OSUR - OraSure Technologies up 15% post market on restructuring; will cut 11% of workforce

• OraSure Technologies ( NASDAQ: OSUR ) is up 15% in after-hours trading after announcing that it will lay off 11% of its non-production staff as part of a business restructuring,
• With additional cost savings measures, the company believes it can save $15M per year. It will combine its two business units, molecular solutions and diagnostics, into a single one, One OraSure.
• OraSure ( OSUR ) also released its Q4 2022 financial results, where it beat on the top and bottom lines .
• In the quarter, the company swung to net income of ~$15.6M from a net loss of ~$10.4M in the year-ago period (Non-GAAP EPS of $0.36 vs -$0.03).
• OraSure ended the quarter (Dec. 31, 2022) with cash and cash equivalents of ~$84M, a 28% decline from the end of Q4 2021.
• Seeking Alpha's Quant Rating views OraSure ( OSUR ) as a hold.

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