OraSure Technologies, Inc. (OSUR): Business Model Canvas [Dec-2025 Updated]

You're looking at the post-pandemic playbook for OraSure Technologies, Inc., and honestly, it's a masterclass in refocusing after a revenue spike. After riding that wave, the company is clearly pivoting hard, using its $216 million cash cushion as of September 2025 to double down on its core diagnostics and sample management solutions, aiming for that 50%+ gross margin target. We're talking about a strategic shift to drive 2026 growth by streamlining operations and pushing key products like the CT/NG self-test. Here's the quick math: the business model is now built around making decentralized testing the standard, not the exception. Dive in to see exactly how the nine blocks of their canvas support this leaner, focused future.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Key Partnerships

You're looking at how OraSure Technologies, Inc. builds value through its network of external collaborators as of late 2025. This structure is key to getting products to market and securing public health funding.

In-country partners for international diagnostics distribution and inventory management

OraSure Technologies, Inc. relies on in-country partners for its International Diagnostics segment. Management noted on the Q3 2025 earnings call that these partners were working through existing inventory, which impacted sales pace in the second half of the year.

For the full year 2025, revenue from the International Diagnostics business is projected to be in the low to mid-$30 million range. This projection represents a decline of approximately 20% compared to the record year in 2024. This segment's performance is tied directly to the inventory management and ordering cycles of these international distributors.

Research institutions and pharmaceutical companies for sample management solutions

OraSure Technologies, Inc. engages with research bodies for its Sample Management Solutions (SMS) segment. The company was selected by the ENDO1000 project, a U.K.-wide initiative, to supply devices for the collection and stabilization of various samples, including saliva, urine, stool, and vaginal swabs. This project aims to accelerate research into endometriosis diagnosis and personalized treatment.

For the third quarter of 2025, SMS revenues were reported at $10.3 million. The company also secured an agreement to acquire BioMedomics to expand its international diagnostics portfolio, specifically with the SickleSCAN test for sickle cell disease, intending to leverage existing relationships with national health programs for adoption.

Government agencies (e.g., CDC, PEPFAR) for public health program procurement

Government agencies represent a significant channel for procurement, particularly for HIV testing programs and infectious disease development contracts. The Together Take Me Home program, which mails HIV self-tests to at-risk populations and is funded by the U.S. federal government, was renewed by the Trump Administration with strong bipartisan support in Congress.

OraSure Technologies, Inc. also partners with agencies like the Biomedical Advanced Research and Development Authority (BARDA), which is part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS). A recent award for developing a Marburg Virus Disease (MVD) rapid antigen test has an initial value of approximately $7.5 million over multiple years, with a potential value up to $11 million.

The table below summarizes key financial aspects related to government and strategic funding/partnerships:

Partner/Program Type	Specific Program/Focus	Associated Financial/Statistical Metric	Timeframe/Status
U.S. Federal Government (HHS/ASPR)	Together Take Me Home HIV self-test program	Program Renewal Confirmed	Late 2025
BARDA (HHS/ASPR)	Marburg Virus Disease (MVD) rapid antigen test development	Initial Award: $7.5 million; Potential Value: up to $11 million	Awarded late 2024
U.S. Federal Government (HHS/ASPR)	COVID-19 Home Test Industrial Based Expansion	Total Funding Obligated: $30,875,951.00	Prior Contract Data
Research Institution (Gates Foundation)	Sherlock HPV testing pipeline	Funding Grant: $5 million	Associated with Acquisition

Technology partners for molecular diagnostics platform development, like the Sherlock test

The acquisition of Sherlock Biosciences in December 2024 brought in the CRISPR-based molecular diagnostics platform. The first product, a combined Chlamydia Trachomatis (CT) and Neisseria Gonorrhoeae (NG) self-test, is expected to be submitted to the FDA for review by the end of 2025. The total addressable market for CT/NG testing in the U.S. is estimated at more than $1.5 billion.

