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Why Is Diagnostic Maker QuidelOrtho Stock Crashing Wednesday?

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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

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