Mixed Sentiment Persists Amid Uncertainty in QuidelOrtho's Core Profitability: Analyst
Portfolio Pulse from Vandana Singh
QuidelOrtho Corporation (NASDAQ:QDEL) released preliminary Q3 revenue of $738 million to $744 million, driven by higher respiratory product sales. The company sees non-respiratory product revenue of $557 million-$560 million and respiratory product revenue of $181 million-$184 million. William Blair says respiratory product revenue is well above their estimate of $101 million. However, non-respiratory sales grew approximately 2% Y/Y to $559 million at the midpoint, missing William Blair's estimate and consensus by just over $10 million. Despite ongoing uncertainty, William Blair reaffirms an Outperform for the stock.
October 12, 2023 | 4:18 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
QuidelOrtho's Q3 revenue beat estimates due to higher respiratory product sales, but non-respiratory sales missed estimates. Despite ongoing uncertainty, William Blair reaffirms an Outperform rating for the stock.
QuidelOrtho's Q3 revenue beat is driven by higher respiratory product sales, which is a positive sign. However, the miss on non-respiratory sales and ongoing uncertainty surrounding the core profitability outlook, China-related risks, and the Savanna pipeline could negatively impact the stock. Despite these concerns, William Blair reaffirms an Outperform rating for the stock, indicating a positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100