OraSure Technologies, Inc. (NASDAQ: OSUR), a leader in
point-of-care and home diagnostic tests, specimen collection
devices, and microbiome laboratory and analytical services,
announced today the election of Robert W. McMahon, CMA, MBA, to the
Company’s Board of Directors, effective July 31, 2023. Including
McMahon, the company’s Board of Directors has seven members.
Mr. McMahon is Senior Vice President and Chief
Financial Officer for Agilent Technologies where he is responsible
for Finance, Audit, Treasury, Tax, and Investor Relations. He has
extensive leadership experience in business growth, mergers and
acquisitions, and consistently delivering results while increasing
profitability and improving cash flow. He will serve as a Class II
Director with an initial term expiring at the Company’s 2026 Annual
Meeting of Stockholders.
“We are pleased to welcome Robert McMahon to our
Board and recognize the tremendous value that he will contribute to
our team,” said Mara Aspinall, Chair of the Board of Directors of
OraSure. “Bob’s healthcare expertise, complemented by the depth of
his financial acumen, come at the right time in OraSure’s
transformation journey. Our strong leadership team led by Carrie
Eglinton Manner, President and CEO, have made important strides in
strengthening our foundation, elevating our core growth, and
accelerating our profitability.”
Mr. McMahon has more than 30 years of experience
as a senior finance professional. In his role at Agilent, he
managed the company’s financials through the COVID-19 pandemic,
ensuring stability for their workforce while focusing on key
investments, maintaining cash flow, and providing frequent and
transparent communication to investors. He has also led new
opportunities for business growth with strategies to increase deal
profitability and implemented new digital business models. Prior to
his work for Agilent, Mr. McMahon spent four years serving as Chief
Financial Officer for Hologic, where he led a team that reshaped
the product portfolio and significantly improved company
performance and profitability. He also spent more than 20 years at
Johnson & Johnson where he held numerous leadership positions
and his key responsibilities spanned corporate finance, financial
planning and analysis, financial roadmaps, portfolio optimization,
enterprise valuation, divestiture management, and business
leadership.
Mr. McMahon holds an MBA in Finance from the
University of Central Florida and a bachelor’s degree in Finance
from the University of Florida.
About OraSure
Technologies OraSure Technologies, Inc., empowers the
global community to improve health and wellness by providing access
to accurate, essential information. OraSure, together with its
wholly-owned subsidiaries, DNA Genotek, Diversigen, and Novosanis,
provides its customers with end-to-end solutions that encompass
tools, services and diagnostics. The OraSure family of companies is
a leader in the development, manufacture, and distribution of rapid
diagnostic tests, sample collection and stabilization devices, and
molecular services solutions designed to discover and detect
critical medical conditions. OraSure’s portfolio of products is
sold globally to clinical laboratories, hospitals, physician’s
offices, clinics, public health and community-based organizations,
research institutions, government agencies, pharma, commercial
entities and direct to consumers. For more information on OraSure
Technologies, please visit www.orasure.com.
Important Information This
press release contains certain forward-looking statements,
including with respect to products, product development activities,
revenue growth, cost savings, cash flow, and other matters.
Forward-looking statements are not guarantees of future performance
or results. Known and unknown factors that could cause actual
performance or results to be materially different from those
expressed or implied in these statements include, but are not
limited to: our ability to satisfy customer demand; ability to
reduce our spending rate, capitalize on manufacturing efficiencies
and drive profitable growth; ability to achieve the anticipated
cost savings as a result of our business restructuring; ability to
market and sell products, whether through our internal, direct
sales force or third parties; impact of significant customer
concentration in the genomics business; failure of distributors or
other customers to meet purchase forecasts, historic purchase
levels or minimum purchase requirements for our products; ability
to manufacture products in accordance with applicable
specifications, performance standards and quality requirements;
ability to obtain, and timing and cost of obtaining, necessary
regulatory approvals for new products or new indications or
applications for existing products; ability to comply with
applicable regulatory requirements; ability to effectively resolve
warning letters, audit observations and other findings or comments
from the FDA or other regulators; the impact of the novel
coronavirus (“COVID-19”) pandemic on the Company's business, supply
chain, labor force, ability to successfully develop new products,
validate the expanded use of existing collector products, receive
necessary regulatory approvals and authorizations and commercialize
such products for COVID-19 testing, and demand for our COVID-19
testing products ; changes in relationships, including disputes or
disagreements, with strategic partners or other parties and
reliance on strategic partners for the performance of critical
activities under collaborative arrangements; ability to meet
increased demand for the Company’s products; impact of replacing
distributors; inventory levels at distributors and other customers;
ability of the Company to achieve its financial and strategic
objectives and continue to increase its revenues, including the
ability to expand international sales and the ability to continue
to reduce costs; impact of competitors, competing products and
technology changes; reduction or deferral of public funding
available to customers; competition from new or better technology
or lower cost products; ability to develop, commercialize and
market new products; market acceptance of oral fluid or urine
testing, collection or other products; market acceptance and uptake
of microbiome informatics, microbial genetics technology and
related analytics services; changes in market acceptance of
products based on product performance or other factors, including
changes in testing guidelines, algorithms or other recommendations
by the Centers for Disease Control and Prevention or other
agencies; ability to fund research and development and other
products and operations; ability to obtain and maintain new or
existing product distribution channels; reliance on sole supply
sources for critical products and components; availability of
related products produced by third parties or products required for
use of our products; impact of contracting with the U.S.
government; impact of negative economic conditions; ability to
maintain sustained profitability; ability to utilize net operating
loss carry forwards or other deferred tax assets; volatility of the
Company’s stock price; uncertainty relating to patent protection
and potential patent infringement claims; uncertainty and costs of
litigation relating to patents and other intellectual property;
availability of licenses to patents or other technology; ability to
enter into international manufacturing agreements; obstacles to
international marketing and manufacturing of products; ability to
sell products internationally, including the impact of changes in
international funding sources and testing algorithms; adverse
movements in foreign currency exchange rates; loss or impairment of
sources of capital; ability to attract and retain qualified
personnel; exposure to product liability and other types of
litigation; changes in international, federal or state laws and
regulations; customer consolidations and inventory practices;
equipment failures and ability to obtain needed raw materials and
components; the impact of terrorist attacks, civil unrest,
hostilities and war ; and general political, business and economic
conditions, including inflationary pressures and banking stability.
These and other factors that could affect our results are discussed
more fully in our SEC filings, including our registration
statements, Annual Report on Form 10-K for the year ended December
31, 2022, Quarterly Reports on Form 10-Q, and other filings with
the SEC. Although forward-looking statements help to provide
information about future prospects, readers should keep in mind
that forward-looking statements may not be reliable. Readers are
cautioned not to place undue reliance on the forward-looking
statements. The forward-looking statements are made as of the date
of this press release and OraSure Technologies undertakes no duty
to update these statements.
Investor
Contact:Jason PlagmanVP, Investor
Relationsinvestorinfo@orasure.com |
Media
Contact:Amy KochDirector, Corporate
Communicationsmedia@orasure.com |
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