QuidelOrtho Corporation (QDEL) is well-poised for growth in the coming quarters, courtesy of its strong product portfolio. The optimism led by a solid first-quarter 2024 performance and its continued spending on research and development (R&D) are expected to contribute further. However, headwinds due to data security threats and reimbursement policies persist. Over the past year, this Zacks Rank #3 (Hold) stock has lost 60% compared with a 2.2% decline of the industry. The S&P 500 has witnessed 23% growth i ...

QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions. The Company's respiratory business has historically been tied to the sale of seasonal flu tests and more recently to COVID-19 detection tests. Since the onset of the COVID-19 pandemic, the Company has generated a significant portion of its revenue through the sale of high-margin COVID-19 tests to government customers, healthcare providers (through its authorized distributors), and large r ...

CONTACT US HERE: ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) that excess inventories of COVID-19 tests existed throughout the supply chain; (c) that, as a result of (a)-(b) above, QuidelOrtho's distributors and pharmacy chain cust ...

NEW YORK, June 08, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of QuidelOrtho Corporation (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, both dates inclusive (the "Class Period") of the important June 11, 2024 lead plaintiff deadline. SO WHAT: If you purchased QuidelOrtho common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arra ...

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of QuidelOrtho investors who were adversely affected by alleged securities fraud between February 18, 2022 and April 1, 2024. Follow the link below to get more information and be contacted by a member of our team: WHAT'S NEXT? If you suffered a loss in QuidelOrtho during the relevant time frame, you have until June 11, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you se ...

Core Viewpoint - QuidelOrtho's recent earnings report shows a significant decline in earnings and revenues, raising concerns about its future performance and leading to a downward revision of estimates by analysts [2][3][13]. Financial Performance - Adjusted EPS for Q1 2024 was 44 cents, down 75.6% year over year, but slightly above the Zacks Consensus Estimate by 1 cent [2]. - GAAP loss per share was $25.50 compared to an EPS of 73 cents in the same quarter last year [2]. - Total revenues for Q1 were $711 million, a decrease of 16% year over year, but beat the Zacks Consensus Estimate by 1.96% [3]. Revenue Breakdown - Excluding COVID-19-related revenues, total revenues were $660.8 million, reflecting a 4.9% increase year over year [3]. - Respiratory revenues fell to $137.3 million, down 48.3%, while non-respiratory revenues were $573.7 million, down 1.2% [4]. - Labs revenues were $356.9 million, down 3.7%, while Transfusion Medicine revenues increased to $160.3 million, up 2.8% [5][6]. Geographical Performance - North America revenues were $433.9 million, down 25.5%, while EMEA revenues increased to $84.8 million, up 4.3% [9]. - Revenues from China were $76.1 million, reflecting a 7.8% increase, and Other regions generated $116.2 million, also up 4.3% [9]. Margin Analysis - Adjusted gross profit declined 25.8% to $337.9 million, with adjusted gross margin contracting 630 basis points to 47.5% [10]. - Adjusted operating income fell 59% to $79.1 million, with adjusted operating margin contracting 1170 basis points to 11.1% [11]. Financial Position - Cash and cash equivalents at the end of Q1 2024 were $78.5 million, down from $118.9 million at the end of Q4 2023 [12]. - Total debt was $2.40 billion, slightly down from $2.41 billion in the previous quarter [12]. Guidance and Market Sentiment - QuidelOrtho has suspended its 2024 financial guidance while assessing the business under new leadership [13]. - Estimates have trended downward, leading to a Zacks Rank of 5 (Strong Sell) for the stock [15]. Industry Comparison - QuidelOrtho operates in the Zacks Medical - Products industry, where competitor Stryker reported revenues of $5.24 billion, a year-over-year increase of 9.7% [16].

NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of QuidelOrtho Corporation f/k/a Quidel Corporation (NASDAQ: QDEL). Shareholders who purchased shares of QDEL during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/quidelortho-loss-submission-form/?id=82880&from=3 ...

NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) and reminds investors of the June 11, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100, ...

ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (a) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) that excess inventories of COVID-19 tests existed throughout the supply chain; (c) that, as a result of (a)-(b) above, QuidelOrtho's distributors and pharmacy chain customers were poised ...

NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of QuidelOrtho Corporation (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, both dates inclusive (the "Class Period") of the important June 11, 2024 lead plaintiff deadline. SO WHAT: If you purchased QuidelOrtho common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arra ...