The deal structure for Sherlock Biosciences included an upfront cash payment of $5 million, plus more than $20 million reserved for regulatory milestone payments and royalties. Revenue contribution from this test is anticipated to begin in 2026, subject to regulatory approvals. OraSure Technologies, Inc. is also investing in internal R&D to enhance this platform, exploring areas like proteomics and liquid biopsy.

OraSure also entered wide-ranging strategic distribution agreements with Sapphiros, a consumer diagnostics company, which was expected to accelerate core revenue growth starting in 2025. This relationship secured exclusive distribution rights to key Sapphiros products.

Here are the key figures related to the Sherlock Biosciences integration:

• FDA Submission Deadline for CT/NG Test: End of 2025
• Expected Revenue Ramp-up from CT/NG Test: Beginning in 2026
• U.S. CT/NG Testing Total Addressable Market: $1.5 billion plus
• Sherlock Acquisition Upfront Cash: $5 million
• Sherlock Acquisition Milestone/Royalty Pool: Over $20 million

If onboarding the new molecular platform takes longer than expected, revenue ramp-up in 2026 could be delayed.

Finance: draft 13-week cash view by Friday.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Key Activities

You're looking at the core engine driving OraSure Technologies, Inc. right now, which is heavily focused on executing a transition year while pushing innovation forward. Here's the quick math on what they are actively doing as of late 2025.

Manufacturing and global distribution of oral fluid and rapid diagnostic tests

The activity here centers on moving product through the pipeline, even with headwinds in certain segments. For the third quarter ending September 30, 2025, total net revenues came in at $27.1 million, a 32% decrease from the $39.9 million reported in Q3 2024. The Diagnostics segment specifically posted revenue of $14.5 million in Q3 2025, which was a 34% decrease year-over-year, largely due to lower HIV test revenue. The Sample Management Solutions segment contributed $10.3 million in Q3 2025. Management projected the full year 2025 US Diagnostics revenue to be in the low to mid $30 million range, representing a low single-digit percentage decline. Conversely, the full year 2025 International Diagnostics revenue outlook was projected in the low to mid $30 million range, reflecting a significant approximately 20% decline compared to 2024.

The company is actively managing its production footprint; for instance, the in-sourcing of Sample Management Solutions manufacturing to the Pennsylvania facility was substantially complete by the end of Q2 2025, intended to drive efficiencies in the second half of 2025. This focus on operational improvement helped the GAAP gross margin reach 43.5% in Q3 2025, up from 42.8% in Q3 2024.

Metric	Q3 2025 Actual	Q3 2024 Actual	Year-over-Year Change
Total Net Revenue	$27.1 million	$39.9 million	-32%
Diagnostics Revenue	$14.5 million	N/A	-34%
Sample Management Revenue	$10.3 million	N/A	-20%
GAAP Gross Margin	43.5%	42.8%	Increase

The company ended Q3 2025 with $216 million in Cash and Cash Equivalents and zero debt.

Research and development (R&D) for new products like the CT/NG molecular self-test

A major activity is advancing the innovation pipeline, particularly the SHERLOC platform, which is their over-the-counter molecular diagnostic rapid test platform targeting Chlamydia and Gonorrhoeae (CT/NG) self-testing. Investment in this area is explicit in forward guidance; for Q4 2025, the innovation investment was guided to be $10 million, with $7 million-$8 million specifically allocated for SHERLOC development. Looking back at Q1 2025, Research & Development operating expenses were $9.603 million, up from $7.738 million in Q1 2024.

Key R&D activities and milestones include:

• Advancing the SHERLOC CT/NG assay toward an FDA submission targeted for late 2025 or early 2026.
• Progressing the ColliPea urine self-collection for sexually transmitted infections toward an FDA submission in late 2025 or early 2026.
• Launching the HemaCollect protein product for Research Use Only (RUO) markets mid-year 2025.
• The acquisition of BioMedomics for $4 million upfront plus potential contingent payments, targeting sickle cell diagnostics.

