While QuidelOrtho exceeded analyst expectations for Q1 2024, the significant decreases in both earnings and sales compared to the previous year could temper investor enthusiasm. The positive beat on estimates may provide some short-term positive sentiment, but the year-over-year declines highlight potential challenges in growth or market conditions that could concern investors. This mixed outcome suggests a neutral short-term impact on the stock price, as the market balances the positive earnings surprise against the backdrop of declining performance.