QDEL · QuidelOrtho Corporation

QuidelOrtho’s Q1 2026 results reflected significant headwinds, with total revenue of $619.8 million missing prior-year levels primarily due to a 34% decline in Point of Care revenue from a weaker respiratory season compared to Q1 2025. Labs revenue dropped 5% amid slower distributor sales in China—linked to pending NHSA IVD pricing guideline changes—plus Middle East conflict disruptions and the terminated Grifols joint arrangement. Immunohematology provided a bright spot, growing 8% on strength in North America, China, and JPAC. GAAP operating loss widened to $31.8 million from prior profit, driven by higher interest expense and cost of sales, while adjusted EBITDA held at $109 million. CEO Brian J. Blaser noted results aligned with preliminary guidance and emphasized underlying business strength, margin expansion goals, and cash flow improvement for 2026. Strategic progress included the April completion of the LEX Diagnostics acquisition, adding an ultra-fast molecular platform for point-of-care, alongside U.S. launch of High-Sensitivity Troponin and international VITROS 450 rollout. Updated full-year guidance tightened ranges downward—revenues to $2.70-$2.75 billion from $2.7-$2.9 billion, adjusted EBITDA to $615-$630 million from $630-$670 million—factoring in China pricing impacts and excluding prolonged Middle East effects. Balance sheet showed cash at $140.4 million (down from $169.8 million year-end), with operating cash use of $33 million. A conference call at 2:00 p.m. PT discussed details, with materials on the IR site.