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QuidelOrtho
(NASDAQ:QDEL)
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Rating:49Neutral
Price Target:
$13.50
▼(-15.89% Downside)
Action:Reiterated
Date:08/07/26
QDEL scores below average primarily due to weak financial performance (large losses and negative TTM cash generation) despite some balance-sheet leverage improvement. Technicals are neutral with only modest signs of stabilization, while valuation is difficult to support given negative earnings and no dividend data. The latest earnings call adds both positives (ex-China growth and EBITDA/margin progress) and meaningful near-term risks (China uncertainty, softer respiratory demand, negative cash flow and withdrawn FCF guidance).
Positive Factors
Recurring consumables & multi-modality portfolio
QuidelOrtho's business is anchored by consumables sold into an installed base across infectious disease, immunoassay, molecular and transfusion markets. This creates recurring, volume-linked revenue and instrument pull-through that supports steady cash generation and resilience versus one-time sales swings over months.
Negative Factors
Negative operating and free cash flow
The company is currently consuming cash rather than generating it, limiting internal funding for working capital and capex. Persistent negative OCF/FCF forces reliance on revolver/borrowing or equity, constraining strategic optionality and making deleveraging and investment execution harder over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables & multi-modality portfolio
QuidelOrtho's business is anchored by consumables sold into an installed base across infectious disease, immunoassay, molecular and transfusion markets. This creates recurring, volume-linked revenue and instrument pull-through that supports steady cash generation and resilience versus one-time sales swings over months.
Read all positive factors
QuidelOrtho Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (U.S., Europe, and rest-of-world), highlighting where QuidelOrtho is strongest and where growth or regulatory risks lie. A U.S.-heavy mix can mean sensitivity to domestic healthcare spending and pandemic tailwinds, while rising international sales point to diversification but add currency, reimbursement, and distribution risks.
Breaks down sales across regions (U.S., Europe, and rest-of-world), highlighting where QuidelOrtho is strongest and where growth or regulatory risks lie. A U.S.-heavy mix can mean sensitivity to domestic healthcare spending and pandemic tailwinds, while rising international sales point to diversification but add currency, reimbursement, and distribution risks.
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The Fly
The FlyQuidelOrtho (QDEL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$980.63M
Dividend YieldN/A
Average Volume (3M)1.47M
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-2.57%
EPS Growth-135.75%
CountryUS
Employees6,500
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-15.44
Shares Outstanding68,575,424
10 Day Avg. Volume1,045,833
30 Day Avg. Volume1,465,730
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.00Price Target Upside-6.54% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)0.78
Revenue Forecast (FY)$2.60B
QuidelOrtho Business Overview & Revenue Model
Company Description
QuidelOrtho Corporation specializes in the creation and production of diagnostic testing solutions, addressing a wide array of healthcare testing demands. The company operates through distinct business units. Its Labs division provides clinical ch...
How the Company Makes Money
QuidelOrtho makes money primarily by selling diagnostic testing products and related services to healthcare providers and laboratories. Its revenue model is largely a mix of (1) consumables tied to ongoing test volume and (2) instrument/analyzer p...
QuidelOrtho Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: solid underlying operational performance outside China (mid-single-digit growth ex-China, strong regional results, 21% YoY adjusted EBITDA growth, and margin expansion) and tangible progress on the Lex/Neulixa commercialization. Offsetting these positives were significant near-term headwinds — a 23% revenue decline in China driven by IVD pricing uncertainty, a softer respiratory season, negative operating and free cash flow in the quarter, withdrawal of free-cash-flow guidance, and elevated leverage (4.3x). Management emphasized disciplined cost actions, cash-conversion priorities, and mitigation plans, but the combination of China uncertainty and weak respiratory demand creates meaningful short-term risk even as core franchises remain resilient.Positive Updates
Consolidated and Ex-China Revenue Growth
Total revenue for Q2 was $631 million, up 2% year-over-year on a constant-currency basis. Revenue outside of China (~90% of company revenue) grew 6% YoY, demonstrating underlying demand resilience. Key franchise growth outside China: Labs +9%, Immunohematology +5%, and Triage (point-of-care) +9%.
Negative Updates
Severe Revenue Decline in China
China revenue declined 23% year-over-year in Q2 driven by uncertainty around proposed IVD pricing guidelines. The second draft broadened product scope and expanded pilot provinces (3 → 6), prompting customers to reduce inventories and materially slow purchases, creating near-term demand uncertainty that management expects to persist.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated and Ex-China Revenue Growth
Total revenue for Q2 was $631 million, up 2% year-over-year on a constant-currency basis. Revenue outside of China (~90% of company revenue) grew 6% YoY, demonstrating underlying demand resilience. Key franchise growth outside China: Labs +9%, Immunohematology +5%, and Triage (point-of-care) +9%.
