BETHLEHEM, Pa., Jan. 04, 2018 (GLOBE NEWSWIRE) -- OraSure Technologies, Inc. (NASDAQ:OSUR), a leader in point of care diagnostic tests and specimen collection devices, today announced a succession plan for its President and Chief Executive Officer and for its Chief Financial Officer and Chief Operating Officer. The Company also announced updated revenue guidance for the fourth quarter of 2017.

CEO Succession

Under the succession plan, the Company’s Board of Directors has appointed Stephen S. Tang, Ph.D., as the Company’s new President and Chief Executive Officer, effective as of April 1, 2018. Dr. Tang will replace Douglas A. Michels, who has chosen to retire as President and CEO and as a Board member on March 31, 2018.

Dr. Tang has been a member of the Company’s Board of Directors since 2011 and has served as Chairman of the Board since November 2016. With his appointment as President and CEO on April 1st, Dr. Tang will continue as a Director, but will no longer serve as Chairman or as a member of any Board committee.

Since January 2008, Dr. Tang has served as President and Chief Executive Officer of The University City Science Center, an urban research park and business incubator owned by over thirty leading universities, medical schools and health networks in the greater Philadelphia, Pennsylvania area. In this role, Dr. Tang led the transformation of the Science Center into a world-class, global innovation hub for the life sciences industry, focusing on the development and commercialization of innovative technologies and products.

Prior to that, Dr. Tang was the Group Vice President and General Manager, Life Sciences of Olympus America, Inc., where he ran the Life Science group at Olympus with leading brands in instrumentation and total solutions for in vitro diagnostics, microscopes and micro-imaging, and enabling technologies for translational and personalized medicine. Dr. Tang also served as Vice President, Life Science Business Development at Olympus where he was responsible for mergers, acquisitions and strategic alliances, along with strategic business planning.

Prior to his time at Olympus, Dr. Tang served as President, CEO and Director at Millennium Cell Inc., a developer and manufacturer of hydrogen batteries and fuel cells. Dr. Tang led Millennium through its initial public offering and helped transform Millennium from a startup laboratory into a viable publicly-traded company.

Dr. Tang holds a B.S. degree in Chemistry from The College of William and Mary, an M.S. degree and Ph.D. in Chemical Engineering from Lehigh University and an MBA from The Wharton School of Business at the University of Pennsylvania.

"We are delighted to welcome Steve as the Company’s new President and CEO," said Charles W. Patrick, Chairman of the Company’s Nominating and Corporate Governance Committee. "Steve’s vast technical and business experience, both in the private sector and as a public company CEO, and particularly his long and successful track record in developing and commercializing innovative technologies in the life sciences area, make him the ideal executive to lead OraSure into the future. With his service on the Board for the past six years, Steve also has an intimate knowledge of the Company and its strategic priorities and has developed strong relationships with the management team. We look forward to working with Steve in his new role as CEO and are confident that he will be successful in building on the Company’s strong business momentum."

“Although he is not retiring for several months, I would also like to thank Doug Michels, on behalf of the Board and the Company, for his many years of leadership and service,” continued Mr. Patrick. “Since Doug joined OraSure in 2004, we have achieved many significant milestones and the Company has grown substantially from revenues of approximately $40 million in 2003 to more than $165 million projected for 2017 and from a market capitalization of approximately $352 million in 2003 to $1.1 billion at the end of 2017. Many of our products were the first of their kind to receive regulatory approval and be commercialized and our expansion into the high growth molecular market has greatly contributed to our business. These achievements were due in no small measure to Doug’s vision and leadership. We wish Doug, his wife, Susan, and his family nothing but good health and much happiness in their retirement.”

CFO/COO Retirement

Ronald H. Spair, the Company’s Chief Financial Officer and Chief Operating Officer, has also chosen to retire from the Company later this year. Mr. Spair’s specific retirement date has not been set and will be determined based on the Company’s timing for the appointment of a new Chief Financial Officer. Mr. Spair has served as Chief Financial Officer since 2001 and as Chief Operating Officer and a member of the Board of Directors since 2006. Prior to his retirement date, Mr. Spair will continue to perform his normal duties and provide assistance to the Company in identifying his successor.

“On behalf of the Board and the Company, I would also like to thank Ron for his service and contributions to the Company over many years,” said Mr. Michels. “Ron has been instrumental in the growth of OraSure and in particular its current strong financial profile. We have greatly benefited from his unwavering dedication and his sound financial stewardship.”

Updated Q4 Revenue Guidance

The Company expects that its revenues for the fourth quarter of 2017 will be higher than previously projected and is now forecasting consolidated net revenues of at least $50 million for the quarter.

About OraSure Technologies

OraSure Technologies is a leader in the development, manufacture and distribution of point of care diagnostic and collection devices and other technologies designed to detect or diagnose critical medical conditions. Its first-to-market, innovative products include rapid tests for the detection of antibodies to HIV and HCV on the OraQuick^® platform, oral fluid sample collection, stabilization and preparation products for molecular diagnostic applications, and oral fluid laboratory tests for detecting various drugs of abuse. OraSure's portfolio of products is sold globally to various clinical laboratories, hospitals, clinics, community-based organizations and other public health organizations, research and academic institutions, distributors, government agencies, physicians' offices, commercial and industrial entities and consumers. The Company's products enable healthcare providers to deliver critical information to patients, empowering them to make decisions to improve and protect their health.

For more information on OraSure Technologies, please visit www.orasure.com.