NEW YORK – OraSure Technologies announced Monday that its board of directors has authorized the repurchase of up to $40 million of the firm's common stock over the next 24 months.
The repurchase will be funded from cash on hand, the Bethlehem, Pennsylvania-based company said in a statement.
Together with its wholly owned subsidiaries, DNA Genotek and Sherlock Biosciences, OraSure develops, manufactures, and distributes sample collection devices and rapid point-of-care and home-use diagnostic tests.
OraSure may repurchase the shares through various methods, with the amount and timing determined by management at its discretion, the firm said, adding that the repurchase program may be modified, suspended, or discontinued at any time without prior notice.
Last month, OraSure reported a 10 percent year-over-year increase in its 2024 fourth quarter core revenues, though its total revenues, including COVID-19 sales, declined 51 percent.
In early trading Monday on the Nasdaq, shares of OraSure were up approximately 21 percent to $4.21.