# OraSure Technologies (OSUR.US)

Canonical: https://gigainvestors.com/s/OSUR

Analysis as of: 2026-10-16T07:30:59.122Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.81 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 6

- Operating margin variation: 3.68×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.22×

- FY2019: 0.06×

- FY2020: -0.03×

- FY2021: -0.05×

- FY2022: -0.01×

- FY2023: 0.13×

- FY2024: -0.11×

- FY2025: -0.59×

- LTM to Jun 2026: -0.45×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 12.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.0%

- ROIC, second-lowest year: -13.9%

- Typical minus recent gross margin: 12.9 pp

- Typical gross margin (annual median): 54.8%

- Recent gross margin (lower of latest and 3-year median): 41.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 0.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.6%

- FY2017: 25.5%

- FY2018: 23.6%

- FY2019: 5.8%

- FY2020: -3.0%

- FY2021: -4.6%

- FY2022: -1.8%

- FY2023: 43.7%

- FY2024: -13.9%

- FY2025: -48.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$81M

- Net income, five-year total: -$75M

- Return on incremental invested capital: -63.1%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 28.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$45M

- FY2022: -$28M

- FY2023: $63M

- FY2024: -$12M

- FY2025: -$59M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 25.5% vs -13.9%

- Per-share earnings: 0.35 to -0.26 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: -$321M

- Cumulative retained earnings: -$22M

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.61

- Per-share value, starting three-year median: $0.35

- Per-share value, ending three-year median: -$0.26

- Buybacks concentrated in cheaper years (correlation): -0.39

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $35M

- Cumulative net income, 10 years: -$1.9M

- ROIC, first three-year median: 25.5%

- ROIC, last three-year median: -13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.35

- FY2017: $0.51

- FY2018: $0.33

- FY2019: $0.27

- FY2020: -$0.22

- FY2021: -$0.32

- FY2022: -$0.24

- FY2023: $0.72

- FY2024: -$0.26

- FY2025: -$0.94

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -17.0%

- Receivables to sales index (DSRI): 1.51×

- Restructuring years, last five: 1

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.18×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: 0.9%

- FY2018: -5.9%

- FY2019: 2.0%

- FY2020: -4.6%

- FY2021: 2.7%

- FY2022: 6.8%

- FY2023: -18.2%

- FY2024: -9.8%

- FY2025: -17.0%

## Holders

## Price story

Down 64% since Oct 2021 · sales -2.3%

Story as of 2026-10-16T09:59:21.058Z; price observation 2026-10-15.

- 2026-02-26: OraSure signals revenue ramp in H2 2026 with two FDA-submitted diagnostics launches ([seekingalpha.com](https://seekingalpha.com/news/4557308-orasure-signals-revenue-ramp-in-h2-2026-with-two-fda-submitted-diagnostics-launches?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales -2.3%; source https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm; observed 2026-03-09.

- FY2017: $167M 

- FY2018: $182M 

- FY2019: $155M 

- FY2020: $172M 

- FY2021: $234M 

- FY2022: $387M 

- FY2023: $405M 

- FY2024: $186M 

- FY2025: $115M 

- FY2026: $112M 

### Gross margin · FY2025

gross margin 41.9%; source https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm; observed 2026-03-09.

- FY2016: 68.7% 

- FY2017: 59.2% 

- FY2018: 62.5% 

- FY2019: 61.2% 

- FY2020: 59.3% 

- FY2021: 50.3% 

- FY2022: 38.3% 

- FY2023: 44.2% 

- FY2024: 41.0% 

- FY2025: 41.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 115 million.

