olivLaw · US equity research
QuidelOrtho Corporation QDEL
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
QuidelOrtho develops, manufactures and sells in vitro diagnostic tests for clinical laboratories, transfusion medicine, point of care testing and molecular diagnostics, across more than 140 countries and territories. The company is in a difficult stretch: revenue slipped in fiscal 2025 and kept falling in the first half of 2026, and management cut its full-year 2026 guidance because of weak demand in China and a softer respiratory season, while the restructuring depends on delivering cost savings by 2027.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, QuidelOrtho Corporation (QDEL) stock was 14.35 USD (+1.85% on the day), with market capitalisation 984.6 m USD, beta 1.87, 52-week range 9.96–35.38 USD. Latest reported quarter (Q3 2026): revenue of 618.9 m USD (−11.6% YoY), net income of -53.8 m USD, diluted EPS -0.78 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 12.64 – 14.66
- in the upper half of the band · %B 0.85 · band width 14.8%
- SMA 50 / 200
- 12.81 / 16.07
- mixed trend
- MACD (12, 26, 9)
- 0.40 / 0.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.2% | −1.1% | +19.3 pp | — |
| 3 months | −18.0% | −0.5% | −17.5 pp | — |
| 6 months | +30.9% | +4.4% | +26.5 pp | — |
| Year to date | −49.8% | +12.3% | −62.1 pp | — |
| 1 year | −47.1% | +13.5% | −60.6 pp | −21.1% |
| 3 years | −77.7% | +76.4% | −154.1 pp | −44.4% |
| 5 years | −88.2% | +63.7% | −151.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 707.8 m | 692.8 m | 613.9 m | 699.9 m | 723.6 m | 619.8 m | 630.9 m | 618.9 m |
| Cost of revenue | 381.7 m | 349.5 m | 339.0 m | 364.3 m | 403.2 m | 356.0 m | 358.0 m | 329.3 m |
| Research & development | 47.3 m | 53.2 m | 45.7 m | 41.5 m | 45.8 m | 44.9 m | 48.7 m | 42.5 m |
| SG&A | 187.5 m | 187.0 m | 178.0 m | 186.9 m | 194.4 m | 199.3 m | 189.7 m | 182.7 m |
| Operating income | -100.4 m | 32.6 m | -180.7 m | -704.8 m | -66.3 m | -31.8 m | -21.8 m | -7.5 m |
| Depreciation & amortisation | 109.3 m | 107.1 m | 110.3 m | 112.1 m | 112.5 m | 112.9 m | 116.7 m | 119.6 m |
| Interest expense | 40.6 m | 40.0 m | 40.5 m | 46.1 m | 51.0 m | 51.1 m | 54.7 m | 55.4 m |
| Pre-tax income | -140.9 m | -8.8 m | -229.6 m | -756.9 m | -112.4 m | -79.5 m | -81.2 m | -62.9 m |
| Income tax | 37.5 m | 3.9 m | 25.8 m | -23.9 m | 18.3 m | 12.3 m | 11.7 m | -9.1 m |
| Net income | -178.4 m | -12.7 m | -255.4 m | -733.0 m | -130.7 m | -91.8 m | -92.9 m | -53.8 m |
| Diluted EPS | -2.64 ≈ | -0.19 | -3.77 | -10.78 | -1.92 ≈ | -1.35 | -1.36 | -0.78 |
| Operating cash flow | 63.7 m | 65.6 m | -46.8 m ≈ | -45.5 m ≈ | 131.9 m | -33.0 m | -110.6 m ≈ | 19.6 m ≈ |
| Capex | 47.2 m | 56.2 m | 37.5 m ≈ | 50.0 m ≈ | 44.5 m | 34.0 m | 25.5 m ≈ | 21.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 3.0 bn | 2.8 bn | 2.7 bn |
| Revenue YoY | unavailable | +2.2% | +76.5% | −7.2% | −1.9% |
| Net income | 810.3 m | 704.2 m | -10.1 m | -2.1 bn | -1.1 bn |
| Net income YoY | unavailable | −13.1% | −101.4% | unavailable | unavailable |
| Diluted EPS | 18.60 | 16.43 | -0.15 | -30.54 | -16.69 |
| Diluted EPS YoY | unavailable | −11.7% | −100.9% | unavailable | unavailable |
| net % | 48.8% | 41.5% | -0.3% | -73.7% | -41.5% |
| Free cash flow | 564.8 m | 513.1 m | 70.9 m | -112.1 m | -83.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 28 Dec 2025
- Cash
- 169.8 m USD
- Financial debt
- 2.9 bn USD
- Net debt
- 2.7 bn USD
- Equity
- -15.4 m USD
- Total assets
- 5.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.50x
- ROE
- unavailable
- ROA
- -18.6%
- FCF margin
