAQ:OSUR), a leader in point-of-care
diagnostic tests and specimen collection devices, today announced
its consolidated financial results for the fourth quarter and
full-year ended December 31, 2017.
Financial Highlights
- Consolidated net revenues for the fourth quarter of 2017 were
$52.0 million, a 47% increase from the fourth quarter of 2016.
Consolidated net product revenues were $50.2 million, representing
a 75% increase over the fourth quarter of 2016.
- Consolidated net revenues for the year ended December 31, 2017
were $167.1 million, a 30% increase from the comparable period of
2016. Consolidated net product revenues were $162.0 million,
representing a 51% improvement from 2016.
- Net molecular collection systems revenues were $29.8 million
during the fourth quarter of 2017, which represents a 248% increase
over the fourth quarter of 2016. Net molecular collection systems
revenues during the year ended December 31, 2017 were $75.1
million, a 133% increase from 2016.
- International sales of the Company’s OraQuick® HIV products of
$3.6 million increased 171% compared to the fourth quarter of 2016.
International OraQuick® HIV sales for year ended December 31, 2017
were $11.3 million, a 115% increase over 2016. The increase
in international HIV sales for both periods was primarily the
result of higher sales of the Company’s HIV self-test.
- International sales of the Company’s OraQuick® HCV product of
$1.1 million for the fourth quarter of 2017 decreased 61% compared
to the fourth quarter of 2016 as a result of the non-renewal of a
foreign government supply contract in support of a countrywide HCV
eradication program. International OraQuick® HCV sales for
the year ended December 31, 2017 were $17.0 million, a 156%
increase over the full year of 2016.
- Consolidated net income for the fourth quarter of 2017 was $7.3
million, or $0.12 per share on a fully diluted basis, which
compares to consolidated net income of $7.2 million, or $0.13 per
share on a fully diluted basis, for the fourth quarter of
2016. Consolidated net income for the year ended December 31,
2017 was $30.9 million, or $0.51 per share on a fully-diluted
basis, which compares to consolidated net income of $19.7 million,
or $0.35 per share, for the comparable period of 2016.
- Cash and investments totaled $176.6 million and working capital
amounted to $189.7 million at December 31, 2017.
“Our fourth quarter and full year 2017 financial
results were outstanding,” said Douglas A. Michels, President and
CEO of OraSure Technologies. “We reported record revenues and
profitability for the year as a result of the exceptional
performance of our molecular business and strong growth in our
international HIV and HCV businesses. Our Company is in great
shape financially and we are starting 2018 in a very solid position
with significant momentum in our molecular and infectious disease
businesses.”
Financial Results
Consolidated net product revenues for the fourth
quarter of 2017 increased 75% over the comparable period of 2016,
primarily as a result of higher sales of the Company’s molecular
collections products and higher international sales of the
OraQuick® HIV self-test, partially offset by lower international
sales of the OraQuick® HCV test. Fourth quarter 2017 sales of
the OraQuick® HIV self-test included $589,000 of support payments
under the Company’s charitable support agreement with the Bill
& Melinda Gates Foundation (“Gates Foundation”).
Consolidated net product revenues for the full
year of 2017 increased 51% over 2016. This increase was primarily
the result of higher sales of the Company’s molecular collections
and OraQuick® HCV products and higher international sales of the
OraQuick® HIV self-test, partially offset by lower domestic
sales of the Company’s professional OraQuick® HIV product and lower
cryosurgical product sales. Full-year 2017 sales of the
OraQuick® HIV self-test included $1.0 million of support payments
under the Gates Foundation agreement.
Consolidated other revenues for the quarter and
year ended December 31, 2017 were $1.8 million and $5.1 million,
respectively. This compares to consolidated other revenues for the
fourth quarter and full year of 2016 of $6.9 million and $21.3
million, respectively. Other revenues in the fourth quarter of 2017
included $1.3 million of Ebola and Zika-related funding received
from the U.S. Biomedical Advanced Research Development Authority
(“BARDA”) and $470,000 in cost reimbursement under the Company’s
charitable support agreement with the Gates Foundation. Other
revenues in the fourth quarter of 2016 included $747,000 of BARDA
funding and $6.1 million of exclusivity revenues recognized under
the Company’s HCV co-promotion agreement with AbbVie, which
terminated on December 31, 2016. Other revenues for the
full-year 2017 included $4.4 million of BARDA funding and $689,000
of cost reimbursement under the Gates Foundation agreement.
