QuidelOrtho Reports First Quarter 2026 Financial Results

Original from: QuidelOrtho

QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global leader of innovative in vitro diagnostics, today announced financial results for the first quarter ended March 29, 2026.

Key First Quarter 2026 Results:

(all comparisons are to the prior year period)

- Total revenue was $620 million, as reported

 · Point of Care revenue of $113 million declined by 34% as reported and 35% in constant currency, primarily due to a significantly weaker respiratory season compared to the first quarter of 2025.

 · Labs revenue of $353 million declined by 5% as reported and 8% in constant currency, primarily due to slower distributor sales in China that the Company believes is related to pending changes to the China National Health Security Administration ("NHSA") In Vitro Diagnostics ("IVD") pricing guidelines, business disruption related to the Middle East conflict, and a decrease in revenue related in part to the Company's termination of its joint business arrangement with Grifols.

 · Immunohematology revenue of $138 million grew 8% as reported and 3% in constant currency, primarily driven by growth in North America, China and JPAC.

- GAAP net loss was $92 million; GAAP operating loss was $32 million; adjusted EBITDA was $109 million.

- GAAP diluted loss per share was $1.35; adjusted diluted loss per share was $0.04.

"Our first quarter results were in line with our preliminary revenue announcement and reflected a significantly weaker respiratory season and business disruption in China and the Middle East," said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. "Importantly, we believe the underlying business remains strong and we are well positioned to deliver on our objectives to expand our adjusted EBITDA margin and improve cash flow in 2026."

"We completed our acquisition of LEX Diagnostics in April, adding an ultra-fast molecular diagnostics platform for point-of-care testing. We also advanced our key strategic priorities, including the U.S. launch of our High-Sensitivity Troponin assay and the rollout of the VITROS 450 platform in select international markets. We believe these innovations enhance our portfolio and position us to drive sustainable, long-term growth," Blaser continued.

Full-year 2026 Financial Guidance

The Company provided its initial financial guidance for full-year 2026 on February 11, 2026. On April 15, 2026, the Company announced preliminary revenue for the first quarter 2026 and indicated that the low end of its full-year 2026 financial guidance ranges remained achievable. Considering first-quarter performance and current market dynamics in China, the Company has updated its previously provided financial guidance. This guidance includes expected 2026 impact from the current draft of the China NHSA IVD pricing guidelines. The Company cannot fully assess the impact until the final NHSA guidelines and implementation timelines are confirmed. In addition, this guidance does not assume a significant, prolonged impact related to the Middle East conflict.   

A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share and free cash flow, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits and other non-recurring adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."

Source: QuidelOrtho Reports First Quarter 2026 Financial Results