Benzinga | Jan 5, 2022 01:05PM EST

OraSure's CEO Resigns, Commences Review Of Strategic Alternatives

OraSure Technologies Inc (NASDAQ:OSUR) expects Q4 FY21 revenue at the low end of the Company's guidance range of approximately $60 million.

* The Company anticipates total InteliSwab revenue of approximately $12 million for Q4 and $20 million for FY21.

* During Q4, the Company experienced challenges; hence it could not achieve its InteliSwab guidance for the fiscal year.

* The Company anticipates continued scaling its InteliSwab production from 4Q21 levels and will provide an additional update on its 4Q21 earnings call.

* Related: OraSure Q3 Sales, Without COVID Related Products, Jump 37%; Guides FY21 Sales Below Consensus.

* OraSure is also in the process of hiring staff for additional shifts and installing additional automated equipment to increase production further.

* Also, the OraSure Board of Directors intends to explore and evaluate strategic alternatives.

* OraSure also announced that Stephen Tang, President, and CEO, will leave the Company on March 31, 2022.

* In the interim, Dr. Tang will focus primarily on assisting the board's strategic review process.

* Price Action: OSUR shares are up 1.16% at $8.30 during the market session on the last check Wednesday.