QuidelOrtho (QDEL) Company Report

QuidelOrtho reported $2.73 billion in revenue and $2.12 adjusted diluted EPS for the full year 2025, achieving a 22% Adjusted EBITDA margin, which represents a 240 basis point improvement over the prior year.
The company generated $140 million in cost savings in 2025, contributing to a 5% decrease in operating expenses for the full year, and its Labs business demonstrated strong growth of 6% for the full year.
For the fourth quarter of 2025, total reported revenue was $724 million, with non-respiratory revenue (excluding donor screening) growing 7%.
QuidelOrtho provided full year 2026 financial guidance, anticipating reported revenues between $2.7 billion and $2.9 billion, Adjusted EBITDA between $630 million and $670 million (equating to an approximate 23.3% margin), and adjusted diluted EPS between $2.00 and $2.42.
Key product developments in Q4 2025 included FDA clearance for the high-sensitivity Troponin I assay on the VITROS platform and the DAT direct anticoagulant test card, with the VITROS 450 planned for launch in the first half of 2026 for OUS markets.

Feb 11, 2026, 10:00 PM

Transcript

QuidelOrtho Reports Strong 2025 Results and Provides 2026 Guidance

QDEL

Earnings

Guidance Update

CFO Change

QuidelOrtho reported Q4 2025 revenue of $724 million and full-year 2025 revenue of $2.73 billion, meeting its financial guidance. The Labs business demonstrated strong growth of 7% in Q4 and 6% for the full year, accounting for 55% of total revenue.
For full-year 2025, adjusted EBITDA reached $597 million with a 22% margin, marking a 240 basis point improvement over the prior year, largely due to $140 million in cost savings. Adjusted diluted EPS was $2.12, representing 15% year-over-year growth.
The company issued full-year 2026 financial guidance, projecting revenue between $2.7 billion and $2.9 billion, adjusted EBITDA between $630 million and $670 million (approximately 23.3% margin), and adjusted diluted EPS between $2.00 and $2.42.
Recurring free cash flow for 2025 was $100 million, or 17% of adjusted EBITDA, falling short of the 25% conversion goal due to timing issues. For 2026, real free cash flow is projected to be $120 million to $160 million, with recurring free cash flow estimated around $200 million.
CFO Joe Busky announced his retirement effective June 2026, and QuidelOrtho plans several new product launches in 2026, including the VITROS 450 for OUS markets and the commercialization of the LEX Molecular Diagnostics platform pending FDA clearance.

Feb 11, 2026, 10:00 PM

Transcript

QuidelOrtho Announces Q4 and FY 2025 Results and 2026 Outlook

QDEL

Earnings

Guidance Update

Demand Weakening

QuidelOrtho reported Q4 2025 total revenue of $724 million, a 1% increase year-over-year on a constant currency basis, with adjusted diluted EPS of $0.46, representing a 27% decrease year-over-year.
For the full fiscal year 2025, total revenue was $2.73 billion, a 2% decrease year-over-year on a constant currency basis, and adjusted diluted EPS was $2.12, marking a 15% increase year-over-year.
Adjusted EBITDA for Q4 2025 was $153 million (21% margin), and for the full fiscal year 2025, it reached $597 million (22% margin).
The company reported negative free cash flow of $(77) million for fiscal year 2025, though Q4 2025 saw a positive free cash flow of $87 million.
For fiscal year 2026, QuidelOrtho projects total revenues between $2.7 billion and $2.9 billion, adjusted EBITDA between $630 million and $670 million, adjusted diluted EPS between $2.00 and $2.42, and free cash flow between $120 million and $160 million.

Feb 11, 2026, 10:00 PM

Presentation

QuidelOrtho Reports Q4 and Full Year 2025 Results, Provides 2026 Guidance

QDEL

Earnings

Guidance Update

Product Launch

QuidelOrtho reported Q4 2025 revenue of $724 million, a 2% year-over-year increase, with non-respiratory revenue (excluding COVID and donor screening) growing 7%. For the full year 2025, revenue was $2.73 billion, adjusted EBITDA reached $597 million (22% margin), and adjusted diluted EPS was $2.12.
In 2025, the company generated $140 million in cost savings, resulting in a 5% decrease in operating expenses and a 240 basis point improvement in Adjusted EBITDA margins. A $701 million non-cash goodwill impairment charge was recorded in Q3 2025, which was an accounting reset reflecting post-pandemic market valuations.
QuidelOrtho provided 2026 financial guidance, expecting reported revenues between $2.7 billion and $2.9 billion, adjusted EBITDA between $630 million and $670 million (approximately 23.3% margin), and adjusted diluted EPS between $2.00 and $2.42.
Full year 2025 recurring free cash flow was $100 million (17% of adjusted EBITDA), falling short of the 25% goal due to timing issues. For 2026, free cash flow is projected to be between $120 million and $160 million, with recurring free cash flow around $200 million when excluding one-time items.
In 2025, the company received FDA clearance for its high-sensitivity Troponin I assay and DAT direct anticoagulant test card, and launched QuidelOrtho Results Manager. New product launches, including VITROS 450 and new immunoassay platforms for OUS markets, are planned for 2026.

