OraSure Tech gains on upbeat Q1 sales forecast, 11% workforce reduction

OraSure Technologies

15/02/2023 17:14

** Shares of OraSure Technologies Inc  OSUR.O  up 10.6% at
$5.46, biggest one-day pct gain in six months
    ** The diagnostic test maker forecasts Q1 2023 sales in
range of $125 mln to $130 mln, higher than est $97.89 mln -
Refinitiv IBES data
    ** OSUR is eliminating 11% of its current non-production
workforce, as well as combining its two business units into one
    ** Company expects restructuring will help in expense
reduction of about $15 mln annually; will be fully implemented
by the end of Q2 of 2023
    ** OSUR was down ~45% last year
 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com))