QuidelOrtho Corp. (NASDAQ:QDEL) plunged in pre-market trading after the provider of in-vitro diagnostic technologies reported disappointing Q4 results. The company’s revenues declined by 14.3% year-over-year to $743 million in the fourth quarter, below consensus estimates of $770.1 million.
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QDEL reported adjusted earnings of $1.17 per share in the fourth quarter compared to $1.76 in the same period last year, far below the Street’s estimate of $2.04 per share.
Is QuidelOrtho a Good Stock to Buy?
Analysts remain cautiously optimistic about QDEL stock with a Moderate Buy consensus rating based on two Buys and one Hold. Over the past year, QDEL stock has declined by more than 20%, and the average QDEL price target of $101 implies an upside potential of 51.3% at current levels.
