Why Is Diagnostic Maker QuidelOrtho Stock Crashing Wednesday?
Portfolio Pulse from Vandana Singh
QuidelOrtho Corp (NASDAQ:QDEL) reported Q4 2023 earnings with an adjusted EPS of $1.17, missing the consensus of $2.05, and sales of $742.60 million, below the estimate of $796.91 million. The decline was attributed to reduced COVID-19 revenue. Non-respiratory revenue grew by 9%, but respiratory revenue fell by 49%. The company forecasts FY 2024 revenues between $2.76 billion and $3.07 billion, with adjusted EPS of $2.40-$3.07, both below consensus. William Blair downgraded QuidelOrtho to Market Perform due to these results and outlook.
February 14, 2024 | 5:33 pm
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NEGATIVE IMPACT
QuidelOrtho Corp reported lower than expected Q4 2023 earnings and provided a FY 2024 outlook below consensus, leading to a significant stock price drop and a downgrade by William Blair.
QuidelOrtho's earnings miss and lower future revenue and EPS guidance indicate potential challenges ahead, particularly in the respiratory segment. The downgrade by William Blair reflects a negative sentiment among analysts, likely leading to short-term bearish investor sentiment and stock price pressure.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100