Operational efficiencies and cost discipline, including site consolidation and headcount reduction

OraSure Technologies, Inc. is executing on cost discipline to improve margins, viewing 2025 as a transition year. A key structural change was the 'Org right-sizing,' which involved a reduced headcount. The in-sourcing of SMS manufacturing was a major efficiency driver, expected to yield operating efficiencies in the second half of 2025. These efforts contributed to the Q3 2025 GAAP Gross Margin of 43.5%, which was slightly above internal forecasts due to lower scrap expenses and operational efficiencies. The company guided core operating expenses for Q4 2025 to be around $20 million.

Managing regulatory approvals (FDA, CE) for diagnostic and collection devices

Regulatory management is critical for product launches, especially for the new molecular tests. The company is actively working toward submitting data to the FDA for regulatory review for the ColliPea project, with the submission targeted for late 2025 or early 2026. Furthermore, the SHERLOC CT/NG assay is progressing toward an FDA submission in the same timeframe. On the existing product front, an FDA approval was secured for a labeling change to the OraQuick HIV self-test, which increased access for adolescents aged 14 and older.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Key Resources

You're looking at the foundation of what OraSure Technologies, Inc. brings to the table-the assets that make their value propositions possible. Honestly, for a company in diagnostics, the IP and the balance sheet are what matter most right now.

The core intellectual property centers around their pioneering work in non-invasive oral fluid collection and testing. OraSure Technologies, Inc. has built a substantial patent portfolio over the years related to their oral fluid collection devices and testing technologies. For instance, they have historically maintained numerous U.S. patents and foreign patents covering their collection devices and related technology, such as the OraSure and Intercept oral fluid collection devices. This IP foundation supports their established products, like the OraSure™ Oral Fluid Collection Device, which is easy-to-administer and patient-preferred for substance abuse testing.

Financially, the balance sheet strength is a key resource supporting near-term strategy. As of September 30, 2025, OraSure Technologies, Inc. reported a strong cash and equivalents position totaling $216 million. Even better, they carried zero debt on that date. This liquidity is crucial for funding ongoing R&D and strategic moves, like the recent acquisition of Sherlock Biosciences, which required capital deployment.

The company relies on specialized manufacturing facilities to handle the high-volume production required for their diagnostic tests and sample collection devices. These facilities support the global distribution of products to clinical laboratories, hospitals, and direct-to-consumer channels. Operational efficiency in these facilities directly impacts the GAAP gross margin, which was reported at 43.5% for the third quarter ending September 30, 2025.

OraSure Technologies, Inc.'s portfolio is significantly enhanced by its wholly-owned subsidiaries. DNA Genotek Inc. focuses on developing products that optimize the ease of collection for high-quality biological samples, supporting genomic research and diagnostics. The recent acquisition of Sherlock Biosciences, Inc. in late 2024 brings an advanced molecular platform into the fold, expanding capabilities for rapid, point-of-need diagnostics. This platform is central to their next-generation test pipeline, with the FDA submission for Sherlock's first molecular self-test for Chlamydia trachomatis and Neisseria gonorrhoeae (CT/NG) anticipated by the end of 2025.

Here's a quick look at how these key resource components stack up:

Key Resource Component	Metric/Detail	Date/Status
Cash Position	$216 million	September 30, 2025
Debt Level	$0	September 30, 2025
Core IP Support	Patents covering lateral flow diagnostics and oral fluid collection	Ongoing focus
Sherlock Integration Milestone	Expected FDA submission for CT/NG self-test	Late 2025 or early 2026
Q3 2025 GAAP Gross Margin	43.5%	Q3 2025

The strategic value of these resources is clear. The cash acts as a buffer while the Sherlock technology is advanced through clinical trials. DNA Genotek's sample collection expertise complements the diagnostic assay development. You've got the financial runway to support the pipeline development, which is the whole point of these investments.

