osur-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

FORM 10-Q

______________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026.


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to _________ .

Commission File Number 001-16537

______________________________________

ORASURE TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

______________________________________


Delaware			36-4370966
(State or Other Jurisdiction of Incorporation or Organization)			(IRS Employer Identification No.)


220 East First Street, Bethlehem, Pennsylvania			18015
(Address of Principal Executive Offices)			(Zip code)

Registrant’s telephone number, including area code: (610) 882-1820

______________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
Symbol(s)

Name of each exchange on which registered

Common Stock, $0.000001 par value per share

OSUR

The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company


PART I. FINANCIAL INFORMATION

			Page No.

Item 1. Financial Statements (Unaudited)			3

Consolidated Balance Sheets at March 31 , 202 6 and December 31, 20 2 5			3

Consolidated Statements of Operations for the Three Months Ended March 31 , 202 6 and 20 25			4

Consolidated Statements of Comprehensive Loss for the Three Months Ended March 3 1 , 202 6 and 20 25			5

Consolidated Statements of Cash Flows for the Three Mon t hs Ended March 31 , 202 6 and 20 25			6

Notes to the Consolidated Financial Statements			7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			20

Item 3. Quantitative and Qualitative Disclosures About Market Risk			24

Item 4. Controls and Procedures			24

PART II. OTHER INFORMATION

Item 1. Legal Proceedings			25

Item 1A. Risk Factors			25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25

Item 3. Defaults Upon Senior Securities			26

Item 4. Mine Safety Disclosures			26

Item 5. Other Information			26

Item 6. Exhibits			26

Signatures			27


	March 31, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	176,964	$	199,278

Accounts receivable, net of allowance for doubtful accounts of $253 and $188	24,807		22,203
Inventories	30,307		31,060
Prepaid expenses	5,225		5,221
Income tax receivable	1,608		—
Other current assets	1,870		4,146
Total current assets	240,781		261,908
Noncurrent Assets:
Property, plant and equipment, net of accumulated depreciation	37,857		39,179
Operating right-of-use assets, net	11,548		11,996
Finance right-of-use assets, net	203		146
Intangible assets, net of accumulated amortization of $26,977 and $27,180	18,940		19,046
Goodwill	43,047		43,363
Investment in equity method investee	24,868		25,956
Deferred tax asset	643		271
Other noncurrent assets	1,282		1,303
Total noncurrent assets	138,388		141,260
TOTAL ASSETS	$	379,169	$	403,168
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	10,628	$	6,521
Deferred revenue	872		1,518

Accrued expenses and other current liabilities	11,590		11,149
Finance lease liability	83		63
Operating lease liability	2,134		2,164
Acquisition-related contingent consideration obligation	18,777		18,380
Total current liabilities	44,084		39,795
Noncurrent Liabilities:
Finance lease liability	143		100
Operating lease liability	10,299		10,870
Acquisition-related contingent consideration obligation	9,029		9,333
Other noncurrent liabilities	2,290		2,243

Total noncurrent liabilities	21,761		22,546
TOTAL LIABILITIES	65,845		62,341
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, 69,397 and 70,391 shares issued and outstanding	—		—
Additional paid-in capital	527,900		531,393
Accumulated other comprehensive loss	(20,037)		(18,404)
Accumulated deficit	(194,539)		(172,162)
Total stockholders' equity	313,324		340,827
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	379,169	$	403,168


	For the Three Months Ended March 31,
	2026		2025
NET REVENUES:
Products and services	$	26,376	$	28,997
Other	1,549		934
	27,925		29,931
COST OF PRODUCTS AND SERVICES SOLD	16,121		17,632
Gross profit	11,804		12,299
OPERATING EXPENSES:
Research and development	13,654		9,603
Sales and marketing	6,770		6,859
General and administrative	14,556		14,102

Change in the estimated fair value of acquisition-related contingent consideration	93		478
Gain on sale of assets	—		(993)
	35,073		30,049
Operating loss	(23,269)		(17,750)
OTHER INCOME	1,548		1,778
Loss before income taxes and equity investment	(21,721)		(15,972)
INCOME TAX BENEFIT	(432)		(456)
LOSS BEFORE EQUITY INVESTMENT	(21,289)		(15,516)
LOSS ON EQUITY INVESTMENT	(1,088)		(524)
NET LOSS	$	(22,377)	$	(16,040)
LOSS PER SHARE:
BASIC	$	(0.32)	$	(0.21)
DILUTED	$	(0.32)	$	(0.21)
SHARES USED IN COMPUTING LOSS PER SHARE:
BASIC	69,675		74,867
DILUTED	69,675		74,867


