By will fire
Medical device maker OraSure Technologies Inc. said Wednesday that the board intends to initiate a strategic review of alternatives for the company and said chief executive Stephen Tang will step down in March.
“We appreciate Steve Tang’s longstanding service to OraSure and look forward to his continued leadership in evaluating available strategic alternatives to maximize shareholder value,” said Chairman Michael Celano.
The Bethlehem, Pennsylvania-based company also said it expects fourth quarter sales at the lower end of its forecast of around $ 60 million, driven by unexpectedly low sales of its Covid-19 InteliSwab test at home .
OraSure said recruitment, training, and global supply chain challenges, as well as technology transfer issues, slowed the expansion of InteliSwab manufacturing.
“The Board of Directors remains focused on ensuring that OraSure can operate at a high level. We believe the organizational changes and other actions we are taking will best position the company as it grows with InteliSwab (TM) and its significant potential in key, high-growth areas of healthcare, “said Celano.
OraSure’s shares lost less than 1% in pre-trading hours. The share fell around 18% over the past year.
Write to Will Feuer at [email protected]
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