- Source: https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm (filed 2026-03-09); FY2025: revenue 115021000; grossProfit 48198000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); OSUR.US: OraSure Technologies, Inc., together with its subsidiaries, develops, manufactures, markets, sells, and distributes diagnostic products and specimen collection devices in the United States, Europe, Africa, and internationally. It offers OraQuick Rapid HIV test, OraQuick HIV self-test, OraQuick HIV self-test(international), OraQuick HCV rapid antibody test and self-test, Syphilis health check rapid diagnostic test, OraQuick Ebola rapid antigen test, InteliSwab COVID-19 rapid test, InteliSwab COVID-19 rapid test pro, InteliSwab COVID-19 rapid test rx, SickleSCAN test, and OraSure oral fluid collection device for HIV-1 antibodies; Intercept drug testing systems; immunoassay tests and reagents; and Q.E.D. saliva alcohol test. The company also provides genomic products under the Oragene and ORAcollect brands for collecting genetic material from human saliva; Colli-Pee collection devices for the volumetric collection of urine samples; and HEMAcollect protein blood collection device. In addition, it provides microbiome products, such as OMNIgene GUT for self-collecting microbial DNA from feces or stool samples for gut microbiome profiling; OMNIgene GUT DNA and RNA collection devices; OMNIgene SALIVA DNA and RNA collection devices; and OMNIgene GUT Dx collection device for collection of human fecal samples and the stabilization of DNA from the bacterial community. Further, it offers other diagnostic products, such as immunoassays and other in vitro diagnostic tests. Additionally, it develops a molecular self-test for chlamydia trachomatis and neisseria gonorrhoeae. It sells its products to clinical laboratories, hospitals, clinics, community-based organizations and other public health organizations, distributors, government agencies, physicians' offices, commercial and industrial entities, disease risk management, diagnostics, pharmaceutical, biotech, and companion animal, markets. The company was founded in 1987 and is headquartered in Bethlehem, Pennsylvania.

### Why customers stay

Margins ranged from 41% to 44.2% during 2023–25; it earns 2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: grossProfit / revenue = 44.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2024: grossProfit / revenue = 41%.

- Source: https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm (filed 2026-03-09); FY2025: grossProfit / revenue = 41.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); 10-year return on capital observations [[2016,0.4264801636919851],[2017,0.2548218116775449],[2018,0.23570115897862123],[2019,0.05765782607782382],[2020,-0.029994578791457723],[2021,-0.0461318782677568],[2022,-0.017928976153683],[2023,0.4368251583499675],[2024,-0.13927376357521246],[2025,-0.4831793002522827]]; median 0.019864424962070408. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 15 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2016: growth capex 0; upkeep 4353000; owner earnings 21054000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2017: growth capex 0; upkeep 4337000; owner earnings 33013000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2018: growth capex 0; upkeep 6344000; owner earnings 20503000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2019: growth capex 0; upkeep 9314000; cash acquisitions 23801000; owner earnings 14680999. Growth capex plus acquisitions / owner earnings = 1.6212111995920713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); FY2023: growth capex 0; upkeep 10303000; cash acquisitions 0; owner earnings 63252000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,196000],[2020,3222000],[2021,246000],[2022,0],[2023,1345000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm (filed 2026-03-09); FY2025: cash repurchases 15040000 USD.

### What the price says

The price is 2.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-09); Closing price 3.81 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.5652309995237124; price multiple 2.4341455038645115. FY2025 cash earnings/share -0.7996896917738314. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.51 per share