Other revenues in 2016 included $2.3 million of BARDA funding and
$18.9 million of AbbVie exclusivity revenues.
Consolidated gross margin was 55% and 59% for
the three months and year ended December 31, 2017, respectively.
Consolidated gross margin for the three months and year ended
December 31, 2016 was 67% and 69%, respectively. Gross margin
for the current quarter and the full year of 2017 decreased
primarily due to the absence of AbbVie exclusivity revenues during
these periods, an increase in lower margin product sales, and
higher scrap and spoilage costs.
Consolidated operating expenses increased to
$18.4 million during the fourth quarter of 2017 compared to $16.9
million in the fourth quarter of 2016. This increase was
largely due to higher research and development expenses resulting
from increased lab supplies and staffing costs and from the
inclusion in the fourth quarter of 2016 of a payment to settle a
claim against one of the Company’s raw material suppliers, which
reduced research and development expenses by $1.4 million. A
similar payment was not received in the fourth quarter of 2017. The
current quarter increase was partially offset by a decrease in
general and administrative expense associated with lower legal fees
and a decrease in costs caused by the absence of a corporate
restructuring which occurred in the fourth quarter of 2016,
partially offset by higher consulting costs and a cost write-off in
the fourth quarter of 2017 resulting from the non-renewal of a
foreign government supply contract in support of a country-wide HCV
eradication program.
For the year ended December 31, 2017,
consolidated operating expenses were $58.7 million, a $9.0 million
decrease from the $67.8 million reported for the year ended
December 31, 2016. This decrease was primarily due to a $12.5
million gain on a litigation settlement reported earlier this year,
the absence of costs associated with the AbbVie HCV co-promotion
agreement, and lower legal fees, partially offset by higher
staffing costs and increased research and development expenses due
to the supplier claim settlement and higher supply costs.
Operating income rose 44% to $10.2 million in
the fourth quarter of 2017 compared to $7.1 million in the fourth
quarter of 2016. Operating income for the year ended December
31, 2017 was $40.2 million, a 99% increase over 2016.
Income tax expense was $3.0 million during the
fourth quarter of 2017 compared to a $31,000 income tax benefit
recorded in the fourth quarter of 2016. For the year ended
December 31, 2017, income tax expense was $10.1 million, a $9.5
million increase from the $603,000 reported for the year ended
December 31, 2016. Full-year 2017 income tax expense included the
additional taxes due as a result of the $12.5 million litigation
settlement gain. The increases in income tax expense in both
the quarter and year ended December 31, 2017 were also a result of
the higher pre-tax income generated by the Company’s Canadian
subsidiary during both periods.
The Company’s cash and investment balance
totaled $176.6 million at December 31, 2017, compared to $120.9
million at December 31, 2016. Working capital was $189.7
million at December 31, 2017, compared to $139.1 million at
December 31, 2016. For the year ended December 31, 2017, the
Company generated $28.2 million in cash from operations.
First Quarter 2018 Outlook
In January 2018, the Company announced the
appointment of Dr. Stephen Tang as the Company’s new President and
CEO, effective April 1, 2018. Dr. Tang will replace Douglas
A. Michels, the Company’s current President and CEO, who will be
retiring on March 31, 2018. The Company has also recently
announced that Ronald H. Spair, the Company’s Chief Financial
Officer and Chief Operating Officer, will be retiring on or before
June 30, 2018.
Charges associated with these transitions are
expected to total $6.8 million in the first quarter of 2018.
These charges primarily reflect non-cash charges associated with
modifications to existing stock grants held by the retiring
executives and expenses associated with the onboarding of the
Company’s new President and CEO.
The Company expects consolidated net revenues to
range from $40.0 million to $41.0 million and is projecting a
consolidated net loss of approximately $0.06 per share for the
first quarter of 2018. The projected net loss includes the
transition costs noted above.
