OraSure Technologies (OSUR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $30.6 million, up 9.7% sequentially but down 2% year-over-year, exceeding guidance and reflecting gross margin expansion and innovation milestones including FDA clearance for Colli-Pee Dx and EUA for OraQuick Ebola 2.0 Rapid Antigen Test.

• GAAP net income reached $6.2 million, reversing a $19.7 million loss in Q2 2025, driven by a $22.6 million reduction in contingent consideration liabilities.

• Operating income for Q2 2026 was $5.4 million, compared to an $18.0 million loss in Q2 2025.

• Withdrew FDA submission for IntelliQuick CT/NG test, planning resubmission after incorporating agency feedback; this does not impact 2026 revenue growth or cash flow break-even outlook for 2027.

• Strengthened manufacturing by insourcing, disciplined cost controls, and diversified revenue streams across diagnostics and sample management.

Financial highlights

• Total Q2 revenue was $30.6 million, up 9.7% sequentially and down 2% year-over-year; diagnostics revenue was $19.4 million, SMS revenue was $9.9 million.

• GAAP gross margin rose to 43.5% (up 120 bps sequentially and from 42.1% year-over-year); non-GAAP gross margin reached 44.2%.

• GAAP operating income was $5.4 million; non-GAAP operating loss was $14.7 million.

• Ended Q2 with zero debt and $160.6 million in cash and equivalents.

• Operating cash flow was -$9.9 million in Q2; cash used in operating activities was $23.8 million for H1 2026.

Outlook and guidance

• Q3 2026 revenue expected between $29.5 million and $32.5 million; gross margin anticipated to be similar to Q2.

• On track for operating cash flow break-even entering 2027, supported by new product launches and cost discipline.

• Management expects existing cash to fund operations and capital expenditures for the next twelve months.