ORASURE TECHNOLOGIES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Orasure Technologies Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

ORASURE TECHNOLOGIES INC (OSUR) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Orasure Technologies Inc. filed a 10-Q report for the period ending March 31, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. Its principal business address is 220 E First St, Bethlehem, PA 18015. The filing covers the first quarter of 2024. The SIC code for the company is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking ORASURE TECHNOLOGIES INC, this filing contains several important signals. This filing provides investors with the latest quarterly financial data, including revenue, expenses, and balance sheet information, crucial for assessing the company's current health and future prospects. As a public company, Orasure Technologies Inc. is required to submit regular filings like this 10-Q to ensure transparency and compliance with SEC regulations, allowing stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — ORASURE TECHNOLOGIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and does not inherently signal significant positive or negative developments beyond the disclosed figures.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2023-12-31 — Previous Year End Date (2023-12-31)

Key Players & Entities

• ORASURE TECHNOLOGIES INC (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 3841 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 1231 (other) — FISCAL YEAR END
• 220 E FIRST ST (address) — BUSINESS ADDRESS
• BETHLEHEM (city) — BUSINESS ADDRESS

FAQ

Industry Context

Orasure Technologies Inc. operates within the Surgical & Medical Instruments & Apparatus industry, as indicated by its SIC code 3841.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the revenue and expense details for Q1 2024.
2. Examine the balance sheet for changes in assets, liabilities, and equity.
3. Review any disclosures related to significant events or risks mentioned in the filing.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 31, 2024, providing the latest available financial information.

Key Financial Figures

• $0.000001 — ange on which registered Common Stock, $0.000001 par value per share OSUR The NASDAQ Sto

Filing Documents

• osur-20240331.htm (10-Q) — 659KB
• osur-20240331xexx311.htm (EX-31.1) — 10KB
• osur-20240331xexx312.htm (EX-31.2) — 10KB
• osur-20240331xexx321.htm (EX-32.1) — 4KB
• osur-20240331xexx322.htm (EX-32.2) — 4KB
• 0001628280-24-022250.txt (&nbsp;) — 4277KB
• osur-20240331.xsd (EX-101.SCH) — 32KB
• osur-20240331_cal.xml (EX-101.CAL) — 64KB
• osur-20240331_def.xml (EX-101.DEF) — 129KB
• osur-20240331_lab.xml (EX-101.LAB) — 357KB
• osur-20240331_pre.xml (EX-101.PRE) — 255KB
• osur-20240331_htm.xml (XML) — 593KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain "forward-looking statements" within the meaning of the Federal securities laws. These may include statements about the Company's expected revenues, earnings/losses per share, net income (loss), expenses, cash flow or other financial performance, or developments, clinical trial or development activities, expected regulatory filings and approvals, planned business transactions, views of future industry, competitive or market conditions, and other factors that could affect the Company's future operations, results of operations or financial position. These statements often include words, such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," or similar expressions. 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: Market acceptance of, and the Company's ability to market and sell, its products and services, whether through its internal, direct sales force or third parties; Failure of distributors or other customers to meet purchase forecasts, historic purchase levels or minimum purchase requirements for the Company's products; Significant customer concentrations that exist or may develop in the future; The Company's ability to manufacture products in accordance with applicable specifications, performance standards and quality requirements; The Company's ability to achieve the anticipated cost savings as a result of its business restructuring, including from in-sourcing third party manufacturing and exiting microbiome services; The Company's 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 wi

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page No.

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets at March 31, 2024 and December 31, 202 3 3 Consolidated Statements of Operations for the three months ended March 31, 2024 and 202 3 4 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 202 3 5 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 202 3 6 Notes to the Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 Table of Contents

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS ORASURE TECHNOLOGIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share amounts) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 247,145 $ 290,407 Short-term investments 16,627 — Accounts receivable, net of allowance of $ 1,065 and $ 1,216 34,037 40,171 Inventories 43,180 47,614 Prepaid expenses 4,691 6,041 Other current assets 2,825 2,226 Total current assets 348,505 386,459 Noncurrent Assets: Property, plant and equipment, net of accumulated depreciation of $ 86,332 and $ 85,143 42,597 45,420 Operating right-of-use assets, net 10,570 12,270 Finance right-of-use assets, net 158 576 Intangible assets, net of accumulated amortization of $ 33,261 and $ 33,649 1,010 1,206 Goodwill 35,172 35,696 Investment in equity method investee 28,333 — Other noncurrent assets 1,213 1,218 Total noncurrent assets 119,053 96,386 TOTAL ASSETS $ 467,558 $ 482,845 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 12,683 $ 13,151 Deferred revenue 1,597 1,559 Accrued expenses and other current liabilities 12,715 22,710 Finance lease liability 517 539 Operating lease liability 1,593 1,577 Total current liabilities 29,105 39,536 Noncurrent Liabilities: Finance lease liability 204 226 Operating lease liability 10,676 11,162 Other noncurrent liabilities 727 696 Deferred income taxes 595 554 Total noncurrent liabilities 12,202 12,638 TOTAL LIABILITIES 41,307 52,174 Commitments and contingencies (Note 12) STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.000001 , 25,000 shares authorized, none issued — — Common stock, par value $ 0.000001 , 120,000 shares authorized, 73,959 and 73,528 shares issued and outstanding — — Additional paid-in capital 531,263 529,543 Accumulated other comprehensive loss ( 17,497 ) ( 14,941 ) Accumulated deficit ( 87,515 ) ( 83,931 ) Total stockholders' equity 426,251 430,671 TOT

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View this 10-Q filing on SEC EDGAR