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QDEL

QuidelOrtho Corporation

QDEL

QuidelOrtho Corporation • NASDAQ
$27.35 ▼ -0.55% (-0.15)
Market Cap $1.86 B
52w High $49.45
52w Low $19.50
Dividend Yield 0%
P/E -1.57
Volume 389.61K
Outstanding Shares 67.93M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $699.9M ▲ $1.357B ▲ $-733M ▼ -104.729% ▼ $-10.78 ▼ $-598.7M ▼
Q2-2025 $615.1M ▼ $228.8M ▼ $-255.4M ▼ -41.522% ▼ $-3.77 ▼ $-73.2M ▼
Q1-2025 $692.8M ▼ $310.7M ▼ $-12.7M ▲ -1.833% ▲ $-0.19 ▲ $140.6M ▲
Q4-2024 $707.8M ▼ $426.5M ▲ $-178.4M ▼ -25.205% ▼ $-2.28 ▼ $13.1M ▼
Q3-2024 $727.1M $337.3M $-19.9M -2.737% $-0.3 $133.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $98.1M ▼ $5.675B ▼ $3.639B ▲ $2.036B ▼
Q2-2025 $151.7M ▲ $6.379B ▼ $3.586B ▲ $2.793B ▼
Q1-2025 $127.1M ▲ $6.462B ▲ $3.464B ▲ $2.997B ▲
Q4-2024 $98.3M ▼ $6.424B ▼ $3.439B ▼ $2.985B ▼
Q3-2024 $143.7M $6.801B $3.614B $3.187B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-733M ▼ $-45.5M ▲ $-53.9M ▼ $46M ▼ $-53.6M ▼ $-94.7M ▼
Q2-2025 $-255.4M ▼ $-46.8M ▼ $-33M ▲ $103.3M ▲ $24.5M ▼ $-40.3M ▼
Q1-2025 $-12.7M ▲ $65.6M ▲ $-56.2M ▼ $17.6M ▲ $28.7M ▲ $75.7M ▲
Q4-2024 $-178.4M ▼ $63.7M ▼ $-37.9M ▲ $-68.9M ▼ $-45.5M ▼ $16.5M ▼
Q3-2024 $-19.9M $117.9M $-56.5M $-26.3M $36.5M $71.4M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Other
Other
 $240.00M ▲$120.00M ▼$120.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue surged during the pandemic and then eased back as COVID testing demand normalized. Sales are now lower than at their peak but still well above pre‑pandemic levels, showing that the underlying business is larger than it used to be. Profitability, however, has deteriorated sharply. The company moved from very strong profits in the early pandemic years to a small loss in 2023 and then to a very large loss most recently. This swing suggests a mix of weaker pricing/volumes in COVID-related products, heavier costs tied to the merger and integration, and ongoing spending to support a bigger, more complex company. Earnings have become volatile and currently sit well below earlier highs, which is an important risk signal.

Balance Sheet

Balance Sheet The balance sheet expanded significantly with the Ortho acquisition, creating a much larger asset and equity base. The company now carries meaningfully more debt than it did before, although equity remains higher than debt, which provides some cushion. Cash on hand is relatively modest compared with total debt, implying that refinancing capacity, cash generation, and credit market access matter more now than in the past. Overall, the company looks adequately capitalized but more leveraged and less liquid than in its pre‑merger days, increasing sensitivity to any extended period of weak earnings.

Cash Flow

Cash Flow Historically, the business generated healthy operating cash flow, especially during the height of COVID testing demand. As pandemic tailwinds faded, cash generation declined but remained positive in 2023, with free cash flow still in the black after funding capital expenditures. Investment needs have been meaningful but not excessive, suggesting a disciplined build‑out rather than aggressive spending. The key question is whether cash flow will stay comfortably positive as earnings are under pressure and the company invests in new platforms; sustained positive free cash flow would help support the higher debt load and ongoing R&D.

Competitive Edge

Competitive Edge QuidelOrtho operates across the full diagnostics spectrum: rapid point‑of‑care tests, central lab systems, and transfusion medicine. The merger created a broad product portfolio and a large installed base of instruments in labs and clinics, which supports recurring, high‑margin revenues from consumables. Its strengths include recognized brands like Sofia for rapid testing and VITROS for lab analyzers, a global footprint, and deep customer relationships. At the same time, diagnostics is a very competitive market, with powerful global peers, constant pricing pressure, and rapid product cycles. The company’s moat rests on breadth of offerings, embedded instruments, and service quality, but it must continually innovate and execute well to maintain share and margins.

Innovation and R&D

Innovation and R&D The company has a long history of innovation in immunoassays, molecular diagnostics, and automated lab systems. Its platforms—such as Sofia for near‑patient care and VITROS for high‑throughput labs—reflect strong technical know‑how and support a wide menu of tests. The planned acquisition of LEX Diagnostics and the pivot toward ultra‑fast molecular testing show a willingness to redirect resources toward higher‑growth, higher‑value niches, even at the cost of abandoning prior in‑house projects. A sizable development pipeline, heavily focused on infectious diseases, indicates continued commitment to R&D. The flip side is higher ongoing research spending and execution risk: integrating new technologies, obtaining regulatory approvals, and successfully commercializing new platforms will heavily influence future profitability.

Summary

QuidelOrtho has transformed from a smaller, COVID‑boosted rapid testing company into a much larger, diversified diagnostics player through its merger with Ortho. The underlying franchise—anchored by broad product lines and installed instruments—appears strategically strong, with meaningful recurring revenue potential and a clear focus on innovation, particularly in fast molecular testing. However, financial performance has been on a downswing: revenues are off their pandemic peak, margins have compressed, and the most recent year shows a very substantial loss. Debt is higher, liquidity is tighter than before, and the success of integration and new platforms will be crucial. Overall, the story today is one of solid strategic positioning but elevated execution and earnings risk as the company moves through a complex transition period.

NEWS

November 24, 2025 · 7:00 AM UTC

QuidelOrtho To Participate In Upcoming Investor Conferences

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November 20, 2025 · 9:00 AM UTC

The Power of Prevention: Detecting Diabetes Before It Strikes

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November 5, 2025 · 4:05 PM UTC

QuidelOrtho Reports Third Quarter 2025 Financial Results

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November 3, 2025 · 7:00 AM UTC

QuidelOrtho Receives FDA 510(k) Clearance for VITROS™ Immunodiagnostic Products hs Troponin I Assay

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October 23, 2025 · 6:45 PM UTC

Informatics Illuminated: Science Bytes Podcast Explores the Power Behind Smarter Diagnostics

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