BETHLEHEM, Pa. - OraSure Technologies, Inc. (NASDAQ: OSUR), a profitable diagnostics company with a market capitalization of $283 million and strong balance sheet fundamentals, announced today that it has received a contract award from the Biomedical Advanced Research and Development Authority (BARDA) for the development of a rapid antigen test for Marburg Virus Disease (MVD). According to InvestingPro data, the company maintains more cash than debt and boasts a healthy current ratio of 12.6, indicating robust financial stability. The initial contract is worth approximately $7.5 million over a multi-year base period, with the potential to increase to $11 million.
The funding supports the development of a single-use lateral flow immunoassay designed for the qualitative detection of Marburg virus antigens. The test is intended for individuals showing symptoms of MVD or suspected deceased individuals with epidemiological risk factors. This diagnostic tool aims to aid in the containment of future Marburg virus outbreaks, which have fatality rates comparable to Ebola.
Carrie Eglinton Manner, President and CEO of OraSure, stated, "We are proud to partner with BARDA to develop it, helping to prevent the spread of this deadly virus." She emphasized the company's commitment to developing tests addressing global public health challenges.
OraSure has a history of collaboration with BARDA, having previously worked together on the InteliSwab® COVID-19 Rapid Test and enhancements to the OraQuick® Ebola Rapid Antigen Test, which is FDA 510(k) cleared for point-of-care use.
The project is funded in part with federal funds from the Department of Health and Human Services; Administration for Strategic Preparedness and Response (ASPR); under Other Transaction (JO:TCPJ) Number: 75A50123D00005. OraSure aims to achieve U.S. Food and Drug Administration (FDA) 510(k) clearance for the MVD test.
The company is known for its portfolio of products that includes rapid diagnostic tests and sample collection devices, which are distributed globally to a variety of healthcare settings and direct to consumers.
This development is based on a press release statement and reflects the ongoing efforts by OraSure Technologies to innovate in the field of rapid medical diagnostics, contributing to the management of infectious diseases.
In other recent news, OraSure Technologies Inc. reported a slight 1% year-over-year decrease in core revenue to $37.8 million in the third quarter of 2024, with total revenue reaching $39.9 million. Despite this, the company remains optimistic about future growth, with the OraQuick HCV Self-Test receiving WHO prequalification and initial international orders. Furthermore, OraSure is preparing to launch a new product for the blood proteomics market in the second half of 2025, following its exit from the risk assessment testing business by the end of 2024.
In terms of financials, OraSure ended the quarter with $279 million in cash and no debt, and a GAAP gross margin of 42.8%. Looking ahead, the company expects Q4 total revenue to be between $36 million and $38 million, with core revenue projected at $35 million to $37 million. COVID-19 product revenue is anticipated to remain stable at about $1 million through Q1 2025.
These recent developments underscore OraSure's strategic focus on rapid diagnostics and sample management markets, leveraging existing capabilities for innovation and expansion into international markets.
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