QuidelOrtho (NASDAQ:QDEL) Issues Earnings Results

QuidelOrtho (NASDAQ:QDEL) announced its earnings results on Thursday. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.30 by $0.55, Briefing.com reports. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same period in the previous year, the business earned $0.90 EPS. QuidelOrtho’s revenue was down 2.3% compared to the same quarter last year. QuidelOrtho updated its FY24 guidance to $1.69-$1.91 EPS and its FY 2024 guidance to 1.690-1.910 EPS.

QuidelOrtho Price Performance

NASDAQ QDEL traded up $4.90 during trading hours on Friday, hitting $43.75. The company’s stock had a trading volume of 2,488,349 shares, compared to its average volume of 970,354. The stock has a fifty day moving average of $42.24 and a 200 day moving average of $40.42. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. QuidelOrtho has a twelve month low of $29.74 and a twelve month high of $75.86.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. UBS Group started coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Finally, Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and increased their price target for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.83.

QuidelOrtho Company Profile

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.