Financial Data
Unaudited |
|
|
|
|
|
|
|
|
Three months ended |
|
|
Year ended |
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
Results of
Operations |
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
52,028 |
|
$ |
35,499 |
|
|
|
$ |
167,064 |
|
|
$ |
128,198 |
Cost of products
sold |
|
|
23,503 |
|
|
11,545 |
|
|
|
|
68,108 |
|
|
|
40,171 |
Gross
profit |
|
|
28,525 |
|
|
23,954 |
|
|
|
|
98,956 |
|
|
|
88,027 |
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
3,829 |
|
|
1,207 |
|
|
|
|
13,365 |
|
|
|
9,754 |
Sales and
marketing |
|
|
6,991 |
|
|
7,121 |
|
|
|
|
28,532 |
|
|
|
29,652 |
General
and administrative |
|
|
7,544 |
|
|
8,553 |
|
|
|
|
29,321 |
|
|
|
28,356 |
Gain on
litigation settlement |
|
|
- |
|
|
- |
|
|
|
|
(12,500 |
) |
|
|
- |
Total
operating expenses |
|
|
18,364 |
|
|
16,881 |
|
|
|
|
58,718 |
|
|
|
67,762 |
Operating
income |
|
|
10,161 |
|
|
7,073 |
|
|
|
|
40,238 |
|
|
|
20,265 |
Other income |
|
|
118 |
|
|
92 |
|
|
|
|
794 |
|
|
|
58 |
Income before income
taxes |
|
|
10,279 |
|
|
7,165 |
|
|
|
|
41,032 |
|
|
|
20,323 |
Income tax expense
(benefit) |
|
|
2,963 |
|
|
(31 |
) |
|
|
|
10,084 |
|
|
|
603 |
Net income |
|
$ |
7,316 |
|
$ |
7,196 |
|
|
|
$ |
30,948 |
|
|
$ |
19,720 |
Earnings per
share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.12 |
|
$ |
0.13 |
|
|
|
$ |
0.52 |
|
|
$ |
0.35 |
Diluted |
|
$ |
0.12 |
|
$ |
0.13 |
|
|
|
$ |
0.51 |
|
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
Weighted average
shares: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
60,652 |
|
|
55,811 |
|
|
|
|
59,050 |
|
|
|
55,615 |
Diluted |
|
|
62,371 |
|
|
57,232 |
|
|
|
|
61,024 |
|
|
|
56,513 |
|
|
|
|
|
|
|
|
|
|
Summary of Net Revenues by Market and Product
(Unaudited)
|
|
Three Months Ended December
31, |
|
|
|
Dollars |
|
|
|
|
Percentage ofTotal NetRevenues |
|
Market |
|
|
2017 |
|
|
2016 |
|
%Change |
|
2017 |
|
|
2016 |
|
|
Infectious
disease testing |
$ |
14,129 |
|
$ |
13,679 |
|
3 |
|
% |
|
27 |
% |
|
39 |
% |
Risk
assessment testing |
|
3,141 |
|
|
3,322 |
|
(5 |
) |
|
|
6 |
|
|
9 |
|
Cryosurgical systems |
|
3,163 |
|
|
3,071 |
|
3 |
|
|
|
6 |
|
|
9 |
|
Molecular
collection systems |
|
29,784 |
|
|
8,565 |
|
248 |
|
|
|
58 |
|
|
24 |
|
Net product revenues |
|
50,217 |
|
|
28,637 |
|
75 |
|
|
|
97 |
|
|
81 |
|
Other |
|
|
1,811 |
|
|
6,862 |
|
(74 |
) |
|
|
3 |
|
|
19 |
|
Net revenues |
$ |
52,028 |
|
$ |
35,499 |
|
47 |
|
% |
|
100 |
% |
|
100 |
% |
|
Year Ended December 31, |
|
|
Dollars |
|
|
|
Percentage ofTotal NetRevenues |
|
Market |
|
2017 |
|
|
2016 |
|
%Change |
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Infectious
disease testing |
$ |
61,951 |
|
$ |
48,408 |
|
28 |
|
% |
|
37 |
% |
|
38 |
% |
Risk
assessment testing |
|
12,659 |
|
|
13,068 |
|
(3 |
) |
|
|
8 |
|
|
10 |
|