- -3.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 3.0 bn | 2.8 bn | 2.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 305.4 m | 420.3 m | 1.5 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.4 bn ≈ | 1.3 bn ≈ | 1.5 bn ≈ | 1.3 bn ≈ | 1.3 bn ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Research & development | 84.3 m | 95.7 m | 245.0 m | 218.7 m | 186.2 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 180.7 m | 239.6 m | 763.2 m | 766.8 m | 746.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 1.1 bn | 906.0 m | 139.1 m | -2.0 bn | -919.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 48.8 m | 52.7 m | 457.2 m | 453.4 m | 442.0 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 1.1 bn ≈ | 958.7 m ≈ | 596.3 m ≈ | -1.5 bn ≈ | -477.2 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | — | — | 147.6 m | 163.5 m | 177.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 1.0 bn | 900.3 m | -29.1 m | -2.1 bn | -1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 230.0 m | 196.1 m | -19.0 m | -79.5 m | 24.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 810.3 m | 704.2 m | -10.1 m | -2.1 bn | -1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 18.60 | 16.43 | -0.15 | -30.54 | -16.69 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 43.6 m | 42.9 m | 66.8 m | 67.2 m | 67.8 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 489.9 m | 802.8 m | 118.9 m | 98.3 m | 169.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | — | 378.0 m | 303.3 m | 282.4 m | 417.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | — | 198.8 m | 577.8 m | 533.7 m | 577.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | — | 1.4 bn | 1.3 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | — | 349.2 m | 1.4 bn | — | — | SEC (XBRL)· 29 Feb 2024verified |
| Goodwill | — | 337.0 m | 2.5 bn | 649.5 m | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 98.7 m | 2.9 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | — | 2.4 bn | 8.6 bn | 6.4 bn | 5.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | — | 101.5 m | 294.8 m | 246.0 m | 279.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | 300.0 k | 139.8 m | 341.8 m | 178.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | — | — | 2.4 bn | 2.5 bn | 2.7 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | — | 323.5 m | 833.8 m | 998.8 m | 966.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | — | 501.0 m | 3.6 bn | 3.4 bn | 3.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.3 bn † | 400.0 k | -30.0 m | -36.2 m | -15.4 m | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 629.7 m | 805.9 m | 280.2 m | 83.0 m | 105.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 64.9 m | 292.8 m | 209.3 m | 195.1 m | 188.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 564.8 m ≈ | 513.1 m ≈ | 70.9 m ≈ | -112.1 m ≈ | -83.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -63.3 m | -319.5 m | -187.6 m | -149.9 m | -192.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -130.3 m | -173.1 m | -265.8 m | 48.8 m | 155.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 43.7 m | 103.5 m | 7.2 m | 0 | 0 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 984.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation56
- Balance sheet55
- Quality43
- Growth100
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.66 – 163.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)13.66 – 25.84 (Mid 18.10)WACC 8.0% · starting FCFF 61.1 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 6.4%
- Peers: EV/EBITDA70.56 – 163.36 (Mid 114.52)4 companies used · median multiple 24.3x · quartiles 15.3x – 34.3xICCC, IDXX, LNTH, NEOG
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.2% | 33 (vs peers) | 15% |
| Net margin · Quality | -14.2% | 60 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.1% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 92 (on a fixed band) | 15% |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.4x | 46 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 3.7x | 100 (on a fixed band) | 15% |
| FCF yield · Valuation | -11.9% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet55/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality43/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
QUIDELORTHO CORP (QDEL). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 2.7 bn USD in 2025; YoY growth -1.9%; net margin -14.2%; ROE -19.3%; net debt/EBITDA 0.8x.
