Why Is Diagnostic Maker QuidelOrtho Stock Crashing Wednesday?
Tuesday, QuidelOrtho Corp (NASDAQ:QDEL) reported fourth-quarter 2023 adjusted EPS of $1.17, missing the consensus of $2.05.
Adjusted EBITDA margin for the fourth quarter of 2023 was 26%, compared to 28% a year ago.
The year-over-year change in adjusted diluted EPS and EBITDA was primarily related to the decline in COVID-19 revenue compared to the prior year period.
The company reported sales of $742.60 million, missing the consensus estimate of $796.91 million.
Non-respiratory revenue increased by 9%, driven by lab strength in clinical chemistry and immunoassay. Excluding respiratory, Labs grew 13% in constant currency.
Also Read: Diagnostics Firm QuidelOrtho Contemplates Selling Transfusion Medicine Arm Valued Up To $2B: Report.
Respiratory revenue decreased by 49% …
Full story available on Benzinga.com