QuidelOrtho (NASDAQ:QDEL) Issues FY 2024 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of -2.400 for the period, compared to the consensus EPS estimate of 1.960. The company issued revenue guidance of -$2.8 billion, compared to the consensus revenue estimate of $2.7 billion.

Analyst Ratings Changes

Separately, Royal Bank of Canada reissued an outperform rating and set a $61.00 price target on shares of QuidelOrtho in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, QuidelOrtho presently has a consensus rating of Hold and an average target price of $57.60.

QuidelOrtho Price Performance

NASDAQ:QDEL traded up $0.01 during mid-day trading on Friday, reaching $42.01. 1,681,699 shares of the stock were exchanged, compared to its average volume of 1,773,219. QuidelOrtho has a 1-year low of $29.74 and a 1-year high of $84.79. The company has a current ratio of 1.44, a quick ratio of 0.81 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $2.81 billion, a PE ratio of -1.59 and a beta of 0.07. The business has a fifty day moving average price of $36.87 and a 200 day moving average price of $45.24.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.15. The company had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $613.51 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The firm’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.26 earnings per share. Research analysts expect that QuidelOrtho will post 1.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder Carlyle Group Inc. sold 127,981 shares of QuidelOrtho stock in a transaction on Friday, June 14th. The stock was sold at an average price of $36.19, for a total transaction of $4,631,632.39. Following the transaction, the insider now owns 12,123,705 shares in the company, valued at $438,756,883.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 1,895,740 shares of company stock valued at $67,672,787. Company insiders own 1.00% of the company’s stock.

QuidelOrtho Company Profile

QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point-of-Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, which measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing products to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions.