QuidelOrtho reports fourth-quarter revenue in line with Investing.com guidance

SAN DIEGO – QuidelOrtho Corporation (NASDAQ:QDEL), a global provider of diagnostic solutions, today reported preliminary unaudited revenue for the fourth quarter of 2024 that is consistent with the company’s previous financial forecasts. The company expects to report revenues between $702 million to $707 million for the quarter ending December 29, 2024. InvestingPro According to the data, the company’s stock has shown strong momentum with gains of 41% over the past six months, despite trading below its 52-week high of $74.04.

Projected revenues consist of approximately $561 million to $563 million from non-respiratory products and approximately $141 million to $143 million from respiratory products. These numbers indicate that the company’s performance is in line with its financial guidance for the year. InvestingPro The analysis indicates that the company maintains a healthy gross profit margin of 47.6%, despite currently operating with a significant debt load of $2.8 billion.

Brian J. Blazer, President and CEO of QuidelOrtho, expressed satisfaction with the company’s year-end results, highlighting a strategic focus on growth and earnings opportunities, leadership realignment, and cost savings initiatives. These efforts are expected to provide a strong foundation for fiscal year 2025 InvestingPro The analysis shows that the company has not been profitable in the past 12 months, and analysts expect a return to profitability this year, with an EPS forecast of $1.78 for 2024. Get access to 7 more exclusive InvestingPro tips and comprehensive financial analysis with the Pro Report Research Report.

The company’s preliminary revenue numbers are subject to adjustments as this year’s financial close process is completed. QuidelOrtho plans to release its detailed financial results for the fourth quarter and full year 2024 on February 12, 2025, after the market closes. A conference call will be held to discuss these results, with access available through the Company’s Investor Relations website or by telephone.

QuidelOrtho specializes in in vitro diagnostics, providing solutions across various settings, including point of care, clinical laboratories and transfusion medicine. The company aims to develop diagnostic methods for a healthier future, and to benefit from its experience to provide accurate and reliable tests.

This press release contains forward-looking statements regarding the Company’s pro forma unaudited revenues and its expectations of future financial conditions and results. Since these are based on management’s initial analysis, they are subject to change. Final financial results may differ from initial estimates and may be material. Based on current market conditions and comprehensive analysis available on InvestingProThe stock appears to be undervalued according to InvestingPro’s fair value model, with analyst price targets ranging from $38 to $64.

The information in this article is based on a press release from QuidelOrtho.

In other recent news, Quidel (NASDAQ:) has been the focus of many financial analysts. Citi upgraded Quidel from Neutral to Buy, citing improved management execution and attractive valuation. The company also raised its price target to $50 from $44 previously. Conversely, Jefferies initiated coverage of Quidel with a Hold rating and a price target of $43.

Quidel reported revenue of $85 million for the third quarter of 2024 and restated its guidance for FY24, forecasting sales of $2.75 billion to $2.80 billion. However, this would represent a year-on-year decline of 8.3% to 6.6%. The company also reported an adjusted EBITDA margin of 19.3% to 19.6%, reflecting a year-over-year decline.

In other developments, QuidelOrtho reported third-quarter 2024 earnings, revealing revenue of $727 million and adjusted EBITDA of $171 million. The company’s adjusted diluted earnings per share (EPS) were reported at $0.85. For the full year of 2024, QuidelOrtho expects revenue between $2.75 billion and $2.80 billion, and adjusted diluted earnings per share of between $1.69 and $1.91.

The company also announced leadership changes, including Jonathan Siegrist as new CTO and Lee Bowman as Chief Human Resources Officer, as the company targets $100 million in cost savings by mid-2025. Finally, QuidelOrtho’s CFO testified, Joseph M. Buskey received a significant increase in his base salary, reflecting his expanded role and new duties in information technology.

This article was created with the power of artificial intelligence and reviewed by an editor. For more information, see our terms and conditions.