Cryosurgical systems |
|
12,279 |
|
|
13,234 |
|
(7 |
) |
|
|
7 |
|
|
10 |
|
Molecular
collection systems |
|
75,099 |
|
|
32,214 |
|
133 |
|
|
|
45 |
|
|
25 |
|
Net product revenues |
|
161,988 |
|
|
106,924 |
|
51 |
|
|
|
97 |
|
|
83 |
|
Other |
|
|
5,076 |
|
|
21,274 |
|
(76 |
) |
|
|
3 |
|
|
17 |
|
Net revenues |
$ |
167,064 |
|
$ |
128,198 |
|
30 |
|
% |
|
100 |
% |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December
31, |
|
|
December
31, |
|
HIV
Revenues |
|
2017 |
|
|
2016 |
|
% Change |
|
|
2017 |
|
|
2016 |
|
%Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
4,614 |
|
$ |
5,054 |
|
(9 |
) |
% |
|
$ |
17,015 |
|
$ |
21,499 |
|
(21 |
) |
% |
International |
|
3,563 |
|
|
1,314 |
|
171 |
|
|
|
|
11,301 |
|
|
5,248 |
|
115 |
|
|
Domestic OTC |
|
1,880 |
|
|
1,747 |
|
8 |
|
|
|
|
6,832 |
|
|
6,320 |
|
8 |
|
|
|
Net product
revenues |
$ |
10,057 |
|
$ |
8,115 |
|
24 |
|
% |
|
$ |
35,148 |
|
$ |
33,067 |
|
6 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedDecember 31, |
|
Year EndDecember 31, |
HCV
Revenues |
|
2017 |
|
2016 |
|
%Change |
|
2017 |
|
2016 |
|
%Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
$ |
2,468 |
|
$ |
2,218 |
|
11 |
|
% |
|
$ |
8,448 |
|
$ |
7,436 |
|
14 |
|
% |
International |
|
1,144 |
|
|
2,908 |
|
(61 |
) |
|
|
|
16,961 |
|
|
6,630 |
|
156 |
|
|
Net product revenues |
|
3,612 |
|
|
5,126 |
|
(30 |
) |
|
|
|
25,409 |
|
|
14,066 |
|
81 |
|
|
Amortization of exclusivity payments |
|
- |
|
|
6,114 |
|
(100 |
) |
|
|
|
- |
|
|
18,951 |
|
(100 |
) |
|
Net HCV-related revenues |
$ |
3,612 |
|
$ |
11,240 |
|
(68 |
) |
% |
|
$ |
25,409 |
|
$ |
33,017 |
|
(23 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December
31, |
|
|
December
31, |
|
Cryosurgical Systems Revenues |
|
2017 |
|
|
2016 |
|
% Change |
|
|
2017 |
|
|
2016 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
professional |
$ |
1,032 |
|
$ |
1,389 |
|
(26 |
) |
% |
|
$ |
5,400 |
|
$ |
5,545 |
|
(3 |
) |
% |
International professional |
|
245 |
|
|
165 |
|
48 |
|
|
|
|
797 |
|
|
771 |
|
3 |
|
|
Domestic
OTC |
|
273 |
|
|
288 |
|
(5 |
) |
|
|
|
1,230 |
|
|
1,350 |
|
(9 |
) |
|
International OTC |
|
1,613 |
|
|
1,229 |
|
31 |
|
|
|
|
4,852 |
|
|
5,568 |
|
(13 |
) |
|
|
Net product
revenues |
$ |
3,163 |
|
$ |
3,071 |
|
3 |
|
% |
|
$ |
12,279 |
|
$ |
13,234 |
|
(7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December
31, |
|
|
December
31, |
|
Molecular Collection Systems
Revenues |
|
2017 |
|
|
2016 |
|
%Change |
|
|
2017 |
|
|
2016 |
|
%Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Genomics |
$ |
26,978 |
|
$ |
5,760 |
|
368 |
|
% |
|
$ |
61,594 |
|
$ |
20,767 |
|
197 |
|
% |
Academic
Genomics |
|
1,701 |
|
|
2,411 |
|
(29 |
) |
|
|
|
10,017 |
|
|
10,312 |
|
(3 |
) |
|
Microbiome |
|
1,105 |
|
|
394 |
|
180 |
|
|
|
|
3,488 |
|
|
1,135 |
|
207 |
|
