QuidelOrtho (QDEL)
NASDAQ:QDEL
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QuidelOrtho
(NASDAQ:QDEL)
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Rating:45Neutral
Price Target:
$13.50
▼(-22.06% Downside)
Action:ReiteratedDate:03/25/26
The score is held down primarily by weak financial performance (severe recent losses, higher leverage, and only modestly recovered cash generation) and a clearly bearish technical setup (below key moving averages with negative MACD). Partially offsetting this are constructive 2026 guidance for margin and cash flow improvement and a neutral-to-modestly supportive corporate event, while valuation provides limited clarity due to negative earnings and no stated dividend.
Positive Factors
Recurring consumables driven by labs installed base
Labs account for the majority of revenue and grew mid-single digits, showing durable demand for clinical chemistry and recurring consumables. A large installed base with repeat-purchase assays supports predictable top-line and consumable pull-through, cushioning medium-term revenue and cash flow.
Negative Factors
Elevated leverage and weakened balance sheet cushion
Leverage increased materially as equity declined and net debt sits well above stated targets, constraining financial flexibility. Elevated interest and principal obligations reduce resilience to profit or cash setbacks, limiting capacity for opportunistic investments or buybacks while the company repairs operating profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables driven by labs installed base
Labs account for the majority of revenue and grew mid-single digits, showing durable demand for clinical chemistry and recurring consumables. A large installed base with repeat-purchase assays supports predictable top-line and consumable pull-through, cushioning medium-term revenue and cash flow.
Read all positive factors
QuidelOrtho (QDEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.09B
Dividend YieldN/A
Average Volume (3M)1.71M
Price to Earnings (P/E)―
Beta (1Y)1.26
Revenue Growth-3.43%
EPS Growth38.98%
CountryUS
Employees6,600
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.46
Shares Outstanding68,081,764
10 Day Avg. Volume1,764,310
30 Day Avg. Volume1,714,949
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)1.03
Price to Sales (P/S)0.73
P/FCF Ratio-23.93
Enterprise Value/Market Cap3.48
Enterprise Value/Revenue1.40
Enterprise Value/Gross Profit2.99
Enterprise Value/Ebitda-7.79
Forecast
1Y Price Target
$27.50Price Target Upside58.78% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)2.15
Revenue Forecast (FY)$2.77B
QuidelOrtho Business Overview & Revenue Model
Company Description
QuidelOrtho Corporation focuses on the development and manufacture of diagnostic testing technologies across the continuum of healthcare testing needs. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnosti...
How the Company Makes Money
QuidelOrtho primarily makes money by selling diagnostic testing solutions through a mix of (1) instrument/platform placements and (2) recurring consumables tied to those instruments. A significant portion of revenue is generated from ongoing sales...
QuidelOrtho Key Performance Indicators (KPIs)
QuidelOrtho Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: management reported execution progress—delivering full-year revenue, meaningful cost savings ($140M), EBITDA margin expansion (+240 bps), product clearances and a healthy pipeline—while acknowledging notable near-term headwinds including respiratory revenue decline, Q4 gross margin pressure, lower-than-target recurring free cash flow driven by timing/ERP issues, elevated leverage (4.2x) and a large noncash goodwill impairment. Management provided constructive 2026 guidance with improved adjusted EBITDA margin and a plan to reduce leverage and improve cash flow, but timing and respiratory variability create uncertainty.Positive Updates
Revenue and Growth Achieved Full-Year Guidance
Full year 2025 reported revenue of $2.73 billion, Q4 revenue of $724 million (+2% YoY reported). Excluding COVID and Donor Screening, Q4 reported growth was +7% and full-year Non-respiratory (ex Donor Screening) grew +5%.
Negative Updates
Respiratory Revenue Decline and Seasonal Uncertainty
Respiratory revenue declined 14% in Q4 and 20% for full year 2025 due to lower COVID testing; respiratory variability drives a wide guidance range and is the main source of revenue/EPS volatility in 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue and Growth Achieved Full-Year Guidance
Full year 2025 reported revenue of $2.73 billion, Q4 revenue of $724 million (+2% YoY reported). Excluding COVID and Donor Screening, Q4 reported growth was +7% and full-year Non-respiratory (ex Donor Screening) grew +5%.
