Quidelortho Corporation ( (QDEL) ) has released its Q3 earnings. Here is a breakdown of the information Quidelortho Corporation presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
QuidelOrtho Corporation, a global leader in in-vitro diagnostics, provides innovative diagnostic solutions for point-of-care settings, clinical labs, and transfusion medicine, focusing on delivering accurate and reliable diagnostics rapidly across various healthcare environments.
In its third-quarter 2024 financial results, QuidelOrtho Corporation reported revenues of $727 million, a slight decrease compared to the previous year, primarily due to reduced COVID-19 and influenza revenue. The company has reinstated its full-year financial guidance, reflecting confidence in its strategic priorities and cost-saving initiatives.
Key financial metrics include a GAAP operating income of $15 million and an adjusted EBITDA of $171 million, showing a slight increase from the previous year’s third quarter. The company emphasized its focus on cost efficiencies, highlighted by a reduction in GAAP operating expenses by $13 million. Additionally, QuidelOrtho has strengthened its leadership team with new executive appointments, underscoring its commitment to organizational effectiveness.
QuidelOrtho’s management remains optimistic about future growth, with a focus on executing cost-savings initiatives and enhancing customer focus. The reinstatement of its financial guidance for 2024, anticipating revenues of $2.75 to $2.80 billion, suggests a positive outlook as the company aims to achieve significant cost-savings and continue its trajectory of strategic growth.
