OraSure Q1 revenue $27.9 million beats guidance; gross margin rises to 42.3%
OSUR•OraSure reported Q1 revenue of $27.9 million, down 7% year-over-year but above its guidance midpoint, with core revenues nearly flat at $27.9 million. Gross margin expanded to 42.3% while GAAP operating loss widened to $23.3 million; cash totaled $177 million after a $5 million share buyback.
1. Q1 Financial Results
Total net revenues fell 7% to $27.9 million in Q1 2026 from $29.9 million a year earlier, with core business revenues virtually flat at $27.9 million. Diagnostics sales declined 5% to $16.9 million, while Sample Management Solutions revenue slipped 0.6% to $9.1 million.
2. Profitability and Margins
GAAP gross margin improved to 42.3% from 41.1% a year ago, and non-GAAP gross margin rose to 43.4% from 41.7%. However, GAAP operating loss widened to $23.3 million versus $17.8 million a year earlier, with non-GAAP operating loss increasing to $19.0 million.
3. Balance Sheet, Buyback and Outlook
Cash and equivalents stood at $177 million as of March 31, 2026, after deploying $5 million to repurchase approximately 1.8 million shares. The company appointed John D. Bertrand to its board, released its 2025–2026 impact report and guided Q2 revenues of $27 million to $30 million.
