QuidelOrtho (NASDAQ:QDEL) Releases FY24 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.69-$1.91 for the period, compared to the consensus estimate of $1.73. The company issued revenue guidance of $2.70-$2.80 billion, compared to the consensus revenue estimate of $2.71 billion. QuidelOrtho also updated its FY 2024 guidance to 1.690-1.910 EPS.

QuidelOrtho Stock Up 12.6 %

Shares of QuidelOrtho stock traded up $4.90 during midday trading on Friday, hitting $43.75. The company’s stock had a trading volume of 2,488,807 shares, compared to its average volume of 532,347. QuidelOrtho has a 1-year low of $29.74 and a 1-year high of $75.86. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $2.94 billion, a P/E ratio of -1.57 and a beta of 0.12. The stock has a 50-day simple moving average of $42.27 and a 200-day simple moving average of $40.45.

QuidelOrtho (NASDAQ:QDEL) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.55. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $642.16 million. QuidelOrtho had a positive return on equity of 4.07% and a negative net margin of 66.25%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. As a group, sell-side analysts expect that QuidelOrtho will post 1.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

About QuidelOrtho

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.