SAN DIEGO – QuidelOrtho Corporation (NASDAQ: QDEL), a global provider of diagnostic solutions, today announced unaudited fourth quarter 2024 earnings that are in line with the company's prior financial guidance. The company expects to report revenue of $702 million to $707 million for the quarter ending December 29, 2024. According to InvestingPro data, the company's stock has shown strong momentum with a gain of 41% in the past six months, despite trading below the 52-week high of $74.04.
Expected revenues include approximately $561 million to $563 million from non-inhalation products and approximately $141 million to $143 million from inhalation products. These figures suggest that the company's performance is in line with its financial guidance for the year. InvestingPro Analysis shows that the company maintains a healthy 47.6% profit margin, although it is currently operating with a significant debt load of $2.8 billion.
Brian J. Blaser, President and CEO of QuidelOrtho, expressed satisfaction with the company's year-end results, emphasizing the strategic focus on growth and profit opportunities, leadership restructuring, and cost-saving measures. These efforts are expected to provide a strong fiscal base for 2025 InvestingPro The analysis shows that the company did not make a profit in the last twelve months, analysts project a return to profit this year, with an EPS estimate of $1.78 for 2024. Get access to InvestingPro's 7 exclusive tips and comprehensive financial analysis with Pro Research Report.
The company's preliminary revenue figures are subject to revision as the annual closing process is completed. QuidelOrtho plans to release its detailed financial results for the fourth quarter and full year 2024 on February 12, 2025, after the market closes. A conference call to discuss these results will follow, with access available on the company's Investor Relations website or by phone.
QuidelOrtho specializes in in vitro diagnostics, providing solutions in all different settings, including point of care, clinical laboratories, and transfusion medicine. The company aims to advance the diagnosis of a healthy future, using its expertise to provide accurate and reliable tests.
This press release contains forward-looking statements about the company's unaudited earnings and expectations of future financial conditions and results. As these are based on the management's initial analysis, they are subject to change. Final financial results may differ from initial estimates and may be material. Based on current market conditions and comprehensive analysis available InvestingProThe stock appears undervalued according to InvestingPro's Fair Value model, with analyst price targets ranging from $38 to $64.
The information in this article is based on a press release from QuidelOrtho Corporation.
In other recent news, Quidel (NASDAQ: ) Corporation has been the focus of many financial analysts. Citi upgraded Quidel from Neutral to Buy, citing improved management and an attractive forecast. The company also raised its target price to $50 from $44 previously. Conversely, Jefferies initiated coverage on Quidel with a Hold rating and 43 price target.
Quidel reported a revenue beat of $85 million for the third quarter of 2024 and revised back its FY24 guidance, estimating $2.75 to $2.80 billion in sales. However, this would represent a year-on-year decline of 8.3% to 6.6%. The company also reported an adjusted EBITDA margin between 19.3% and 19.6%, indicating a year-over-year decline.
In other developments, QuidelOrtho Corporation reported earnings for the third quarter of 2024, revealing revenue of $727 million and adjusted EBITDA of $171 million. The company's adjusted earnings per share (EPS) was reported at $0.85. For the full year 2024, QuidelOrtho expects revenue between $2.75 billion and $2.80 billion, and adjusted diluted EPS between $1.69 and $1.91.
The company also announced leadership changes, including Jonathan Siegrist as the new CTO and Lee Bowman as CHRO, as the company targets $100 million in savings by 2025. Finally, QuidelOrtho's CFO, Joseph M. Busky, received a significant increase in his base salary, reflecting his expanded role and new IT duties.
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