|
Net product revenues |
$ |
29,784 |
|
$ |
8,565 |
|
248 |
|
% |
|
$ |
75,099 |
|
$ |
32,214 |
|
133 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets
(Unaudited) |
|
|
|
|
December 31, 2017 |
|
December 31, 2016 |
|
Assets |
|
|
|
|
Cash and cash
equivalents |
$ |
72,869 |
|
$ |
109,790 |
|
Short-term
investments |
|
83,028 |
|
|
11,160 |
|
Accounts receivable,
net |
|
42,521 |
|
|
19,827 |
|
Inventories |
|
19,343 |
|
|
11,799 |
|
Other current
assets |
|
4,144 |
|
|
3,865 |
|
Property and equipment,
net |
|
21,372 |
|
|
20,033 |
|
Intangible assets,
net |
|
8,223 |
|
|
10,337 |
|
Goodwill |
|
20,083 |
|
|
18,793 |
|
Long-term
investments |
|
20,690 |
|
|
- |
|
Other non-current
assets |
|
3,928 |
|
|
2,331 |
|
Total
assets |
$ |
296,201 |
|
$ |
207,935 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Accounts payable |
$ |
10,228 |
|
$ |
4,633 |
|
Deferred revenue |
|
1,314 |
|
|
1,388 |
|
Other current
liabilities |
|
20,695 |
|
|
11,314 |
|
Other non-current
liabilities |
|
3,932 |
|
|
2,304 |
|
Deferred income
taxes |
|
1,951 |
|
|
2,446 |
|
Stockholders’
equity |
|
258,081 |
|
|
185,850 |
|
Total
liabilities and stockholders’ equity |
$ |
296,201 |
|
$ |
207,935 |
|
|
|
|
|
|
|
Year Ended |
December 31, |
Additional
Financial Data
(Unaudited) |
|
2017 |
|
|
2016 |
|
|
|
|
Capital
expenditures |
$ |
4,337 |
|
$ |
4,353 |
Depreciation and
amortization |
$ |
6,402 |
|
$ |
5,640 |
Stock-based
compensation |
$ |
6,973 |
|
$ |
6,063 |
Cash provided by
operating activities |
$ |
28,156 |
|
$ |
24,598 |
|
|
|
|
Conference Call
The Company will host a conference call and
audio webcast for analysts and investors to discuss the Company’s
2017 fourth quarter and full-year financial results, certain
business developments and financial guidance for the first quarter
of 2018, beginning today at 5:00 p.m. Eastern Time (2:00 p.m.
Pacific Time). On the call will be Douglas A. Michels, President
and Chief Executive Officer, and Ronald H. Spair, Chief Financial
Officer and Chief Operating Officer. The call will include prepared
remarks by management and a question and answer session.
In order to listen to the conference call,
please either dial 844-831-3030 (Domestic) or 315-625-6887
(International) and reference Conference ID #5872026 or go to
OraSure Technologies' web site, www.orasure.com, and click on the
Investor Relations page. Please click on the webcast link and
follow the prompts for registration and access 10 minutes prior to
the call. A replay of the call will be archived on OraSure
Technologies' web site shortly after the call has ended and will be
available for seven days. A replay of the call can also be accessed
until midnight, February 14, 2018, by dialing 855-859-2056
(Domestic) or 404-537-3406 (International) and entering the
Conference ID #5872026.
