Quidel Financials
Quidel (QDEL) reported $2.7B in revenue for fiscal year 2025, down 1.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Margin collapse leaves accounting losses, debt service, and reinvestment consuming a shrinking cash cushion.
The latest two years pair net losses of$2.1B and$1.1B with positive operating cash flow, showing that reported losses were heavily influenced by non-cash charges rather than matching near-term cash outflows. Yet cash conversion is still insufficient for reinvestment: capital spending exceeded operating cash flow in FY2025, producing free cash flow of-$83M .
Gross margin deterioration from
Balance-sheet financing has become more creditor-dependent: debt-to-equity rose from 0.4x in FY2021 to 1.3x in FY2025. Cash declined from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Quidel's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Quidel has an operating margin of -33.7%, meaning the company loses $34 on every $100 of revenue. This results in a profitability score of 10/100. 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 19/100.
Quidel has a moderate D/E ratio of 1.29. This balance of debt and equity financing earns a leverage score of 41/100.
Quidel's current ratio of 1.50 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
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 24/100, reflecting heavy capital investment rather than weak cash generation.
Quidel posts a -58.9% return on equity (ROE), meaning it loses $59 for every $100 of shareholders' equity. This results in a returns score of 11/100. This is up from -68.8% the prior year.
Quidel scores -0.05, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($921.0M) relative to total liabilities ($3.8B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
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.
Quidel reported a net loss of $1.1B while generating $105.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Quidel reported an operating loss of $919.2M against $177.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 recorded an outflow of $83.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 26.0% from the prior year.
Quidel held $169.8M in cash against $2.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
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 repurchased no shares in fiscal year 2025.
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $2.7B-1.9% | $2.8B-7.2% | $3.0B-8.2% | $3.3B+92.3% | $1.7B+2.2% | $1.7B |
| Cost of Revenue | $1.5B | $1.5B-2.7% | $1.5B-0.3% | $1.5B+12.9% | $1.3B+216.4% | $420.3M+37.6% | $305.4M |
| Gross Profit | $1.2B | $1.3B-1.0% | $1.3B-14.1% | $1.5B-22.7% | $1.9B+51.5% | $1.3B-5.8% | $1.4B |
| R&D Expenses | $180.9M | $186.2M-14.9% | $218.7M-10.7% | $245.0M+30.4% | $187.9M+96.3% | $95.7M+13.5% | $84.3M |
| SG&A Expenses | $770.3M | $746.3M-2.7% | $766.8M+0.5% | $763.2M+22.9% | $621.0M+159.2% | $239.6M+32.6% | $180.7M |
| Operating Income | -$824.7M | -$919.2M+53.1% | -$2.0B-1509.7% | $139.1M-83.5% | $843.7M-6.9% | $906.0M-14.6% | $1.1B |
| Interest Expense | $202.9M | $177.6M+8.6% | $163.5M+10.8% | $147.6M+95.0% | $75.7M+1405.2% | -$5.8M+31.8% | -$8.5M |
| Income Tax | $18.4M | $24.1M+130.3% | -$79.5M-318.4% | -$19.0M-110.1% | $187.2M-4.5% | $196.1M-14.7% | $230.0M |
| Net Income | -$1.0B | -$1.1B+44.8% | -$2.1B-20216.8% | -$10.1M-101.8% | $548.7M-22.1% | $704.2M-13.1% | $810.3M |