Read all positive updates
Company Guidance
The company updated full‑year 2026 guidance to revenue of $2.52–$2.60 billion, adjusted EBITDA of $540–$560 million (21%–22% margin) and adjusted EPS of $0.65–$0.90, while withdrawing free‑cash‑flow guidance due to China and respiratory uncertainty; this reflects Q2 results of $631 million revenue (+2% CC; +6% ex‑China), China down 23%, labs ex‑China +9%, immunohematology ex‑China +5%, Triage +9%, regional growth of North America +6%, JPAC +10% and Latin America +8%, Q2 adjusted EBITDA $129 million (+21%) with EBITDA margin 20% (+310 bps), adjusted gross margin 44.4% (‑130 bps), combined non‑GAAP SG&A and R&D $219 million (+2%, improving 40 bps as a percent of revenue), Q2 adjusted EPS $0.13, cash $123 million, $250 million drawn on the revolver, operating cash flow ‑$111 million and free cash flow ‑$136 million (including a $25 million Grifols payment), $97 million cash deployed for the Lex acquisition, and net leverage of 4.3x adjusted EBITDA, with management assuming roughly 3%–5% H2 growth for core labs and immunohematology and preparing for persistent China pressure and a muted respiratory season.QuidelOrtho Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.67B | 2.73B | 2.78B | 3.00B | 3.27B | 1.70B |
| Gross Profit | 1.19B | 1.27B | 1.29B | 1.50B | 1.94B | 1.28B |
| EBITDA | -498.90M | -488.10M | -1.49B | 607.00M | 1.09B | 953.30M |
| Net Income | -1.05B | -1.13B | -2.05B | -10.10M | 548.70M | 704.20M |
Balance Sheet | ||||||
| Total Assets | 5.72B | 5.77B | 6.42B | 8.56B | 8.86B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 123.40M | 202.20M | 98.30M | 167.30M | 345.00M | 828.50M |
| Total Debt | 3.08B | 2.83B | 2.68B | 2.61B | 2.85B | 139.30M |
| Total Liabilities | 3.94B | 3.85B | 3.44B | 3.56B | 3.92B | 501.00M |
| Stockholders Equity | 1.77B | 1.92B | 2.98B | 5.01B | 4.93B | 1.93B |
Cash Flow | ||||||
| Free Cash Flow | -211.20M | -83.00M | -112.10M | 70.90M | 744.40M | 513.14M |
| Operating Cash Flow | -57.20M | 105.20M | 83.00M | 280.20M | 885.30M | 805.87M |
| Investing Cash Flow | -244.80M | -192.70M | -149.90M | -187.60M | -1.64B | -319.53M |
| Financing Cash Flow | 273.10M | 155.80M | 48.80M | -265.80M | 252.00M | -173.18M |
QuidelOrtho Technical Analysis
Negative
16.05
Price Trends
15.75
Negative
14.46
Negative
20.18
Negative
Market Momentum
-0.48
Positive
42.50
Neutral
50.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QDEL, the sentiment is Negative. The current price of 16.05 is above the 20-day moving average (MA) of 15.95, above the 50-day MA of 15.75, and below the 200-day MA of 20.18, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 42.50 is Neutral, neither overbought nor oversold. The STOCH value of 50.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $4.13B | 44.08 | 11.35% | ― | 0.44% | -37.48% | |
54 Neutral | $13.82B | -13.11 | -16.60% | 0.89% | 5.36% | -632.85% | |
53 Neutral | $1.31B | 327.25 | 1.08% | ― | 51.30% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $980.63M | -0.93 | -55.30% | ― | -2.57% | -135.75% |
* Healthcare Sector Average
QDEL
QuidelOrtho
14.30
-11.52
-44.62%
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26.73
3.32
14.19%
HAE
Haemonetics
90.80
37.68
70.93%
STAA
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26.18
-1.81
-6.47%
QuidelOrtho Corporate Events
Business Operations and StrategyExecutive/Board Changes
QuidelOrtho Names New Chief Financial Officer, Plans Transition
Positive
Jun 23, 2026
On June 23, 2026, QuidelOrtho announced that Micah Young will become Chief Financial Officer and principal financial officer effective July 6, 2026, succeeding retiring CFO Joseph M. Busky, who will move into an advisory role to ensure a smooth tr...
Executive/Board ChangesShareholder Meetings
QuidelOrtho Shareholders Approve Directors, Pay and Auditor
Positive
Jun 16, 2026
On June 16, 2026, QuidelOrtho Corporation held its 2026 Annual Meeting of Stockholders, where shareholders elected ten director nominees to the board, including Brian J. Blaser, John R. Chiminski and Mary Lake Polan, with each receiving strong maj...
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.