QuidelOrtho (NASDAQ:QDEL) Issues Quarterly Earnings Results

QuidelOrtho (NASDAQ:QDEL - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.30 by $0.55, Briefing.com reports. The business had revenue of $727.00 million during the quarter, compared to analysts' expectations of $642.16 million. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.90 EPS. QuidelOrtho updated its FY24 guidance to $1.69-$1.91 EPS and its FY 2024 guidance to 1.690-1.910 EPS.

QuidelOrtho Stock Up 12.6 %

Shares of QDEL traded up $4.90 during mid-day trading on Friday, hitting $43.75. 2,488,807 shares of the company's stock were exchanged, compared to its average volume of 970,354. The stock's 50-day moving average is $42.27 and its 200-day moving average is $40.46. The company has a market cap of $2.94 billion, a price-to-earnings ratio of -1.57 and a beta of 0.12. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44.

Analysts Set New Price Targets

A number of research firms have recently issued reports on QDEL. Craig Hallum raised shares of QuidelOrtho from a "hold" rating to a "buy" rating and upped their target price for the stock from $40.00 to $57.00 in a report on Thursday, September 5th. Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price objective on shares of QuidelOrtho in a report on Friday, August 16th. Finally, UBS Group initiated coverage on shares of QuidelOrtho in a report on Thursday, September 19th. They issued a "neutral" rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, QuidelOrtho currently has an average rating of "Hold" and a consensus price target 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.