| EPS (Diluted) | — | -$16.69+45.4% | -$30.54-20260.0% | -$0.15-101.6% | $9.56-41.8% | $16.43-11.7% | $18.60 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
QDEL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $5.8B-10.2% | $6.4B-25.0% | $8.6B-3.3% | $8.9B+264.4% | $2.4B | N/A |
| Current Assets | $1.4B+18.7% | $1.2B-7.0% | $1.3B-16.8% | $1.6B+9.4% | $1.4B | N/A |
| Cash & Equivalents | $169.8M+72.7% | $98.3M-17.3% | $118.9M-59.4% | $292.9M-63.5% | $802.8M+63.9% | $489.9M |
| Inventory | $577.6M+8.2% | $533.7M-7.6% | $577.8M+10.2% | $524.1M+163.6% | $198.8M | N/A |
| Accounts Receivable | $417.0M+47.7% | $282.4M-6.9% | $303.3M-33.2% | $453.9M+20.1% | $378.0M | N/A |
| Goodwill | $0-100.0% | $649.5M-73.9% | $2.5B+0.6% | $2.5B+635.0% | $337.0M | N/A |
| Total Liabilities | $3.8B+11.9% | $3.4B-3.3% | $3.6B-9.3% | $3.9B+682.7% | $501.0M | N/A |
| Current Liabilities | $966.1M-3.3% | $998.8M+19.8% | $833.8M-17.2% | $1.0B+211.3% | $323.5M | N/A |
| Long-Term Debt | $2.5B+15.4% | $2.1B-5.9% | $2.3B-6.4% | $2.4B+347157.1% | $700K | N/A |
| Total Equity | $1.9B-35.7% | $3.0B-40.4% | $5.0B+1.4% | $4.9B+155.8% | $1.9B+44.8% | $1.3B |
| Retained Earnings | -$996.0M-833.4% | $135.8M-93.8% | $2.2B-0.5% | $2.2B+33.3% | $1.6B | N/A |
QDEL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$57.2M | $105.2M+26.7% | $83.0M-70.4% | $280.2M-68.3% | $885.3M+9.9% | $805.9M+28.0% | $629.7M |
| Capital Expenditures | $154.0M | $188.2M-3.5% | $195.1M-6.8% | $209.3M+48.5% | $140.9M-51.9% | $292.8M+351.2% | $64.9M |
| Free Cash Flow | -$211.2M | -$83.0M+26.0% | -$112.1M-258.1% | $70.9M-90.5% | $744.4M+45.1% | $513.1M-9.2% | $564.8M |
| Investing Cash Flow | -$244.8M | -$192.7M-28.6% | -$149.9M+20.1% | -$187.6M+88.6% | -$1.6B-414.6% | -$319.5M-404.7% | -$63.3M |
| Financing Cash Flow | $273.1M | $155.8M+219.3% | $48.8M+118.4% | -$265.8M-205.5% | $252.0M+245.6% | -$173.1M-32.8% | -$130.3M |
| Share Buybacks | N/A | $0 | $0-100.0% | $7.2M-90.3% | $74.3M-28.2% | $103.5M+136.8% | $43.7M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
QDEL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 46.7%+0.4pp | 46.2%-3.7pp | 49.9%-9.3pp | 59.3%-16.0pp | 75.3%-6.4pp | 81.6% |
| Operating Margin | -33.7%+36.8pp | -70.5%-75.1pp | 4.6%-21.2pp | 25.8%-27.5pp | 53.3%-10.5pp | 63.8% |
| Net Margin | -41.4%+32.3pp | -73.7%-73.4pp | -0.3%-17.1pp | 16.8%-24.7pp | 41.5%-7.3pp | 48.8% |
| Return on Equity | -58.9%+9.8pp | -68.8%-68.6pp | -0.2%-11.3pp | 11.1%-25.4pp | 36.5%-24.3pp | 60.8% |
| Return on Assets | -19.6%+12.3pp | -31.9%-31.8pp | -0.1%-6.3pp | 6.2%-22.8pp | 29.0% | N/A |
| Current Ratio | 1.50+0.3x | 1.22-0.4x | 1.570.0x | 1.56-2.9x | 4.45 | N/A |
| Debt-to-Equity | 1.29+0.6x | 0.72+0.3x | 0.450.0x | 0.49+0.5x | 0.00 | N/A |
| FCF Margin | -3.0%+1.0pp | -4.0%-6.4pp | 2.4%-20.4pp | 22.8%-7.4pp | 30.2%-3.8pp | 34.0% |
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Where Quidel Ranks
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 $2.5B 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) recorded an outflow of $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 1.29 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 Altman Z-Score?
Quidel (QDEL) has an Altman Z-Score of -0.05, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Quidel's earnings high quality?
Quidel (QDEL) reported a net loss of $1.1B while generating $105.2M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $919.2M against $177.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.