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

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

QuidelOrtho Stock Performance

NASDAQ QDEL opened at $43.75 on Friday. The stock has a market cap of $2.94 billion, a PE ratio of -1.57 and a beta of 0.12. The company has a current ratio of 1.44, a quick ratio of 0.79 and a debt-to-equity ratio of 0.70. QuidelOrtho has a twelve month low of $29.74 and a twelve month high of $75.86. The stock has a fifty day simple moving average of $42.27 and a 200-day simple moving average of $40.46.

Analysts Set New Price Targets

QDEL has been the topic of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of QuidelOrtho in a research note on Friday, August 16th. Craig Hallum raised QuidelOrtho from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, UBS Group initiated coverage on QuidelOrtho in a research note on Thursday, September 19th. They set 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, 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.