QuidelOrtho (NASDAQ:QDEL) Issues FY24 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) updated its FY24 earnings guidance on Thursday. 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 Trading Up 12.6 %

Shares of QDEL stock traded up $4.90 during mid-day trading 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 business’s fifty day moving average is $42.27 and its 200-day moving average is $40.46. QuidelOrtho has a 1-year low of $29.74 and a 1-year high of $75.86. The company has a quick ratio of 0.79, a current ratio of 1.44 and a debt-to-equity ratio of 0.70.

QuidelOrtho (NASDAQ:QDEL) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $727.00 million during the quarter, compared to analysts’ expectations of $642.16 million. During the same quarter in the previous year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, research analysts expect that QuidelOrtho will post 1.72 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on QDEL shares. 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. UBS Group assumed coverage on shares of QuidelOrtho in a research note on Thursday, September 19th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of QuidelOrtho in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus 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.