• Core IP covers lateral flow diagnostics and oral fluid collection methods.
• Subsidiary DNA Genotek focuses on high-quality biological sample collection products.
• Acquired Sherlock Biosciences platform for molecular diagnostics.
• Manufacturing supports global distribution to various customer segments.

Finance: draft 13-week cash view by Friday.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Value Propositions

You're looking at the core offerings that OraSure Technologies, Inc. is pushing to drive future performance, especially as they navigate the post-COVID revenue normalization. The company's strategy centers on decentralizing diagnostics and providing effortless sample collection.

Decentralized diagnostics for accessible, convenient, and private testing.

• Focus on point-of-need and home diagnostic tests, positioning the portfolio for healthcare access wherever people are.
• Planned launch of the Sherlock over-the-counter molecular self-test for Chlamydia and Gonorrhoeae in 2026, emphasizing consumer accessibility.

Accurate, rapid, point-of-care, and at-home infectious disease testing (e.g., HIV, HCV).

The Diagnostics segment is a key part of the core business, even with recent revenue shifts. For the third quarter of 2025, this segment generated $14.5 million in revenue, which is part of the $27.0 million in total core revenues for the quarter.

Metric	Q1 2025 Value ($000's)	Q2 2025 Value ($000's)	Q3 2025 Value ($000's)
Diagnostics Revenue	17,700	19,200	14,500
Diagnostics YoY Growth	8%	3%	N/A (Revenue declined 34% YoY in Q3)

The company maintains confidence in its international HIV testing market positioning, which utilizes a unique oral fluid-based rapid test.

Effortless biological sample collection tools for genomics and proteomics research.

The Sample Management Solutions segment brought in $10.3 million in the third quarter of 2025. This segment was enhanced by the July 2025 launch of HEMAcollect PROTEIN, a novel device for proteomic researchers needing to stabilize blood proteins easily.

• Sample Management Solutions revenue in Q2 2025 was $9.9 million.
• The Q3 2025 revenue decline of 20% year-over-year was attributed to a large customer in the consumer genomics segment.

Reducing time-to-result and improving patient connection to care.

OraSure Technologies, Inc. states its focus is well-aligned with long-term trends to connect people to care that is more accessible, convenient, private, and personalized. The company is advancing its innovation roadmap to support this, with planned launches in 2026, including the Colli-Pee urine self-collection for sexually transmitted infections.

The overall financial position supports this strategy; cash and cash equivalents stood at $216 million as of September 30, 2025, with no debt.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Customer Relationships

You're looking at how OraSure Technologies, Inc. (OSUR) manages its diverse customer base as of late 2025. The relationships are segmented across institutional, consumer, and research/lab partners, with financial data reflecting the current operating environment.

Dedicated internal sales force for large institutional and public health customers

The resources dedicated to supporting large institutional and public health customers are reflected in the Sales and marketing expenses. For the three months ended September 30, 2025, Sales and marketing spending was reported at $6,299 thousand, down from $7,615 thousand for the same period in 2024. This customer group includes government agencies and public health organizations, which management noted were experiencing elevated levels of uncertainty related to funding as of Q3 2025. The portfolio of products is sold globally to clinical laboratories, hospitals, physician's offices, clinics, and public health and community-based organizations.

Direct-to-consumer (DTC) marketing and support for at-home tests

OraSure Technologies, Inc. (OSUR) sells products directly to consumers. The focus on expanding this channel is evident in planned launches, such as the Sherlock over-the-counter molecular self-test for Chlamydia and Gonorrhoeae and the Colli-Pee urine self-collection for sexually transmitted infections, expected next year. Diagnostics revenues, which include some at-home tests, were $14.5 million in the third quarter of 2025.