The estimated value range is 42.11–94.60 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 66.31 USD, the price of 14.35 USD leaves a potential of 362.1% (value / price − 1) and a margin of safety of 78.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.1%
- Net debt / EBITDA: 0.8x
- EV/EBITDA: 3.7x
- The price is below the estimated value range
What contradicts it
- Interest coverage: -0.6x
- FCF yield: -11.9%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −7% / +50% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −47% / −78% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +57% / +261% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +114% / +128% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −89% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −88% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for QDEL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
QuidelOrtho develops, manufactures and sells in vitro diagnostic tests for clinical laboratories, transfusion medicine, point of care testing and molecular diagnostics, across more than 140 countries and territories. The company is in a difficult stretch: revenue slipped in fiscal 2025 and kept falling in the first half of 2026, and management cut its full-year 2026 guidance because of weak demand in China and a softer respiratory season, while the restructuring depends on delivering cost savings by 2027. 123
SWOT
Strengths
- A diversified test portfolio spanning clinical chemistry, immunoassay, molecular testing and transfusion medicine, with a presence in more than 140 countries and territories.
- An extensive service network and connected instruments that support equipment reliability and customer relationships in laboratories.
- The Labs unit grew in fiscal 2025, and in the second quarter of 2026 growth outside China was strong, pointing to a solid customer base.
Weaknesses
- Reliance on respiratory products has made revenue sensitive to seasonal swings and to the decline in COVID-19 demand.
- Operating cash flow has been under pressure, and the company has withdrawn its free cash flow guidance for 2026.
- Significant goodwill and asset impairments have been recorded in recent years, indicating uneven performance in some acquired businesses.
Opportunities
- If the Optimization Plan delivers its estimated savings, margins could gradually recover, particularly in distribution and manufacturing.
- Growth in Point of Care and Triage and the launch of new digital solutions could open new revenue sources.
- Markets outside China, where growth was faster in the latest quarter, could offset China problems if that trend holds.
Threats
- Price pressure in China and proposed reimbursement reforms could reduce revenue and margins in that region.
- Trade tariffs and geopolitical tensions could raise production and delivery costs.
- Customer consolidation and larger competitors with superior resources could limit the company's bargaining power.
Risks
- Volatile respiratory demandhigh
Respiratory product revenue has declined and is hard to forecast, and a weaker season could again affect results.
- Exposure to Chinahigh
Proposed pricing guidelines and reimbursement reforms in China could further reduce revenue in that market.
- Cash flowmedium
The company has withdrawn its free cash flow guidance, and working capital pressures could limit financial flexibility.
- Tariffs and supply chainmedium
Tariffs and supply chain disruptions could raise costs and delay deliveries.
- Restructuring and executionlow
The Optimization Plan and exits from some activities could bring extra costs or fail to deliver the expected savings.
Investment thesis
What would need to be true (bull case)
- If business outside China keeps growing, the company could show that its customer base and diversified portfolio can support steady revenue.
- If the Optimization Plan delivers the promised savings, adjusted margins could recover even with lower revenue.
- Growth in Point of Care and Triage could show that non-respiratory units can gradually offset the decline in COVID-19 products.