Feb 11, 2026, 10:00 PM

Transcript

QuidelOrtho Reports Q4 and Full-Year 2025 Financial Results and Provides 2026 Guidance

QDEL

Earnings

Guidance Update

CFO Change

QuidelOrtho reported total revenue of $724 million for the fourth quarter of 2025 and $2.73 billion for the full-year 2025.
For full-year 2025, the company achieved adjusted EBITDA of $597 million and adjusted diluted EPS of $2.12, with free cash flow of $(77) million. The year's GAAP results included a non-cash goodwill impairment charge of $701 million.
The company anticipates continued growth and margin expansion in FY26, with free cash flow expected to improve by over $200 million.
QuidelOrtho provided full-year 2026 financial guidance, projecting total revenues between $2.7 billion and $2.9 billion, adjusted EBITDA between $630 million and $670 million, and free cash flow between $120 million and $160 million.
Joseph M. Busky, Chief Financial Officer, announced his retirement effective June 30, 2026.

Feb 11, 2026, 9:07 PM

8-K

QuidelOrtho Reports Fourth Quarter and Full-Year 2025 Financial Results

QDEL

Earnings

Guidance Update

CFO Change

QuidelOrtho reported full-year 2025 total revenue of $2.73 billion, with an adjusted EBITDA of $597 million and adjusted diluted EPS of $2.12.
For full-year 2025, the company achieved a 22% adjusted EBITDA margin, representing a 240 basis point improvement, and experienced 6% growth in Labs revenue and 9% TRIAGE™ growth.
The company provided full-year 2026 financial guidance, projecting total revenues of $2.7 - $2.9 billion, adjusted EBITDA of $630 \u2013 $670 million, adjusted diluted EPS of $2.00 - $2.42, and free cash flow of $120 - $160 million.
Joseph M. Busky, Chief Financial Officer, announced his retirement, effective June 30, 2026.

Feb 11, 2026, 9:05 PM

Press Release

QuidelOrtho Provides FY 2025 Financial Outlook and Strategic Updates

QDEL

Guidance Update

New Projects/Investments

Demand Weakening

QuidelOrtho (QDEL) expects Adjusted Free Cash Flow for FY 2025 to be 25%-30% of Adjusted EBITDA, with a strong Q4 anticipated due to delayed Q3 cash receipts, and aims for 50% of Adjusted EBITDA by 2027.
The company projects 100-200 basis points of margin improvement for FY 2026, building on $140 million in cost savings since mid-2024, and targets a mid to high 20% Adjusted EBITDA margin by 2027.
QDEL's base business, excluding COVID and donor screening revenue, grew 5% in Q3 and year-to-date, with Labs expected to grow around 5% for FY 2025 and Immunohematology projected for 3%-4%.
The leverage ratio stood at 4.4x at the end of Q3 2025, with a target to reduce it to 2.5-3.5x by the end of 2026 or early 2027.
QDEL anticipates FDA approval for LEX's first panel (flu A/B COVID test) late 2025 or early 2026, with a limited commercial rollout in H1 2026 and significant revenue expected in 2027.

Dec 3, 2025, 6:00 PM

Transcript

QuidelOrtho Updates Financial Targets and Strategic Initiatives

QDEL

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

QuidelOrtho (QDEL) projects Adjusted Free Cash Flow for FY 2025 to be 25%-30% of Adjusted EBITDA, with a long-term goal of 50% of Adjusted EBITDA by 2027.
The company expects Adjusted EBITDA margin to reach 22% in FY 2025, with targets of 23%-24% for FY 2026 and mid to high 20% by 2027.
Base business revenue, excluding COVID and donor screening, grew 5% in Q3 and year-to-date , with Labs expected to grow around 5% for the full year and Triage at high single digits.
QDEL has realized $140 million in cost savings since mid-2024 and anticipates an additional 100-200 basis points of margin improvement in 2026 from ongoing procurement initiatives.
The leverage ratio stood at 4.4x at the end of Q3 and is targeted to reach 2.5-3.5x by the end of 2026 or early 2027.

Dec 3, 2025, 6:00 PM

Transcript

QuidelOrtho Provides 2025 and 2026 Financial Outlook and Strategic Updates

QDEL

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

QuidelOrtho is on track to meet its full-year 2025 targets of mid-single digit base business growth and an adjusted EBITDA margin of 22%.
For 2026, the company anticipates mid-single digit base business growth, EBITDA margin expansion of 100 to 200 basis points driven by direct procurement initiatives, and double-digit EPS growth.
$140 million in cost reductions have been realized since mid-2024, and one-time cash outflows are expected to dissipate in Q4 2025 and into 2026, with a target of 50% free cash flow conversion of adjusted EBITDA by H2 2027.
The discontinuation of the U.S. donor screening business is a 2-3 point headwind on total reported revenue for 2025 and approximately 1 point for 2026.
The company is pivoting its molecular business to Rheonix, with FDA clearance expected late 2025/early 2026 and a robust launch in H2 2026; Rheonix is projected to be dilutive to margins in 2025 but accretive by 2027.

Dec 2, 2025, 3:00 PM

Transcript

QDEL Provides 2025-2027 Financial Outlook and Strategic Updates

QDEL

Guidance Update

Product Launch

Revenue Acceleration/Inflection

QDEL is on track to meet its full-year 2025 targets, including mid-single digit growth in its base business and an adjusted EBITDA margin increasing from 19.5% last year to 22% this year, supported by $140 million of cost reductions since mid-2024.
For 2026, the company projects mid-single digit base business growth (excluding a roughly 1-point headwind from the donor screening wind-down) and an additional 100-200 basis points of adjusted EBITDA margin expansion, which is expected to result in double-digit EPS growth.
The company is pivoting its molecular strategy from Savanna to Rheonix, anticipating FDA clearance for Rheonix late 2025 or early 2026, with a robust launch planned for the second half of 2026.
Longer-term, QDEL aims to achieve mid to high 20s adjusted EBITDA margins and a 50% free cash flow conversion of adjusted EBITDA by the second half of 2027.