Long-term contracts with major consumer genomics and clinical diagnostic labs

Relationships with major labs and genomics firms are primarily managed through the Sample Management Solutions (SMS) segment. SMS revenues for the third quarter of 2025 totaled $10.3 million. This segment experienced a year-over-year decline of 20% in Q3 2025, which was specifically attributed to the impact of a large customer in the consumer genomics segment. Excluding the headwind from this single customer, Sample Management revenue growth would have been positive on a year-over-year basis in Q2 2025. The company is actively working on diversification to mitigate this concentration risk.

Technical support and service contracts for sample management solutions

Revenue streams tied to recurring support and service contracts are captured within non-product and services revenue. For the three months ended June 30, 2025, this category contributed $1.40 million. The SMS segment itself, which includes sample management solutions, generated $10.3 million in Q3 2025. The company also noted an initial contract award valued at approximately $7.5 million over multiple years for development work related to a new immunoassay, which suggests multi-year service or development relationships with certain partners.

The structure of customer revenue contribution for the third quarter of 2025 was:

Customer Relationship Category Proxy	Q3 2025 Revenue (in millions USD)	Year-over-Year Change
Diagnostics Revenue (Includes some DTC/Consumer)	$14.5	-34%
Sample Management Solutions (Labs/Genomics Contracts)	$10.3	-20%
Non-Product and Services Revenue (Service Contracts)	Not specified for Q3 2025	Q2 2025 was $1.40 million

The company's customer engagement strategy involves adapting to market conditions, as seen by management staying closely aligned with customers navigating uncertainty related to funding for public health programs and research.

• Clinical laboratories
• Hospitals
• Physician's offices
• Clinics
• Public health and community-based organizations
• Research institutions
• Government agencies
• Pharmaceutical companies
• Direct to consumers

Finance: Review Q4 2025 Sales & Marketing spend against Q3 2025 run rate by end of next week.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Channels

You're looking at how OraSure Technologies, Inc. (OTI) gets its products to market as of late 2025. The company explicitly states its portfolio of products is sold globally to a wide array of entities, including clinical laboratories, hospitals, physician's offices, clinics, public health and community-based organizations, research institutions, government agencies, pharmaceutical companies, and direct to consumers. Management noted in Q3 2025 that customers continue to navigate an environment with elevated uncertainty related to funding for public health programs and research.

The core revenue streams for the third quarter ended September 30, 2025, which reflect the output of these channels, totaled $27.0 million out of $27.1 million in total net revenues. The Sample Management Solutions segment, which includes sample collection products, generated $10.3 million in revenue for Q3 2025. The Diagnostics segment, which covers point-of-need and home diagnostic tests, brought in $14.5 million in the same period. The company ended Q3 2025 with $216 million in cash and cash equivalents and zero debt.

Revenue Segment (Q3 2025)	Amount (USD)	Percentage of Core Revenue (Approx.)
Diagnostics Revenues	$14.5 million	53.7%
Sample Management Solutions Revenues	$10.3 million	38.1%
Total Core Revenues	$27.0 million	100.0%

The structure of channel engagement is reflected in the customer types served:

• Direct sales to government agencies and public health organizations globally: Mentioned as customers, though facing uncertainty related to government funding sources.
• Third-party distributors for international and domestic hospital/clinic sales: Sales are made globally to hospitals and physician's offices. International revenue mix impacted gross margin in Q1 and Q2 2025.
• E-commerce and retail pharmacy for direct-to-consumer product sales: Direct to consumers are listed as a global customer base.
• Clinical laboratories and research institutions for sample collection products: These customers drive the Sample Management Solutions revenue stream, which was $10.3 million in Q3 2025. The company is investing in R&D for proteomics research, which involves these institutions.

For Q4 2025 guidance, OraSure Technologies, Inc. projected total revenues between $25 million to $28 million. The expected Non-GAAP Gross Margin for Q4 2025 is forecasted in the low 40% range.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Customer Segments

You're looking at the customer base for OraSure Technologies, Inc. as of late 2025, and honestly, the landscape is showing some near-term turbulence, particularly around government funding cycles. The company is actively working to diversify away from segments facing uncertainty.

