OSURHIGH SIGNALFINANCIAL10-K

OSUR experienced severe financial deterioration with operating cash flow swinging from positive $27.4M to negative $49.0M while net losses increased 253% to $68.7M despite 38% revenue growth.

The massive deterioration in profitability and cash generation despite revenue growth indicates serious operational efficiency problems or unsustainable cost structure. The company burned through $68.5M in cash while dramatically increasing R&D spending and share buybacks, suggesting potential capital allocation issues during a period of financial stress.

Comparing 2026-03-09 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

OSUR's financials show a company in significant distress - while revenue grew 38% to $49.7M, gross profit collapsed 39% and operating losses nearly doubled to $72M, creating a $76M negative swing in operating cash flow to -$49M. The company burned substantial cash reserves (down $68.5M to $199.3M) while paradoxically increasing share buybacks over 300% to $15M and R&D spending 63% to $42.5M. This combination of deteriorating profitability, negative cash generation, and aggressive spending during financial stress signals potential viability concerns for investors.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+323.9%
$3.5M$15.0M

Share repurchases increased 323.9% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
-279.1%
$27.4M-$49.0M

Operating cash flow fell 279.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Income
P&L
-252.5%
-$19.5M-$68.7M

Net income declined 252.5% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-154.8%
-$28.3M-$72.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

R&D Expense
P&L
+63.3%
$26.0M$42.5M

R&D investment increased 63.3% — signals commitment to future product development, though near-term margin impact.

Interest Expense
P&L
-45.6%
$316K$172K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Gross Profit
P&L
-39.3%
$79.4M$48.2M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Revenue
P&L
+38%
$36.0M$49.7M

Strong top-line growth of 38% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
-25.6%
$267.8M$199.3M

Cash decreased 25.6% — monitor burn rate and upcoming capital needs.

Current Assets
Balance Sheet
-21.4%
$333.2M$261.9M

Current assets declined 21.4% — monitor working capital adequacy and short-term liquidity.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-07
ADDED
and its wholly owned subsidiaries, and references to "BioMedomics" mean BioMedomics, Inc.
In the United States, the Company owns a number of trademarks, including the OraSure , OTI , OraQuick , OraQuick ADVANCE , ORASURE QUICKFLU , SUREQUICK , InteliSwab , SMART SCIENCE MADE SIMPLE , Oragene , DNA Genotek , OMNImet , ORAcollect , OMNIgene , Diversigen , CoreBiome , Boostershot , MetaGene , Benchmark , Novosanis , Colli-Pee , UCM , UAS , prepIT , NucleoPrecision , ProteoPrecision , HEMAcollect , and HEMAgene trademarks.
OTI transforms health through actionable insight and decentralizes diagnostics to connect people to healthcare wherever they are.
BioMedomics' SickleSCAN test is the world's first rapid point-of-care test for sickle cell disease.
The SickleSCAN test is currently sold in markets outside the U.S.
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REMOVED
In the United States, the Company owns a number of trademarks, including the OraSure , Intercept , Intercept i2 he, Intercept i2 he , OraQuick , OraQuick ADVANCE , ORASURE QUICKFLU , SUREQUICK , Q.E.D.
, InteliSwab , Oragene , DNA Genotek , OMNImet , ORAcollect , OMNIgene , Diversigen , CoreBiome , Boostershot , MetaGene , Benchmark , Novosanis , Colli-Pee , UCM , UAS , THINK OUTSIDE THE CUP , AUTO-LYTE , prepIT , and HEMAgene trademarks.
OTI transforms health through actionable insight by powering the shift that connects people to healthcare wherever they are.
In January 2024, the Company completed an equity investment in KKR Sapphiros L.P.
("Sapphiros"), leading its Series B financing and entering into a wide-ranging strategic distribution relationship with Sapphiros, which secures exclusive distribution rights to certain products in Sapphiros' development pipeline, including self-collected blood test and diagnostic tests.
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