Quidelortho Corporation (QDEL)
NASDAQ:QDEL
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QuidelOrtho
(NASDAQ:QDEL)
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Rating:44Neutral
Price Target:
$11.50
▼(-9.52% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by deteriorated profitability and weak cash generation alongside higher leverage, reinforced by a strongly bearish technical setup. Guidance and strategic actions from the latest call provide some offset via a path to margin improvement and positive full-year free cash flow, but near-term results and macro/China uncertainty keep risk elevated.
Positive Factors
Diversified recurring-consumables base
A revenue mix with >80% non-respiratory in Q1 indicates a diversified installed base and recurring consumables exposure. That structural mix reduces dependence on seasonal respiratory demand, supporting steadier consumable pull-through, predictable revenue streams and longer-term cash conversion if test volumes hold.
Negative Factors
Elevated leverage
Materially higher leverage reduces financial flexibility and raises refinancing and interest-rate sensitivity. At ~4.1x net debt/EBITDA the company has less room for cyclical setbacks or aggressive R&D/capex until delevering, increasing execution risk on strategic initiatives and limiting optionality for bolt-on M&A.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring-consumables base
A revenue mix with >80% non-respiratory in Q1 indicates a diversified installed base and recurring consumables exposure. That structural mix reduces dependence on seasonal respiratory demand, supporting steadier consumable pull-through, predictable revenue streams and longer-term cash conversion if test volumes hold.
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
$808.75M
Dividend YieldN/A
Average Volume (3M)2.81M
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth-3.87%
EPS Growth-258.96%
CountryUS
Employees6,600
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-17.85
Shares Outstanding68,190,990
10 Day Avg. Volume2,203,716
30 Day Avg. Volume2,813,936
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 Cap4.38
Enterprise Value/Revenue1.33
Enterprise Value/Gross Profit2.97
Enterprise Value/Ebitda-6.46
Forecast
1Y Price Target
$12.03Price Target Upside-5.33% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)1.82
Revenue Forecast (FY)$2.73B
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 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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: near-term headwinds were significant (a ~30% weaker respiratory season, an 8% decline in labs revenue, quarter-level margin and cash flow pressure, and China distributor pauses), but management emphasized strategic progress—completion of the Lex acquisition, new product launches (troponin, VITROS 450), cost actions, and a full-year plan targeting a 23% adjusted EBITDA margin and positive free cash flow of $100M–$120M. Given the company’s proactive mitigation steps, clear product and pipeline catalysts, and multi-pronged margin initiatives versus the material but largely contextual short-term revenue and cash setbacks, the tone is balanced between caution on near-term execution risks and optimism on medium-term recovery and margin improvement.Positive Updates
Completed Lex Diagnostics Acquisition
Acquired Lex Diagnostics (April 2026) adding an ultrafast molecular point-of-care platform; secured initial customer orders, expecting to place a few hundred instruments in 2026 with measurable assay pull-through and associated revenue beginning in early 2027; expanding UK manufacturing capacity to support ramp.
Negative Updates
Significantly Weaker Respiratory Season
Respiratory seasonal weakness drove a major headwind: CDC-reported influenza-like illness (ILI) visits were down approximately 30% in April vs Q1 2025; respiratory revenue was $68 million (down significantly versus prior year) and company now models an 8% decline in full-year respiratory revenue with a flat second half assumption.
Read all updates
Q1-2026 Updates
Positive
Negative
Completed Lex Diagnostics Acquisition
Acquired Lex Diagnostics (April 2026) adding an ultrafast molecular point-of-care platform; secured initial customer orders, expecting to place a few hundred instruments in 2026 with measurable assay pull-through and associated revenue beginning in early 2027; expanding UK manufacturing capacity to support ramp.
Read all positive updates
Company Guidance
The company updated full‑year 2026 guidance to total reported revenue of $2.0–$2.75 billion, adjusted EBITDA of $615–$630 million (≈23% margin, +100 bps vs. 2025), adjusted diluted EPS of $0.80–$2.00, and free cash flow of $100–$120 million, while modeling an 8% decline in respiratory revenue for the year and saying the midpoint of the revenue shortfall is roughly $75 million (about $45M from weaker respiratory trends and ~$30M from China distributor pauses tied to draft national IVD pricing, which would impact roughly half of China sales); Q1 contextual metrics were revenue $620 million (respiratory $68M, non‑respiratory $552M), labs revenue down 8%, adjusted gross margin 44% (‑630 bps), adjusted EBITDA $109M (18% margin), adjusted diluted loss per share $0.40, operating cash flow ‑$33M, free cash flow ‑$67M, cash $140M and borrowings $130M, and net debt/adjusted EBITDA leverage 4.1x (expected pro forma 3.25–3.5x by year‑end); management expects Q2 roughly flat with Q1 and a stronger second half to drive the full‑year targets.QuidelOrtho Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
41
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.66B | 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 | -548.80M | -488.10M | -1.49B | 607.00M | 1.09B | 953.30M |
| Net Income | -1.21B | -1.13B | -2.05B | -10.10M | 548.70M | 704.20M |
Balance Sheet | ||||||
| Total Assets | 5.63B | 5.77B | 6.42B | 8.56B | 8.86B | 2.43B |
| Cash, Cash Equivalents and Short-Term Investments | 140.40M | 202.20M | 98.30M | 167.30M | 345.00M | 828.50M |
| Total Debt | 2.87B | 2.80B | 2.68B | 2.61B | 2.85B | 139.30M |
| Total Liabilities | 3.78B | 3.85B | 3.44B | 3.56B | 3.92B | 501.00M |
| Stockholders Equity | 1.85B | 1.92B | 2.98B | 5.01B | 4.93B | 1.93B |
Cash Flow | ||||||
| Free Cash Flow | -75.20M | -83.00M | -112.10M | 70.90M | 744.40M | 513.14M |
| Operating Cash Flow | 6.60M | 105.20M | 83.00M | 280.20M | 885.30M | 805.87M |
| Investing Cash Flow | -170.50M | -192.70M | -149.90M | -187.60M | -1.64B | -319.53M |
| Financing Cash Flow | 175.80M | 155.80M | 48.80M | -265.80M | 252.00M | -173.18M |
QuidelOrtho Technical Analysis
Neutral
12.71
Price Trends
13.74
Negative
20.30
Negative
23.76
Negative
Market Momentum
-0.67
Negative
47.34
Neutral
85.69
Negative
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 12.71 is above the 20-day moving average (MA) of 11.48, below the 50-day MA of 13.74, and below the 200-day MA of 23.76, indicating a neutral trend. The MACD of -0.67 indicates Negative momentum. The RSI at 47.34 is Neutral, neither overbought nor oversold. The STOCH value of 85.69 is Negative, 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $9.36B | 40.82 | 9.08% | ― | -21.03% | ― | |
59 Neutral | $2.98B | 26.20 | 11.32% | ― | -1.97% | -38.95% | |
58 Neutral | $1.62B | 48.44 | -6.07% | ― | 4.03% | 70.55% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $9.91B | -144.20 | -16.43% | 2.75% | -4.79% | -78.01% | |
44 Neutral | $808.75M | -2.83 | -56.31% | ― | -3.87% | -258.96% |
* Healthcare Sector Average
QDEL
QuidelOrtho
11.86
-17.88
-60.12%
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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...
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.