Public health programs and non-governmental organizations (NGOs) for infectious disease control represent a key customer group, though one currently experiencing headwinds. Management noted in the Q3 2025 earnings call that some customers are navigating an environment with elevated levels of uncertainty related to funding for these public health programs and research initiatives. This environment directly impacted the Diagnostics segment, which saw revenues decrease 34 percent year-over-year in Q3 2025 to $14.5 million, with the decline specifically attributable to lower revenue from HIV tests, a product heavily used in these public health settings.

The Commercial customers in consumer genetics and clinical diagnostics are central to both the Diagnostics and Sample Management Solutions (SMS) revenue streams. The Diagnostics revenue of $14.5 million in Q3 2025 serves the broader clinical market. However, the SMS segment, which brought in $10.3 million in Q3 2025, experienced a 20 percent year-over-year decrease, which was explicitly attributed to a large customer in the consumer genomics segment. Still, excluding that specific customer, SMS revenue from the rest of the base showed year-over-year growth, suggesting resilience outside that concentrated relationship.

For the Hospitals, physician offices, and clinics (point-of-care professional market), OraSure Technologies, Inc. sees expanding opportunities in non-public health channels. Management cited areas like urgent care and correctional facilities as growing prospects for the Diagnostics segment, particularly for rapid testing for conditions like hepatitis C. This group is a primary target for the company's point-of-need diagnostic offerings.

The segment covering Academic and proteomic research institutions is also navigating funding uncertainty, similar to the public health sector. This group is a target for the Sample Management Solutions business. To deepen penetration here, the company launched a blood collection tube with stabilization chemistry for Research Use Only (RUO) markets in the burgeoning field of proteomics in July 2025, named HEMA-Collect protein. The company is presenting this product at the World Congress to highlight its stabilization capabilities for proteomics technology platforms.

Here's a look at the core revenue components that map to these customer groups for the third quarter of 2025:

Revenue Component	Q3 2025 Revenue (USD)	Year-over-Year Change
Diagnostics Revenues	$14.5 million	Decreased 34%
Sample Management Solutions (SMS) Revenues	$10.3 million	Decreased 20%
Total Core Revenues	$27.0 million	Decreased 25%

The overall financial position supports navigating this period. As of September 30, 2025, OraSure Technologies, Inc. held $216 million in cash and cash equivalents with no reported debt.

Key financial context points for these segments include:

• Total Net Revenues for Q3 2025 were $27.1 million, a 32 percent decrease from Q3 2024's $39.9 million.
• Revenues from Risk Assessment Testing were $0 in Q3 2025, a 100 percent decrease from Q3 2024's $1.9 million, as this business line was exited.
• COVID-19 Revenues dropped sharply to $89 thousand in Q3 2025 from $2.2 million in Q3 2024.
• The company is guiding for Q4 2025 Total Revenues in the range of $25 million to $28 million.
• Management sees a path to a 50 percent adjusted gross margin as volumes grow.

Finance: draft 13-week cash view by Friday.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Cost Structure

You're looking at the cost base for OraSure Technologies, Inc. as we close out 2025. The structure shows a clear pivot from pandemic-era revenue reliance toward internal investment and operational efficiency, which naturally shifts the cost profile.

The company has been actively managing its manufacturing footprint. They completed the transition from external contract manufacturing of their Sample Management Solutions (SMS) products to internal capabilities in Pennsylvania. This move typically means moving costs from variable Cost of Goods Sold (COGS) components to higher fixed costs related to facility overhead and depreciation, which is a key element of the fixed cost structure you asked about.

Investment in innovation is a major cost driver right now. For the fourth quarter of 2025, the guidance explicitly includes $10 million allocated for innovation investments, which supports the development roadmap, including the SHERLOC platform. This is a significant, planned outlay to secure future revenue streams.