What would break the thesis
- If conditions in China deteriorate, the recently lowered guidance could be cut again, leaving margins under pressure.
- If respiratory demand stays weak, revenue could fall further than expected and restructuring costs could exceed the budget.
- If cash flow does not improve, the company could need additional financing, which could reduce available capital.
What to watch
- Revenue trends and pricing guidance in ChinaQ3 2026
- Progress on free cash flow and working capital2026
- Delivery of Optimization Plan cost savings2027
- Completion of the SAVANNA exit and the LEX Diagnostics integration2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
The company describes its vision as advancing diagnostics to power a healthier future, with expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine. Products are sold both through a direct sales force and through distributors to hospitals, clinical and reference laboratories, clinics, blood banks and, for some tests, directly to consumers for OTC use. 1
The reportable segments are North America, EMEA, China, JPAC and Latin America, and revenue comes from the business units Labs, Transfusion Medicine (with Immunohematology and Donor Screening categories), Point of Care and Molecular Diagnostics. Non-core revenue, including contract manufacturing and collaborations, is recorded in North America. 1
Services are an important part of the model: the company cites about 1,200 service employees, the e-CONNECTIVITY remote monitoring platform, and new digital solutions such as QuidelOrtho RESULTS MANAGER, with several products planned for release in 2026. 1
Segments
Labs
Labs is the largest business unit, with revenue of 1,505.7 million USD in fiscal 2025, up 6% from the prior year, driven by reagents, consumables and services and partly offset by lower instrument revenue. The VITROS platforms cover clinical chemistry and immunoassay. 1
Market context
The company describes the in vitro diagnostics market as highly competitive, with large global and regional rivals, where decisive factors include convenience, speed to result, test menu, price, reimbursement and product performance. Demand depends on government funding, reimbursement and the seasonality of respiratory illness. 1
In the first half of 2026 revenue fell 4% to 1,250.7 million USD, and the company said that China, linked to proposed IVD pricing guidelines, and a softer global respiratory environment continue to weigh on the business. Revenue in China has followed a separate path from the other regions. 23
Trends
- Pricing pressure and reform in Chinaheadwind
Proposed IVD pricing guidelines and a possible reduction in reimbursement rates proposed by Chinese authorities could limit revenue in China. The company said the slowdown in China sales is linked to these changes.
- Respiratory seasonality and the pandemicmixed
The share of respiratory products fell from 24% in 2023 to 15% in fiscal 2025 and 9% in the first half of 2026, as demand for COVID-19 products declined. Revenue still depends on flu and respiratory seasons.
- Costs and tariffsheadwind
U.S. tariffs introduced in 2025 raised costs for components and shipping. The company says it has largely offset these through operating measures, but future tariffs could materially affect margins.
- Optimization and efficiencytailwind
The Optimization Plan launched in 2025 aims to cut costs, consolidate facilities and streamline distribution, with net savings expected through 2027. Its success depends on the pace of implementation and on sales trends.
Competitive position
The company operates against many global competitors, including Abbott, bioMérieux, Bio-Rad, Danaher, Roche, Siemens Healthineers and Thermo Fisher Scientific, as well as regional and local companies. Some competitors have far greater financial, marketing and research resources. 1
Consolidation among customers, the rise of group purchasing organizations and government tendering could reduce the company's ability to hold prices. The company acknowledges it may not compete successfully in an increasingly consolidated industry. 1
- Abbott LaboratoriesABT
Global competitor named in the company's filing, active in diagnostics and other healthcare segments.
- Roche
Global diagnostics competitor named in the filing, headquartered in Switzerland.
- Siemens Healthineers
Competitor in diagnostics and medical technology named in the filing.
- Thermo Fisher ScientificTMO
Global instruments and diagnostics company named among principal competitors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jun 2026Shareholder vote
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-28 · SEC / QuidelOrtho Corporation · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / QuidelOrtho Corporation · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / QuidelOrtho Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.