OraSure Technologies said Friday that it is reducing a “mid-single digits percent” of its workforce, including 10 at its South Bethlehem headquarters.
A spokesperson for the diagnostic test kit and medical device manufacturer said OraSure has “been on a journey of strategic transformation since 2022.”
“Since then, we have made clear strides in strengthening the foundation of our business, including advancing our innovation pipeline to accelerate profitable growth for sustainable success,” the spokesperson said.
The company anticipates the launch of two products that have been submitted for approval by the Food and Drug Administration. As a result, leaders felt they needed to “rebalance our cost structure” to support the investments.
Because of the small number of layoffs, the company was not required to issue a Worker Adjustment and Retraining Notification.
Besides its Bethlehem locations, OraSure has subsidiaries in Massachusetts, Canada and the United Kingdom.
In trading Friday, OraSure shares were flat Friday at $2.73. Shares are down about 30% in the last year.