Quidel Financials
This page shows Quidel (QDEL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Quidel has an operating margin of -33.7%, meaning the company retains $-34 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -70.5% the prior year.
Quidel's revenue declined 1.9% year-over-year, from $2.8B to $2.7B. This contraction results in a growth score of 30/100.
Quidel carries a low D/E ratio of 1.40, meaning only $1.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Quidel's current ratio of 1.50 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.
While Quidel generated $105.2M in operating cash flow, capex of $188.2M consumed most of it, leaving -$83.0M in free cash flow. This results in a low score of 17/100, reflecting heavy capital investment rather than weak cash generation.
Quidel generates a -58.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -68.8% the prior year.
Quidel passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Quidel generates $-0.09 in operating cash flow ($105.2M OCF vs -$1.1B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Quidel earns $-5.2 in operating income for every $1 of interest expense (-$919.2M vs $177.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Quidel generated $2.7B in revenue in fiscal year 2025. This represents a decrease of 1.9% from the prior year.
Quidel's EBITDA was -$477.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 68.3% from the prior year.
Quidel reported -$1.1B in net income in fiscal year 2025. This represents an increase of 44.8% from the prior year.
Quidel earned $-16.69 per diluted share (EPS) in fiscal year 2025. This represents an increase of 45.4% from the prior year.
Cash & Balance Sheet
Quidel generated -$83.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 26.0% from the prior year.
Quidel held $169.8M in cash against $2.7B in long-term debt as of fiscal year 2025.
Quidel had 68M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Margins & Returns
Quidel's gross margin was 46.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Quidel's operating margin was -33.7% in fiscal year 2025, reflecting core business profitability. This is up 36.8 percentage points from the prior year.
Quidel's net profit margin was -41.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 32.3 percentage points from the prior year.
Quidel's ROE was -58.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 9.8 percentage points from the prior year.
Capital Allocation
Quidel invested $186.2M in research and development in fiscal year 2025. This represents a decrease of 14.9% from the prior year.
Quidel spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Quidel invested $188.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 3.5% from the prior year.
QDEL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $723.6M+3.4% | $699.9M+14.0% | $613.9M-11.4% | $692.8M-2.1% | $707.8M-2.7% | $727.1M+14.1% | $637.0M-10.4% | $711.0M |
| Cost of Revenue | $403.2M+10.7% | $364.3M+7.5% | $339.0M-3.0% | $349.5M-8.4% | $381.7M+1.8% | $374.8M+3.8% | $361.0M-4.7% | $378.9M |
| Gross Profit | $320.4M-4.5% | $335.6M+22.1% | $274.9M-19.9% | $343.3M+5.3% | $326.1M-7.4% | $352.3M+27.6% | $276.0M-16.9% | $332.1M |
| R&D Expenses | $45.8M+10.4% | $41.5M-9.2% | $45.7M-14.1% | $53.2M+12.5% | $47.3M-15.4% | $55.9M-0.7% | $56.3M-4.9% | $59.2M |
