QuidelOrtho (NASDAQ:QDEL) Releases FY24 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.69-$1.91 for the period, compared to the consensus estimate of $1.73. The company issued revenue guidance of $2.70-$2.80 billion, compared to the consensus revenue estimate of $2.71 billion. QuidelOrtho also updated its FY 2024 guidance to 1.690-1.910 EPS.

QuidelOrtho Stock Up 12.6 %

NASDAQ:QDEL traded up $4.90 during trading hours on Friday, hitting $43.75. 2,488,807 shares of the company traded hands, compared to its average volume of 532,347. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. The firm’s 50-day simple moving average is $42.27 and its 200-day simple moving average is $40.45. QuidelOrtho has a one year low of $29.74 and a one year high of $75.86. The company has a market cap of $2.94 billion, a PE ratio of -1.57 and a beta of 0.12.

QuidelOrtho (NASDAQ:QDEL) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.55. The business had revenue of $727.00 million for the quarter, compared to analysts’ expectations of $642.16 million. QuidelOrtho had a positive return on equity of 4.07% and a negative net margin of 66.25%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period last year, the business earned $0.90 EPS. Equities analysts predict that QuidelOrtho will post 1.72 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on QDEL shares. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum upgraded QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price objective for the company from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group assumed coverage on QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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.