Operating expenses, which capture much of the Selling, General, and Administrative (SG&A) spend necessary for global commercial expansion and general corporate functions, were substantial in the most recently reported quarter. GAAP Operating Expenses for Q3 2025 totaled $27.9 million. For Q4 2025, the core operating expense guidance is set lower, at $20 million, separate from the innovation investment.

Regarding the Cost of Goods Sold (COGS) and margin goals, the focus is clearly on expansion as volumes stabilize. The GAAP Gross Margin for Q3 2025 came in at 43.5%, with the Non-GAAP Gross Margin slightly higher at 44.2%. The stated long-term strategic goal is a 'Path to 50% adjusted gross margin,' which management believes is achievable as volumes grow and they capitalize on manufacturing efficiencies.

Here's a quick look at the key cost-related and balance sheet figures from the Q3 2025 period:

Financial Metric	Amount / Percentage	Period / Context
GAAP Operating Expenses	$27.9 million	Q3 2025
Core Operating Expense Guidance	$20 million	Q4 2025 Forecast
Innovation Investment Guidance	$10 million	Q4 2025 Forecast
GAAP Gross Margin	43.5%	Q3 2025
Non-GAAP Gross Margin	44.2%	Q3 2025
Long-Term Gross Margin Target	50%+	Strategic Goal
Cash and Equivalents	$216 million	End of Q3 2025
Debt	Zero	End of Q3 2025

The cost structure is currently absorbing significant R&D/innovation spend to drive the next growth cycle, which is reflected in the negative operating cash flow of negative $10 million for the third quarter. Still, the zero-debt balance sheet of $216 million in cash provides the flexibility to fund this cost base while they execute the strategy.

• Transition to internal manufacturing impacts fixed cost base.
• Q3 2025 GAAP Operating Expenses were $27.9 million.
• Q4 2025 innovation investment guidance is $10 million.
• Long-term margin goal is 50%+ adjusted gross margin.
• Q3 2025 GAAP Gross Margin was 43.5%.

Finance: draft 13-week cash view by Friday.

OraSure Technologies, Inc. (OSUR) - Canvas Business Model: Revenue Streams

You're looking at how OraSure Technologies, Inc. (OSUR) brings in money as we wrap up 2025. The revenue streams are clearly segmented across their core product lines, though the company views 2025 as a transition year with a return to growth expected in 2026.

The primary revenue driver remains the sale of their diagnostic products. For the full-year 2025, Diagnostics product sales are expected to be in the mid to high $60 million range.

Next up is the Sample Management Solutions (SMS) segment. Projections for SMS product sales for the full year 2025 are in the high $30 million range.

International Diagnostics revenue is also a key component, with expectations set for the low to mid $30 million range for the full year 2025, despite an anticipated year-over-year decline of approximately 20% compared to the record year in 2024.

To give you a clearer picture of the recent performance driving these projections, here are the actual revenue figures from the third quarter of 2025, which ended September 30, 2025:

Revenue Stream	Q3 2025 Actual Revenue
Total Net Revenues	$27.1 million
Core Revenue (Excluding exited businesses)	$27.0 million
Diagnostics Products Revenue (Q3)	$14.5 million
Sample Management Solutions Revenue (Q3)	$10.3 million

The company is also generating revenue from non-product and services, which comes from service contracts and various partnerships. While specific full-year figures for this stream aren't broken out separately in the guidance, the Q3 2025 total revenue of $27.1 million, with core revenue at $27.0 million, suggests this component is either bundled or represents a smaller portion of the total.

You should note where the company is focusing its diversification efforts to bolster these streams:

• Expanding customer base in nonpublic health markets like urgent care.
• Leveraging the acquisition of BioMedomics for international diagnostics reach.
• Investing in R&D for pipeline products expected in 2026.
• Continuing traction with the syndemic approach for rapid testing across multiple conditions.

Finance: draft 13-week cash view by Friday.