QuidelOrtho (NASDAQ:QDEL) Releases Quarterly Earnings Results, Beats Expectations By $0.15 EPS

QuidelOrtho (NASDAQ:QDEL) announced its earnings results on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15, Briefing.com reports. QuidelOrtho had a negative net margin of 61.65% and a positive return on equity of 3.96%. The business had revenue of $637.00 million for the quarter, compared to analyst estimates of $613.51 million. During the same quarter in the previous year, the firm posted $0.26 earnings per share. QuidelOrtho’s revenue was down 4.2% compared to the same quarter last year.

QuidelOrtho Price Performance

NASDAQ:QDEL traded up $2.71 during mid-day trading on Thursday, hitting $42.00. The company’s stock had a trading volume of 2,308,239 shares, compared to its average volume of 1,091,793. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -1.55 and a beta of 0.07. The company has a current ratio of 1.55, a quick ratio of 0.81 and a debt-to-equity ratio of 0.68. QuidelOrtho has a fifty-two week low of $29.74 and a fifty-two week high of $84.79. The stock has a fifty day moving average of $36.87 and a 200-day moving average of $45.48.

Analyst Ratings Changes

Separately, Royal Bank of Canada restated an “outperform” rating and set a $61.00 price objective on shares of QuidelOrtho in a report on Thursday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, QuidelOrtho currently has a consensus rating of “Hold” and a consensus target price of $57.60.

Insider Buying and Selling at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 214,732 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $38.97, for a total value of $8,368,106.04. Following the completion of the transaction, the insider now directly owns 10,113,040 shares of the company’s stock, valued at approximately $394,105,168.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last ninety days, insiders have sold 1,895,740 shares of company stock valued at $67,672,787. 1.00% of the stock is currently owned by corporate insiders.

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.