| SG&A Expenses | $194.4M+4.0% | $186.9M+5.0% | $178.0M-4.8% | $187.0M-0.3% | $187.5M+0.6% | $186.4M-1.0% | $188.2M-8.1% | $204.7M |
| Operating Income | -$66.3M+90.6% | -$704.8M-290.0% | -$180.7M-654.3% | $32.6M+132.5% | -$100.4M-769.3% | $15.0M+112.8% | -$117.5M+93.3% | -$1.8B |
| Interest Expense | $51.0M+10.6% | $46.1M+13.8% | $40.5M+1.3% | $40.0M-1.5% | $40.6M-5.4% | $42.9M+4.6% | $41.0M+5.1% | $39.0M |
| Income Tax | $18.3M+176.6% | -$23.9M-192.6% | $25.8M+561.5% | $3.9M-89.6% | $37.5M+521.3% | -$8.9M+41.4% | -$15.2M+83.6% | -$92.9M |
| Net Income | -$130.7M+82.2% | -$733.0M-187.0% | -$255.4M-1911.0% | -$12.7M+92.9% | -$178.4M-796.5% | -$19.9M+86.5% | -$147.7M+91.3% | -$1.7B |
| EPS (Diluted) | N/A | $-10.78-185.9% | $-3.77-1884.2% | $-0.19 | N/A | $-0.30+86.4% | $-2.20+91.4% | $-25.50 |
QDEL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.8B+1.7% | $5.7B-11.0% | $6.4B-1.3% | $6.5B+0.6% | $6.4B-5.6% | $6.8B+1.7% | $6.7B-0.2% | $6.7B |
| Current Assets | $1.4B+5.9% | $1.4B+6.6% | $1.3B+1.9% | $1.3B+3.2% | $1.2B-13.7% | $1.4B+5.3% | $1.3B+10.6% | $1.2B |
| Cash & Equivalents | $169.8M+73.1% | $98.1M-35.3% | $151.7M+19.4% | $127.1M+29.3% | $98.3M-31.6% | $143.7M+34.3% | $107.0M+36.3% | $78.5M |
| Inventory | $577.6M-5.9% | $613.8M+6.1% | $578.7M+2.8% | $563.2M+5.5% | $533.7M-7.5% | $577.0M-4.2% | $602.0M+3.2% | $583.1M |
| Accounts Receivable | $417.0M+7.9% | $386.5M+40.5% | $275.0M-3.8% | $286.0M+1.3% | $282.4M-4.2% | $294.9M+9.4% | $269.5M-0.8% | $271.7M |
| Goodwill | $0 | $0-100.0% | $711.1M+6.0% | $670.9M+3.3% | $649.5M-15.7% | $770.6M+5.2% | $732.5M-0.3% | $734.8M |
| Total Liabilities | $3.8B+5.8% | $3.6B+1.5% | $3.6B+3.5% | $3.5B+0.7% | $3.4B-4.9% | $3.6B+2.8% | $3.5B+3.5% | $3.4B |
| Current Liabilities | $966.1M+25.8% | $767.9M-32.8% | $1.1B+9.1% | $1.0B+4.8% | $998.8M-2.8% | $1.0B+10.2% | $932.4M+19.6% | $779.8M |
| Long-Term Debt | $2.7B+8.1% | $2.5B+20.5% | $2.1B-1.6% | $2.1B-15.4% | $2.5B+14.3% | $2.2B-1.4% | $2.2B-1.5% | $2.2B |
| Total Equity | $1.9B-5.7% | $2.0B-27.1% | $2.8B-6.8% | $3.0B+0.4% | $3.0B-6.3% | $3.2B+0.4% | $3.2B-4.1% | $3.3B |
| Retained Earnings | -$996.0M-15.1% | -$865.3M-554.0% | -$132.3M-207.5% | $123.1M-9.4% | $135.8M-56.8% | $314.2M-6.0% | $334.1M-30.7% | $481.8M |
QDEL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $131.9M+389.9% | -$45.5M+2.8% | -$46.8M-171.3% | $65.6M+3.0% | $63.7M-46.0% | $117.9M+220.4% | -$97.9M-13885.7% | -$700K |
| Capital Expenditures | $45.3M-7.9% | $49.2M+31.2% | $37.5M-33.3% | $56.2M+19.1% | $47.2M+1.5% | $46.5M+31.7% | $35.3M-46.6% | $66.1M |
| Free Cash Flow | $86.6M+191.4% | -$94.7M-12.3% | -$84.3M-996.8% | $9.4M-43.0% | $16.5M-76.9% | $71.4M+153.6% | -$133.2M-99.4% | -$66.8M |
| Investing Cash Flow | -$49.6M+8.0% | -$53.9M-63.3% | -$33.0M+41.3% | -$56.2M-48.3% | -$37.9M+32.9% | -$56.5M-60.1% | -$35.3M-74.8% | -$20.2M |
| Financing Cash Flow | -$11.1M-124.1% | $46.0M-55.5% | $103.3M+486.9% | $17.6M+125.5% | -$68.9M-162.0% | -$26.3M-116.2% | $162.5M+978.4% | -$18.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
QDEL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.3%-3.7pp | 47.9%+3.2pp | 44.8%-4.8pp | 49.5%+3.5pp | 46.1%-2.4pp | 48.4%+5.1pp | 43.3%-3.4pp | 46.7% |
| Operating Margin | -9.2%+91.5pp | -100.7%-71.3pp | -29.4%-34.1pp | 4.7%+18.9pp | -14.2%-16.2pp | 2.1%+20.5pp | -18.4%+228.8pp | -247.3% |
