SAN DIEGO – QuidelOrtho Corporation (NASDAQ:QDEL), a global provider of diagnostic solutions, today reported preliminary unaudited fourth quarter 2024 earnings that are in line with the company’s previous financial projections. The company anticipates reporting revenue in the range of $702 million to $707 million for the quarter ended December 29, 2024. According to InvestingPro according to the data, the company’s shares have shown strong momentum, rising 41% over the past six months, despite trading below a 52-week high of $74.04.
Expected revenues consist of approximately $561 to $563 million from non-respiratory products and approximately $141 to $143 million from respiratory products. These figures suggest that the company’s performance is in line with its financial guidance for the year. InvestingPro analysis shows that the company maintains a healthy gross profit margin of 47.6%, although it currently operates with a significant debt burden of $2.8 billion.
Brian J. Blaser, president and chief executive officer of QuidelOrtho, expressed satisfaction with the company’s year-end results, noting the strategic focus on growth and profit opportunities, leadership realignment and cost-saving initiatives. These efforts are expected to provide a strong foundation for fiscal 2025. Doc InvestingPro analysis shows that the company has not been profitable in the past twelve months, analysts predict a return to profitability this year, with forecast EPS of $1.78 in 2024. Get access to 7 more exclusive InvestingPro tips and comprehensive financial analysis via Pro Research Report.
The Company’s preliminary revenue figures are subject to adjustments as the financial close process for this year is completed. QuidelOrtho plans to release its detailed financial results for the fourth quarter and full year 2024 on February 12, 2025, after the market closes. A conference call to discuss these results will follow, with access via the company’s investor relations website or by telephone.
QuidelOrtho specializes in in vitro diagnostics, offering solutions in a variety of settings, including outpatient clinics, clinical laboratories and transfusion medicine. The company aims to advance diagnostics for a healthier future, using its expertise to provide accurate and reliable testing.
This press release contains forward-looking statements regarding the company’s preliminary unaudited revenues and expectations of future financial conditions and results. Because they are based on management’s initial analysis, they are subject to change. Final financial results may differ from preliminary estimates and may be material. Based on current market conditions and extensive analysis available at InvestingProthe stock appears to be undervalued according to InvestingPro’s fair value model, with analyst price targets ranging from $38 to $64.
The information in this article is based on a press release from QuidelOrtho Corporation.
In other recent news, Quidel (NASDAQ: ) Corporation has been the focus of several financial analysts. Citi upgraded Quidel from Neutral to Buy, citing improved management and an attractive valuation. The company also raised its price target to $50 from $44 previously. Conversely, Jefferies initiated coverage on Quidel with a Hold rating and a $43 price target.
Quidel reported an increase in revenue of $85 million for the third quarter of 2024 and restored its guidance for FY24, forecasting sales of $2.75 billion to $2.80 billion. However, this would represent an annual decline of 8.3% to 6.6%. The company also reported an adjusted EBITDA margin between 19.3% and 19.6%, reflecting a year-over-year decline.
In other developments, QuidelOrtho Corporation reported third quarter 2024 earnings, disclosing revenue of $727 million and adjusted EBITDA of $171 million. The company’s adjusted diluted earnings per share (EPS) was $0.85. For the full year 2024, QuidelOrtho expects revenue between $2.75 billion and $2.80 billion and adjusted diluted EPS between $1.69 and $1.91.
The company also announced leadership changes, including Jonathan Siegrist as the new CTO and Lee Bowman as CHRO, as the company targets $100 million in cost savings by mid-2025. Lastly, QuidelOrth’s CFO, Joseph M. Busky, saw a significant increase in his base salary, reflecting his expanded role and new IT duties.
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