- 2016-11: $8.43 per share

- 2016-12: $8.78 per share

- 2017-01: $8.82 per share

- 2017-02: $11.21 per share

- 2017-03: $12.93 per share

- 2017-04: $13.11 per share

- 2017-05: $15.07 per share

- 2017-06: $17.26 per share

- 2017-07: $17.54 per share

- 2017-08: $20.41 per share

- 2017-09: $22.50 per share

- 2017-10: $19.75 per share

- 2017-11: $16.55 per share

- 2017-12: $18.86 per share

- 2018-01: $21.76 per share

- 2018-02: $17.26 per share

- 2018-03: $16.89 per share

- 2018-04: $17.73 per share

- 2018-05: $17.01 per share

- 2018-06: $16.47 per share

- 2018-07: $16.79 per share

- 2018-08: $16.01 per share

- 2018-09: $15.45 per share

- 2018-10: $13.90 per share

- 2018-11: $12.70 per share

- 2018-12: $11.68 per share

- 2019-01: $12.85 per share

- 2019-02: $10.75 per share

- 2019-03: $11.15 per share

- 2019-04: $9.46 per share

- 2019-05: $8.30 per share

- 2019-06: $9.28 per share

- 2019-07: $8.35 per share

- 2019-08: $6.60 per share

- 2019-09: $7.47 per share

- 2019-10: $8.54 per share

- 2019-11: $8.10 per share

- 2019-12: $8.03 per share

- 2020-01: $7.05 per share

- 2020-02: $6.03 per share

- 2020-03: $10.76 per share

- 2020-04: $15.94 per share

- 2020-05: $14.54 per share

- 2020-06: $11.63 per share

- 2020-07: $18.15 per share

- 2020-08: $11.72 per share

- 2020-09: $12.17 per share

- 2020-10: $14.94 per share

- 2020-11: $12.00 per share

- 2020-12: $10.59 per share

- 2021-01: $15.23 per share

- 2021-02: $10.60 per share

- 2021-03: $11.67 per share

- 2021-04: $9.15 per share

- 2021-05: $9.61 per share

- 2021-06: $10.14 per share

- 2021-07: $11.79 per share

- 2021-08: $10.95 per share

- 2021-09: $11.31 per share

- 2021-10: $10.67 per share

- 2021-11: $9.33 per share

- 2021-12: $8.69 per share

- 2022-01: $8.85 per share

- 2022-02: $7.80 per share

- 2022-03: $6.78 per share

- 2022-04: $6.14 per share

- 2022-05: $4.15 per share

- 2022-06: $2.71 per share

- 2022-07: $3.06 per share

- 2022-08: $4.09 per share

- 2022-09: $3.79 per share

- 2022-10: $4.36 per share

- 2022-11: $5.04 per share

- 2022-12: $4.82 per share

- 2023-01: $5.58 per share

- 2023-02: $6.31 per share

- 2023-03: $6.05 per share

- 2023-04: $6.80 per share

- 2023-05: $5.03 per share

- 2023-06: $5.01 per share

- 2023-07: $4.72 per share

- 2023-08: $6.46 per share

- 2023-09: $5.93 per share

- 2023-10: $5.16 per share

- 2023-11: $7.32 per share

- 2023-12: $8.20 per share

- 2024-01: $7.37 per share

- 2024-02: $7.20 per share

- 2024-03: $6.15 per share

- 2024-04: $5.29 per share

- 2024-05: $4.73 per share

- 2024-06: $4.26 per share

- 2024-07: $4.48 per share

- 2024-08: $4.48 per share

- 2024-09: $4.27 per share

- 2024-10: $4.07 per share

- 2024-11: $3.80 per share

- 2024-12: $3.61 per share

- 2025-01: $4.02 per share

- 2025-02: $3.48 per share

- 2025-03: $3.37 per share

- 2025-04: $2.99 per share

- 2025-05: $2.88 per share

- 2025-06: $3.00 per share

- 2025-07: $3.18 per share

- 2025-08: $3.31 per share

- 2025-09: $3.21 per share

- 2025-10: $2.74 per share

- 2025-11: $2.38 per share

- 2025-12: $2.42 per share

- 2026-01: $2.79 per share

- 2026-02: $3.15 per share

- 2026-03: $3.00 per share

- 2026-04: $3.04 per share

- 2026-05: $4.30 per share

- 2026-06: $4.46 per share

- 2026-07: $4.05 per share

- 2026-08: $3.59 per share

- 2026-09: $3.92 per share

- 2026-10: $3.81 per share

## Annual estimated value (USD per share)

- FY2017: low $5.26 per share, central $5.93 per share, high $6.51 per share

- FY2018: low $6.53 per share, central $7.76 per share, high $8.67 per share

- FY2019: low $5.77 per share, central $6.53 per share, high $7.20 per share

- FY2020: low $6.19 per share, central $6.62 per share, high $7.20 per share

- FY2021: low $5.43 per share, central $5.90 per share, high $6.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1116463/000111646326000016/osur-20251231.htm); period 2025-12-31, filed 2026-03-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.