QuidelOrtho (NASDAQ:QDEL) Updates FY 2024 Earnings Guidance

QuidelOrtho (NASDAQ:QDEL) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of -2.400 for the period, compared to the consensus earnings per share estimate of 1.960. The company issued revenue guidance of -$2.8 billion, compared to the consensus revenue estimate of $2.7 billion.

Analyst Upgrades and Downgrades

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

QuidelOrtho Price Performance

QuidelOrtho stock traded up $0.01 during mid-day trading on Friday, reaching $42.01. 1,681,699 shares of the company’s stock traded hands, compared to its average volume of 1,773,219. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -1.59 and a beta of 0.07. The stock has a 50 day moving average of $36.87 and a two-hundred day moving average of $45.05. The company has a quick ratio of 0.81, a current ratio of 1.44 and a debt-to-equity ratio of 0.70. QuidelOrtho has a 12-month low of $29.74 and a 12-month high of $84.79.

QuidelOrtho (NASDAQ:QDEL) last posted its quarterly earnings data on Wednesday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.15. QuidelOrtho had a negative net margin of 65.60% and a positive return on equity of 3.87%. The business had revenue of $637.00 million for the quarter, compared to analysts’ expectations of $613.51 million. During the same quarter in the previous year, the business posted $0.26 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. Equities analysts forecast that QuidelOrtho will post 1.85 earnings per share for the current year.

Insider Transactions at QuidelOrtho

In other news, major shareholder Carlyle Group Inc. sold 164,877 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $39.11, for a total value of $6,448,339.47. Following the transaction, the insider now directly owns 9,128,748 shares in the company, valued at $357,025,334.28. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last ninety days, insiders have sold 1,895,740 shares of company stock worth $67,672,787. Insiders own 1.00% of the company’s stock.

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.