| Net Margin | -18.1%+86.7pp | -104.7%-63.1pp | -41.6%-39.8pp | -1.8%+23.4pp | -25.2%-22.5pp | -2.7%+20.4pp | -23.2%+216.8pp | -239.9% |
| Return on Equity | -6.8%+29.2pp | -36.0%-26.8pp | -9.2%-8.7pp | -0.4%+5.6pp | -6.0%-5.4pp | -0.6%+4.0pp | -4.7%+46.9pp | -51.6% |
| Return on Assets | -2.3%+10.7pp | -12.9%-8.9pp | -4.0%-3.8pp | -0.2%+2.6pp | -2.8%-2.5pp | -0.3%+1.9pp | -2.2%+23.2pp | -25.4% |
| Current Ratio | 1.50-0.3 | 1.78+0.7 | 1.12-0.1 | 1.20-0.0 | 1.22-0.2 | 1.38-0.1 | 1.44-0.1 | 1.55 |
| Debt-to-Equity | 1.40+0.2 | 1.23+0.5 | 0.74+0.0 | 0.70-0.1 | 0.83+0.2 | 0.68-0.0 | 0.70+0.0 | 0.68 |
| FCF Margin | 12.0%+25.5pp | -13.5%+0.2pp | -13.7%-15.1pp | 1.4%-1.0pp | 2.3%-7.5pp | 9.8%+30.7pp | -20.9%-11.5pp | -9.4% |
Similar Companies
Frequently Asked Questions
What is Quidel's annual revenue?
Quidel (QDEL) reported $2.7B in total revenue for fiscal year 2025. This represents a -1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Quidel's revenue growing?
Quidel (QDEL) revenue declined by 1.9% year-over-year, from $2.8B to $2.7B in fiscal year 2025.
Is Quidel profitable?
No, Quidel (QDEL) reported a net income of -$1.1B in fiscal year 2025, with a net profit margin of -41.4%.
What is Quidel's EBITDA?
Quidel (QDEL) had EBITDA of -$477.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Quidel have?
As of fiscal year 2025, Quidel (QDEL) had $169.8M in cash and equivalents against $2.7B in long-term debt.
What is Quidel's gross margin?
Quidel (QDEL) had a gross margin of 46.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Quidel's operating margin?
Quidel (QDEL) had an operating margin of -33.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Quidel's net profit margin?
Quidel (QDEL) had a net profit margin of -41.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Quidel's return on equity (ROE)?
Quidel (QDEL) has a return on equity of -58.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Quidel's free cash flow?
Quidel (QDEL) generated -$83.0M in free cash flow during fiscal year 2025. This represents a 26.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Quidel's operating cash flow?
Quidel (QDEL) generated $105.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Quidel's total assets?
Quidel (QDEL) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Quidel's capital expenditures?
Quidel (QDEL) invested $188.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Quidel spend on research and development?
Quidel (QDEL) invested $186.2M in research and development during fiscal year 2025.
What is Quidel's current ratio?
Quidel (QDEL) had a current ratio of 1.50 as of fiscal year 2025, which is considered adequate.
What is Quidel's debt-to-equity ratio?
Quidel (QDEL) had a debt-to-equity ratio of 1.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Quidel's return on assets (ROA)?
Quidel (QDEL) had a return on assets of -19.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Quidel's Piotroski F-Score?
Quidel (QDEL) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Quidel's earnings high quality?
Quidel (QDEL) has an earnings quality ratio of -0.09x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Quidel cover its interest payments?
Quidel (QDEL) has an interest coverage ratio of -5.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Quidel?
Quidel (QDEL) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.