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OraSure Raises Q4 Revenue Estimate; Names New CEO

NEW YORK (360Dx) – OraSure Technologies today raised its estimated 2017 fourth quarter revenues, and announced a successor for its president and CEO.

The company also said its chief operating officer is retiring.

The firm raised its Q4 2017 revenues to "at least $50 million." In its Q3 earnings announcement, OraSure had guided to Q4 revenues of between $45 million and $46 million.

Also, the firm's board has appointed Stephen Tang its new president and CEO, effective April 1. He will replace Douglas Michels, who is retiring as president, CEO, and board member on March 31.

Tang has been on OraSure's board since 2011 and has been its chairman since November 2016. Upon assuming his new role, he will step down as board chairman. He will remain a board member but will not serve on any board committee, the company said.

Since January 2008, Tang has been president and CEO of the University City Science Center, an urban research park and business incubator owned by more than 30 universities, medical schools, and health networks in the Philadelphia area. Before that, he was group VP and General Manager, Life Sciences of Olympus America. He also served as VP, Life Science Business Development at Olympus.

OraSure also announced CFO and COO Ronald Spair is retiring this year, though no specific date has been set. He became CFO in 2001 and COO in 2006, when he also joined OraSure's board.

His successor has not been identified.