Altai Capital Escalates at OraSure Technologies (OSUR), Nominates Directors and Slams Strategy and Capital Allocation

December 17, 2025

VIA EMAIL
Mr. John P. Kenny
Chairman of the Board
OraSure Technologies, Inc.
150 Webster St.
Bethlehem, PA 18015

CC: Board of Directors of OraSure

Dear Mr. Kenny and Members of the Board:

Altai Capital Management, L.P. (“Altai Capital” or “we”) is a beneficial owner of approximately 5.2% of the outstanding common stock of OraSure Technologies, Inc. (“OraSure” or the “Company”), making us one of OraSure’s largest shareholders. Since November 2024, we have had several private conversations with OraSure’s Board of Directors (“the Board”) and management to explore ways to create value for OraSure. Through this dialogue and the subsequent actions of the Company, it is clear to us that the Board remains obstinately committed to the Company’s failing strategy in life sciences that has destroyed significant shareholder value across every reasonable metric.

We are now more convinced than ever that the current Board is not capable of taking the necessary steps to transform the Company. We therefore intend to nominate John Bertrand, CEO of Digital Diagnostics, and myself, Rishi Bajaj, President and CIO of Altai Capital, for election to the Board at the 2026 Annual Meeting of Stockholders. Please see Exhibits A and B, respectively, for Mr. Bertrand’s and my biographies.

We believe that the causes of the Company’s underperformance are primarily driven by extremely poor strategy and capital allocation decisions. First, management failed to execute the steps required to turn around its core product segments amidst its Covid-19 windfall revenue winding down. Second, the Company has squandered millions of dollars making ill-timed venture-like investments in failing, subscale and/or unprofitable companies. Finally, OraSure continues to burn cash in its core product segments with no tangible return on the horizon.

Price Performance Graph: OraSure vs. Relevant Indices1

1 Performance is calculated for the period 12/01/20 – 12/12/25. Data for the Bloomberg US 3000 Life Science & Diagnostics Price Return Index, S&P Health Care Index, NASDAQ Composite Index and the NYSE Composite Index assume reinvestment of dividends.

Adding a motivated, experienced board member with significant stock ownership should be an obvious step in the right direction for any board, especially one with a track record as poor as OraSure’s. Yet, the Board has made clear in private conversations that it would not be persuaded by our arguments or give proper consideration to my candidacy. Instead of appointing someone with a meaningful ownership interest who is aligned with shareholders, the Board recently added Stephen Boyd, who is a former, not current, shareholder of the Company, with no apparent board, operating or business restructuring experience.

We are not saying that Mr. Boyd is incapable of learning on the job. We are instead emphatically saying that shareholders should not fund Mr. Boyd’s education as OraSure attempts to navigate a critical turnaround situation. Despite the Company’s so-called board refreshment efforts, OraSure has made no meaningfully positive operational or directional changes. It is transparent to us and many other shareholders that these actions are simply cosmetic and are not intended to take real accountability. As such, we do not believe the Company is committed to responding to its past mistakes through a comprehensive reevaluation of its strategy which is imperative for value creation.

OraSure is at a pivotal moment in its journey and faces significant obstacles ahead. Mr. Boyd’s appointment clearly demonstrates that the Board has little respect for the challenges the Company is facing, and little regard for the anger shareholders feel for the way the Company has addressed many of these same challenges in the past. This pattern of disregard for shareholder interests must cease immediately. OraSure has squandered 25% of its cash and cash equivalents balance since Q4 2023 while its quarterly revenue (excluding Covid-19 products) has declined over 20% in the same timeframe. Shareholders like us who are anxious and motivated to drive change deserve better. If the Board does not change course immediately, the risk of permanent capital impairment will continue to increase. Perhaps more importantly, we see little hope that OraSure will outperform relative to its risk.

We and Mr. Bertrand believe there is a better path forward to transform the Company that will deliver substantial near-term and long-term value to all shareholders while mitigating the potential for future value destruction. As we have stated to you numerous times throughout this year, Mr. Bertrand and I stand ready to join the Board immediately and draw upon our collective experience and successful track records to drive value to all shareholders. We look forward to enthusiastically presenting our case directly to shareholders if the Board fails to act. Until then, we remain open to engaging with the Board and management to achieve what should be our shared long-term goal of delivering sustained and enduring value to shareholders.

Sincerely,

Rishi Bajaj
President & Chief Investment Officer

Source: https://www.sec.gov/Archives/edgar/data/1116463/000090266425005327/p25-2605exh99_2.htm