Read all positive updates
Company Guidance
Management guided 2026 reported revenue of $2.7–$2.9 billion (quarterly phasing similar to 2025; FX assumed neutral as of Jan‑2026), with Labs growing mid‑single digits, Immunohematology low single digits, Point‑of‑Care roughly flat at the midpoint (assumes a typical flu market of $50–$55 billion in tests), COVID revenue flat at ~$8 million, Triage cardiac high single‑digit growth, Molecular to decline slightly (Savanna discontinued and minimal revenue from the planned LEX acquisition in 2026), and China growth in the low single digits; adjusted EBITDA is forecast at $630–$670 million (~23.3% margin, ~130 bps improvement vs. 2025’s 22%), adjusted diluted EPS $2.00–$2.42 (including ≈$20 million of incremental depreciation vs. 2025), gross margin roughly flat to 2025, depreciation about $250 million for the year, free cash flow $120–$160 million (this factors in $50–$60 million of one‑time cash use for the New Jersey consolidation and procurement initiatives), interest expense around $200 million, CapEx $150–$170 million, an effective tax rate of ~24%, and net leverage targeted to be ~3.8x by year‑end as the company moves toward a 2.5x–3.5x goal.QuidelOrtho Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
46
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.73B | 2.78B | 3.00B | 3.27B | 1.70B |
| Gross Profit | 1.27B | 1.29B | 1.50B | 1.94B | 1.28B |
| EBITDA | -488.10M | -1.49B | 607.00M | 1.09B | 953.30M |
| Net Income | -1.13B | -2.05B | -10.10M | 548.70M | 704.20M |
Balance Sheet | |||||
| Total Assets | 5.77B | 6.42B | 8.56B | 8.86B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 202.20M | 98.30M | 167.30M | 345.00M | 828.50M |
| Total Debt | 2.80B | 2.68B | 2.61B | 2.85B | 139.30M |
| Total Liabilities | 3.85B | 3.44B | 3.56B | 3.92B | 501.00M |
| Stockholders Equity | 1.92B | 2.98B | 5.01B | 4.93B | 1.93B |
Cash Flow | |||||
| Free Cash Flow | -83.00M | -112.10M | 70.90M | 744.40M | 513.14M |
| Operating Cash Flow | 105.20M | 83.00M | 280.20M | 885.30M | 805.87M |
| Investing Cash Flow | -192.70M | -149.90M | -187.60M | -1.64B | -319.53M |
| Financing Cash Flow | 155.80M | 48.80M | -265.80M | 252.00M | -173.18M |
QuidelOrtho Technical Analysis
Neutral
17.32
Price Trends
20.40
Negative
24.64
Negative
25.91
Negative
Market Momentum
-1.28
Negative
50.20
Neutral
52.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QDEL, the sentiment is Neutral. The current price of 17.32 is above the 20-day moving average (MA) of 16.01, below the 50-day MA of 20.40, and below the 200-day MA of 25.91, indicating a neutral trend. The MACD of -1.28 indicates Negative momentum. The RSI at 50.20 is Neutral, neither overbought nor oversold. The STOCH value of 52.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for QDEL.
QuidelOrtho Risk Analysis
QuidelOrtho disclosed 48 risk factors in its most recent earnings report. QuidelOrtho reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
QuidelOrtho Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.75B | 20.99 | 20.26% | ― | -2.45% | 41.50% | |
64 Neutral | $9.35B | -45.07 | -17.21% | ― | -16.03% | -813.48% | |
52 Neutral | $1.33B | ― | -23.24% | ― | -32.42% | -540.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $9.10B | ― | -13.78% | 2.75% | -21.20% | -325.40% | |
45 Neutral | $1.09B | -1.76 | -46.45% | ― | -3.43% | 38.98% |
* Healthcare Sector Average
QDEL
QuidelOrtho
17.32
-9.24
-34.79%
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QuidelOrtho Corporate Events
Business Operations and StrategyExecutive/Board Changes
QuidelOrtho Announces Chief Legal Officer Leadership Transition
Positive
Mar 24, 2026
On March 18, 2026, QuidelOrtho announced that Chief Legal Officer and Corporate Secretary Michelle A. Hodges plans to retire from her roles effective March 23, 2026, with a structured transition agreement in place. She will remain with the company...
Executive/Board Changes
QuidelOrtho Announces Planned Retirement of Chief Financial Officer
Neutral
Feb 13, 2026
On February 9, 2026, QuidelOrtho Corporation announced that its Chief Financial Officer and principal financial officer, Joseph M. Busky, plans to retire effective June 30, 2026. The company stated that Busky’s retirement is due to personal ...
Executive/Board Changes
QuidelOrtho Announces Board Director Matthew Strobeck’s Departure
Neutral
Feb 5, 2026
On January 30, 2026, QuidelOrtho Corporation announced that board member Matthew W. Strobeck has decided not to stand for re-election at the company’s 2026 annual stockholders meeting due to other professional commitments. He will remain on ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.