About OraSure Technologies
OraSure Technologies is a leader in the
development, manufacture and distribution of point-of-care
diagnostic and collection devices and other technologies designed
to detect or diagnose critical medical conditions. Its
first-to-market, innovative products include rapid tests for the
detection of antibodies to HIV and HCV on the OraQuick® platform,
oral fluid sample collection, stabilization and preparation
products for molecular diagnostic applications, and oral fluid
laboratory tests for detecting various drugs of abuse. OraSure's
portfolio of products is sold globally to various clinical
laboratories, hospitals, clinics, community-based organizations and
other public health organizations, research and academic
institutions, distributors, government agencies, physicians'
offices, commercial and industrial entities and consumers. The
Company's products enable healthcare providers to deliver critical
information to patients, empowering them to make decisions to
improve and protect their health.
Important Information
This press release contains certain
forward-looking statements, including with respect to expected
revenues and earnings/loss per share. Forward-looking statements
are not guarantees of future performance or results. Known and
unknown factors that could cause actual performance or results to
be materially different from those expressed or implied in these
statements include, but are not limited to: ability to market
and sell products, whether through our internal, direct sales force
or third parties; ability to manufacture products in accordance
with applicable specifications, performance standards and quality
requirements; ability to obtain, and timing and cost of obtaining,
necessary regulatory approvals for new products or new indications
or applications for existing products; ability to comply with
applicable regulatory requirements; ability to effectively resolve
warning letters, audit observations and other findings or comments
from the U.S. Food and Drug Administration (“FDA”) or other
regulators; changes in relationships, including disputes or
disagreements, with strategic partners or other parties and
reliance on strategic partners for the performance of critical
activities under collaborative arrangements; ability to meet
increased demand for the Company’s products; impact of increased
reliance on U.S. government contracts; failure of distributors or
other customers to meet purchase forecasts, historic purchase
levels or minimum purchase requirements for our products; impact of
replacing distributors; inventory levels at distributors and other
customers; ability of the Company to achieve its financial and
strategic objectives and continue to increase its revenues,
including the ability to expand international sales; ability to
identify, complete, integrate and realize the full benefits of
future acquisitions; impact of competitors, competing products and
technology changes; impact of negative economic conditions;
reduction or deferral of public funding available to customers;
competition from new or better technology or lower cost products;
ability to develop, commercialize and market new products; market
acceptance of oral fluid testing, collection or other products;
changes in market acceptance of products based on product
performance or other factors, including changes in testing
guidelines, algorithms or other recommendations by the Centers for
Disease Control and Prevention (“CDC”) or other agencies; ability
to fund research and development and other products and operations;
ability to obtain and maintain new or existing product distribution
channels; reliance on sole supply sources for critical products and
components; availability of related products produced by third
parties or products required for use of our products; ability to
maintain sustained profitability; ability to utilize net operating
loss carry forwards or other deferred tax assets; volatility of the
Company’s stock price; uncertainty relating to patent protection
and potential patent infringement claims; uncertainty and costs of
litigation relating to patents and other intellectual property;
availability of licenses to patents or other technology; ability to
enter into international manufacturing agreements; obstacles to
international marketing and manufacturing of products; ability to
sell products internationally, including the impact of changes in
international funding sources and testing algorithms; adverse
movements in foreign currency exchange rates; loss or impairment of
sources of capital; ability to meet financial covenants in
credit agreements; ability to attract and retain qualified
personnel; exposure to product liability and other types of
litigation; changes in international, federal or state laws and
regulations; customer consolidations and inventory practices;
equipment failures and ability to obtain needed raw materials and
components; the impact of terrorist attacks and civil unrest; and
general political, business and economic conditions. These
and other factors that could affect our results are discussed more
fully in the Company’s Securities and Exchange Commission (“SEC”)
filings, including our registration statements, Annual Report on
Form 10-K for the year ended December 31, 2016, Quarterly Reports
on Form 10-Q, and other filings with the SEC. Although
forward-looking statements help to provide information about future
prospects, readers should keep in mind that forward-looking
statements may not be reliable. The forward-looking statements are
made as of the date of this press release and OraSure Technologies
undertakes no duty to update these statements.
Company
Contact:
Ronald H. Spair |
Chief Financial
Officer |
610-882-1820 |
Investorinfo@orasure.com |
www.orasure.com |
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