QuidelOrtho (NASDAQ:QDEL) Updates FY 2024 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 1.690-1.910 for the period, compared to the consensus EPS estimate of 1.730. The company issued revenue guidance of $2.8 billion-$2.8 billion, compared to the consensus revenue estimate of $2.7 billion. QuidelOrtho also updated its FY24 guidance to $1.69-$1.91 EPS.

QuidelOrtho Stock Up 12.6 %

QuidelOrtho stock traded up $4.90 during trading hours on Friday, reaching $43.75. The stock had a trading volume of 2,488,807 shares, compared to its average volume of 532,347. The company has a market cap of $2.94 billion, a price-to-earnings ratio of -1.57 and a beta of 0.12. The business’s 50 day moving average price is $42.27 and its 200-day moving average price is $40.45. QuidelOrtho has a 52 week low of $29.74 and a 52 week high of $75.86. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.44 and a quick ratio of 0.79.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.30 by $0.55. QuidelOrtho had a negative net margin of 66.25% and a positive return on equity of 4.07%. The firm had revenue of $727.00 million during the quarter, compared to analyst estimates of $642.16 million. During the same quarter in the previous year, the business posted $0.90 EPS. QuidelOrtho’s revenue was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that QuidelOrtho will post 1.72 EPS for the current year.

Wall Street Analyst Weigh In

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

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.