QuidelOrtho (NASDAQ:QDEL) Posts Earnings Results, Beats Estimates By $0.55 EPS

QuidelOrtho (NASDAQ:QDEL) issued its quarterly earnings data on Thursday. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.55, Briefing.com reports. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The business had revenue of $727.00 million for the quarter, compared to the consensus estimate of $642.16 million. During the same period in the prior year, the business earned $0.90 earnings per share. The business’s revenue was down 2.3% on a year-over-year basis. QuidelOrtho updated its FY24 guidance to $1.69-$1.91 EPS and its FY 2024 guidance to 1.690-1.910 EPS.

QuidelOrtho Trading Up 12.7 %

Shares of QuidelOrtho stock traded up $4.94 during trading on Friday, reaching $43.79. The company had a trading volume of 2,488,349 shares, compared to its average volume of 970,354. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The firm’s fifty day moving average is $42.24 and its 200-day moving average is $40.42. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and upped their price objective for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group started coverage on shares of QuidelOrtho in a research report on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, QuidelOrtho currently has a consensus rating of “Hold” and an average target price of $58.83.

About QuidelOrtho

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.