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.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group initiated coverage on QuidelOrtho in a research report on Thursday, September 19th. They set a “neutral” rating and a $50.00 target price on the stock. Craig Hallum raised shares of QuidelOrtho from a “hold” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $57.00 in a research note on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price target on shares of QuidelOrtho in a research note on Friday, August 16th. One investment 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. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $58.83.

QuidelOrtho Stock Up 12.6 %

Shares of NASDAQ QDEL traded up $4.90 during midday trading on Friday, hitting $43.75. The company’s stock had a trading volume of 2,488,807 shares, compared to its average volume of 532,347. QuidelOrtho has a 1 year low of $29.74 and a 1 year high of $75.86. The business’s fifty day simple moving average is $42.27 and its two-hundred day simple moving average is $40.45. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -1.57 and a beta of 0.12. 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 issued its quarterly earnings results on Thursday, November 7th. The company reported $0.85 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $642.16 million. During the same quarter in the previous year, the firm earned $0.90 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. On average, equities analysts predict that QuidelOrtho will post 1.72 EPS for the current year.

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.