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Earnings analysis · 10-Q

QDEL earnings analysis

Filed May 5, 2026 · Our reading of the company's report

The latest report

QuidelOrtho reported Q1 2026 revenue of $619.8 million, missing analyst estimates of $650.95 million, representing an 11% decline year-over-year. Diluted EPS showed a loss of $0.04, far worse than the expected gain of…

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QuidelOrtho reported Q1 2026 revenue of $619.8 million, missing analyst estimates of $650.95 million, representing an 11% decline year-over-year. Diluted EPS showed a loss of $0.04, far worse than the expected gain of $0.41, indicating significant operational challenges amid headwinds from reduced sales of respiratory products and geopolitical tensions affecting their revenue streams.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $57 Operating expenses $52 Left as operating profit $-9

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$-0.04
Segment
Labs
Segment
Immunohematology
Segment
Point of Care
Segment
Molecular Diagnostics
Segment
Donor Screening

What stood out

  • Revenue Decline of 11% YoY

    Total revenue decreased to $619.8 million, down from $692.8 million in the same quarter last year, primarily due to reduced demand for respiratory products.

  • Operating Margin Improvement

    Operating margin improved slightly to -9.3%, from -14.2% in the previous quarter, indicating some operational efficiency gains despite revenue challenges.

  • Immunohematology Segment Growth

    Immunohematology revenues increased by 8% to $138.3 million, primarily driven by reagent growth.

  • Debt Capitalization Update

    Total debt remains significant with a Credit Agreement totaling $3.45 billion, representing ongoing financial commitments as management navigates through a challenging market.

  • Cash From Financing Activities

    Cash provided by financing activities was $37.6 million, primarily related to net proceeds from the Revolving Credit Facility.

  • Liquidity Position

    As of March 29, 2026, cash and cash equivalents were $140.4 million, down $29.4 million from the previous quarter.

What to watch

  • Weaker Demand for Respiratory Products

    Sales of respiratory products decreased significantly, contributing directly to revenue loss; respiratory products accounted for only 11% of total revenues in Q1 2026 vs 17% in Q1 2025.

  • Headwinds from Geopolitical Tensions

    Ongoing conflicts in the Middle East have caused delays in EMEA orders, which may affect future revenue and stability.

  • Ongoing Tariff Impact

    Rising political tensions and trade tariffs have led to increased operating costs, potentially undermining profit margins in the future.

Management's outlook

Updated guidance reflects lower revenue and adjusted EBITDA expectations based on current market dynamics.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.