QuidelOrtho Corporation

Latest Results (06.10.2025):

In the fourth quarter of 2023, QuidelOrtho Corporation reported strong momentum in its Labs business, driven by a 9% increase in non-respiratory revenue. Despite a significant decline in respiratory revenue, the company achieved solid cash flow and made strategic advancements in its product portfolio. For the full year 2023, QuidelOrtho demonstrated robust growth in its non-respiratory segment while effectively managing its respiratory business challenges.

Fourth Quarter 2023 Performance

QuidelOrtho Corporation reported total revenue of $743 million for the fourth quarter of 2023, representing a decrease from $867 million in the same period the previous year. Non-respiratory revenue saw a 9% increase, while respiratory revenue declined by 49%. The company generated $80 million in GAAP net cash from operating activities and an adjusted free cash flow of $89 million.

Product and Regulatory Advancements

In Q4 2023, QuidelOrtho received 510(k) clearance for its Savanna multiplex molecular platform and HSV/VZV PCR assay. Additionally, the company obtained a CLIA waiver for the Sofia® 2 SARS Antigen+ FIA, enhancing its product offerings in the diagnostic market.

Full-Year 2023 Highlights

For the full year 2023, QuidelOrtho achieved total revenue of $3.0 billion, a decrease from $3.3 billion the previous year. Non-respiratory revenue surged by 61%, primarily driven by combination products, while respiratory revenue declined by 61%. The company generated $280 million in GAAP net cash from operating activities and an adjusted free cash flow of $270 million. QuidelOrtho also reduced its term loan debt by $227 million and completed $7 million in share repurchases.

Strategic Initiatives and Future Outlook

QuidelOrtho focused on reducing costs and enhancing business efficiency to mitigate macroeconomic challenges. The company plans to continue investing in its Immunohematology portfolio and is winding down its U.S. Donor Screening portfolio. Looking ahead, QuidelOrtho provided fiscal year 2024 financial guidance, projecting total revenues between $2.76 billion and $3.07 billion and an adjusted diluted EPS ranging from $2.40 to $3.07.