QuidelOrtho Corp’s Stock Plummets After Missing Q4 Estimates

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Published: Feb. 14, 2024 at 9:20 a.m. ET

QuidelOrtho Corp.’s stock, ticker symbol QDEL, experienced a significant drop of 33% in premarket trading on Wednesday, with a volume of 436,000 shares. This follows the disappointing fourth-quarter financial results of the diagnostic products manufacturer. QuidelOrtho Corp. reported earnings of $1.17 per share for the fourth quarter, falling short of the FactSet consensus estimate of $2.04 per share. Additionally, the company’s revenue for the quarter was $742.6 million, which also fell below the analyst estimate of $796.9 million.

In response to these results, QuidelOrtho Corp. announced plans to reduce its headcount by 5% to 6%. As of January 1, 2023, the company had approximately 7,000 employees worldwide. The decline in revenue can be attributed to a 42% decrease in both point-of-care revenues and molecular revenues, primarily due to the ongoing impact of COVID-19.

While this disappointment in financial performance has caused concern among shareholders, it is important to remember that market conditions can change rapidly. It will be interesting to see how QuidelOrtho Corp. responds to these challenges and what strategies they implement to regain their position in the market.

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