QuidelOrtho (NASDAQ:QDEL) Issues Earnings Results, Beats Estimates By $0.55 EPS

QuidelOrtho (NASDAQ:QDEL) announced its quarterly earnings results on Thursday. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.55, Briefing.com reports. The firm had revenue of $727.00 million during the quarter, compared to the consensus estimate of $642.16 million. QuidelOrtho had a positive return on equity of 3.87% and a negative net margin of 65.60%. The firm’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior 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 Price Performance

QuidelOrtho stock traded up $4.90 during midday trading on Friday, reaching $43.75. The company’s stock had a trading volume of 2,488,807 shares, compared to its average volume of 970,354. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $75.86. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.79 and a current ratio of 1.44. The stock’s 50 day simple moving average is $42.27 and its 200 day simple moving average is $40.46. The firm has a market capitalization of $2.94 billion, a PE ratio of -1.57 and a beta of 0.12.

Analysts Set New Price Targets

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