QuidelOrtho (QDEL) Company Report

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.

1 day ago

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.

1 day ago

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.

3 days ago

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.

3 days ago

Transcript

QuidelOrtho Provides 2025 and 2026 Financial Outlook and Product Strategy Update

QDEL

Guidance Update

Product Launch

New Projects/Investments

QuidelOrtho is on track to meet its full-year 2025 targets, including mid-single digit base business growth and an adjusted EBITDA margin of 22%, supported by $140 million in cost reductions since mid-2024.
For 2026, the company projects mid-single digit base business growth and 100-200 basis points of EBITDA margin expansion, which is expected to result in double-digit EPS growth.
The company is discontinuing the SAVANNA product line and pivoting to the LEX product, which is anticipated to receive FDA clearance late 2025/early 2026. LEX offers competitive advantages in turnaround time (6-10 minutes), ease of use, and cost, with a limited launch in H1 2026 and a more robust launch in H2 2026.
One-time cash outflows from severance and ERP conversions are expected to decrease in Q4 2025 and beyond, with a target of 50% adjusted EBITDA free cash flow conversion by the second half of 2027. The shutdown of the U.S. donor screening business will be a 2-3 point headwind on total reported revenue in 2025 and about 1 point in 2026, while COVID revenue is expected to stabilize at approximately $80 million for full-year 2025.

3 days ago

Transcript

QuidelOrtho Reports Strong Q3 2025 Financial Results and Operational Progress

QDEL

Earnings

Guidance Update

New Projects/Investments

QuidelOrtho reported $700 million in total revenue for Q3 2025, with adjusted EBITDA margin improving by 180 basis points to 25% and non-GAAP operating expenses declining 7% year over year.
Excluding COVID-19 and Donor Screening, revenue grew 5% as reported, and the non-respiratory business saw a 6% increase in constant currency (excluding Donor Screening).
The company has achieved over $140 million in cost savings since early 2024 and expects $20 million in annual operating cost savings from the Raritan facility closure by 2027.
QuidelOrtho maintained the midpoints of its key performance metrics, with a full-year 2025 adjusted EBITDA outlook reflecting a 22% margin, a 250 basis point improvement over the prior year.
The company completed debt refinancing, received U.S. clearance for its VITROS High Sensitivity Troponin assay, and anticipates FDA clearance for LEX Diagnostics late 2025 or early 2026.

Nov 10, 2025, 1:02 PM

8-K

QDEL Announces Q3 2025 Financial Results and Full-Year Outlook

QDEL

Earnings

Guidance Update

Demand Weakening

For Q3 2025, QDEL reported total revenue of $699.9 million, a (4.6%) decline on a constant currency basis, with Adjusted Diluted EPS of $0.80 and Adjusted EBITDA of $177.1 million.
Year-to-date Q3 2025, total revenue reached $2,006.6 million, a (3.2%) decrease on a constant currency basis, with Adjusted Diluted EPS of $1.66 and Adjusted EBITDA of $443.7 million.
The company provided a full-year 2025 financial outlook, projecting total revenues between $2.68 billion and $2.74 billion, Adjusted EBITDA between $585 million and $605 million, and Adjusted Diluted EPS between $2.00 and $2.15.
As of September 28, 2025, QDEL held $98 million in cash and $2.6 billion in total net debt, resulting in a net debt to Adjusted EBITDA ratio of approximately 4.4x. Adjusted Free Cash Flow was negative $(50) million for Q3 2025 and negative $(35) million year-to-date.
Recurring revenue constituted 97% of Q3 2025 total revenue. The Labs business unit contributed 53% of revenue, and North America accounted for 55% of geographical revenue in Q3 2025. Non-respiratory revenue, excluding Donor Screening, showed 6.2% constant currency growth for the quarter.

Nov 5, 2025, 10:00 PM

Presentation

QuidelOrtho Reports Q3 2025 Results, Updates Full-Year Guidance, and Records Goodwill Impairment

QDEL

Earnings

Guidance Update

New Projects/Investments

QuidelOrtho reported Q3 2025 total revenue of $700 million, a 4% year-over-year decrease, primarily due to lower COVID and donor screening revenue, but achieved 5% revenue growth excluding COVID and donor screening. The company delivered adjusted EBITDA of $177 million with an adjusted EBITDA margin of 25%, a 180 basis point improvement from the prior year, and adjusted diluted EPS of $0.80.
For the full year 2025, the company narrowed its guidance, expecting total reported revenue between $2.68 billion and $2.74 billion, adjusted EBITDA between $585 million and $605 million, and adjusted diluted EPS updated to $2.00 to $2.15.
A $701 million goodwill impairment charge was recorded in Q3 2025, resulting in no goodwill remaining on the balance sheet as of the end of Q3.
The company anticipates FDA clearance for Lex Diagnostics by late 2025 or early 2026 and announced the FDA clearance of its new VITROS high-sensitivity troponin assay.

Nov 5, 2025, 10:00 PM

Transcript

QuidelOrtho Reports Q3 2025 Financial Results and Narrows Full-Year Guidance

QDEL

Earnings

Guidance Update

Debt Issuance

QuidelOrtho reported total revenue of $700 million for Q3 2025, a 4% decrease compared to the prior year, primarily due to a 63% decrease in COVID-19 revenue. Non-respiratory revenue, excluding Donor Screening, grew 6% in constant currency.
The company reported a GAAP diluted loss per share of $10.78 and a GAAP net loss of $733 million for Q3 2025, which included a $701 million non-cash goodwill impairment charge. Adjusted diluted EPS was $0.80, with an adjusted EBITDA margin of 25%.
QuidelOrtho narrowed its full-year 2025 financial guidance, expecting total revenues between $2.68 billion and $2.74 billion and adjusted diluted EPS between $2.00 and $2.15. This guidance update reflects a recent debt refinancing.

Nov 5, 2025, 9:08 PM

8-K

QuidelOrtho Reports Third Quarter 2025 Financial Results

QDEL

Earnings

Guidance Update

Debt Issuance

QuidelOrtho reported total revenue of $700 million for the third quarter of 2025, a 4% decrease compared to the prior year period, primarily driven by lower COVID-19 and Donor Screening revenue.
The company recorded a GAAP net loss of $733 million and GAAP diluted loss per share of $10.78 for Q3 2025, which included a $701 million non-cash goodwill impairment charge. Adjusted diluted EPS was $0.80.
Non-respiratory revenue, excluding COVID-19 and Donor Screening, grew 6% in constant currency.
QuidelOrtho narrowed its full-year 2025 financial guidance, with total revenues expected between $2.68 billion and $2.74 billion, adjusted EBITDA between $585 million and $605 million, and adjusted diluted EPS between $2.00 and $2.15.
The company also completed a successful debt refinancing, enhancing financial flexibility through improved terms and reduced amortization obligations.

Nov 5, 2025, 9:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for QuidelOrtho.

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