		March 31,		December 31,
	Level	2026		2025
Guaranteed investment certificates	1	$	12,985	$	13,114
Trading securities	1	466		543
Contingent consideration:	3
Current portion		$	18,777	$	18,380
Long-term portion		9,029		9,333
		$	27,806	$	27,713


	Fair Value
Balance at December 31, 2025	$	27,713
Additions	—
Change in fair value	93
Balance at March 31, 2026	$	27,806


	Foreign Currency		Total
Balance at December 31, 2025	$	(18,404)	$	(18,404)
Other comprehensive loss	(1,633)		(1,633)
Balance at March 31, 2026	$	(20,037)	$	(20,037)


	For the Three Months Ended March 31,
Deferred Revenue Recognized	2026		2025
Accrued at beginning of year	$	961	$	771


	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount
Balance at December 31, 2025	70,391	$	—	$	531,393	$	(18,404)	$	(172,162)	$	340,827

Vesting of restricted stock and performance stock units	1,190	—		—		—		—		—
Purchase and retirement of common shares in satisfaction of minimum tax withholdings for vested restricted stock and performance stock units	(416)	—		(1,261)		—		—		(1,261)
Stock-based compensation	—	—		2,768		—		—		2,768
Shares repurchased and retired in connection with share repurchase program	(1,768)	—		(5,000)		—		—		(5,000)
Net loss	—	—		—		—		(22,377)		(22,377)
Currency translation adjustments	—	—		—		(1,633)		—		(1,633)

Balance at March 31, 2026	69,397	$	—	$	527,900	$	(20,037)	$	(194,539)	$	313,324


	For the Three Months Ended March 31,
	2026		2025
OPERATING ACTIVITIES:
Net loss	$	(22,377)	$	(16,040)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	2,768		2,687
Depreciation and amortization	2,341		2,808

Other non-cash amortization	(82)		(37)
Provision for credit losses	66		(248)
Unrealized foreign currency (gain) loss	(153)		194
Interest expense on finance leases	3		2
Loss on equity investment	1,088		524
Deferred income taxes	(354)		(384)
Gain on sale of fixed assets	—		(780)
Change in the estimated fair value of acquisition-related contingent consideration	93		478

Changes in assets and liabilities:
Accounts receivable	(2,621)		2,413
Inventories	714		(1,482)
Prepaid expenses and other assets	583		(2,075)
Accounts payable	4,104		(726)
Deferred revenue	(645)		(451)
Accrued expenses and other liabilities	577		(6,616)
Net cash used in operating activities	(13,895)		(19,733)
INVESTING ACTIVITIES:



Proceeds from sale of assets	—		790
Purchases of property and equipment	(913)		(420)



Net cash (used in) provided by investing activities	(913)		370
FINANCING ACTIVITIES:
Cash payments for lease liabilities	(21)		(12)

Repurchase of common stock	(5,000)		—


	March 31,		December 31,
	2026		2025
Raw materials	$	15,534	$	14,831
Work in process	1,042		56
Semi-finished goods	2,581		1,965
Finished goods	11,150		14,208
	$	30,307	$	31,060


	March 31,		December 31,
	2026		2025
Land	$	1,118	$	1,118
Buildings and improvements	39,047		39,071
Machinery and equipment	46,349		46,202
Computer equipment and software	11,752		11,101
Furniture and fixtures	1,624		1,632
Construction in progress	2,906		2,931
	102,796		102,055
Accumulated depreciation	(64,939)		(62,876)
	$	37,857	$	39,179


	March 31,		December 31,
	2026		2025
Payroll and related benefits	$	5,541	$	5,255
Professional fees	2,425		1,938
Sales tax payable	1,044		1,152
Other	2,580		2,804
	$	11,590	$	11,149

SEC Form 10-Q filed by OraSure Technologies Inc.