QuidelOrtho (NASDAQ: QDEL) trims 2026 outlook after Q1 revenue and margin decline
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
QuidelOrtho Corporation reported weaker first quarter 2026 results with lower revenue, higher losses and reduced full-year guidance. Total revenue was $619.8 million, down 10.5% from $692.8 million a year earlier. Point of Care revenue fell 34% to $112.8 million, mainly from a weaker respiratory season, while Labs revenue declined 5.3% to $353.1 million amid slower China distributor sales, Middle East disruption and the end of a Grifols arrangement. Immunohematology grew 7.6% to $138.3 million.
GAAP net loss widened to $91.8 million from $12.7 million, with GAAP diluted loss per share of $1.35 versus $0.19. Adjusted EBITDA fell to $108.7 million from $159.8 million, and adjusted EBITDA margin declined to 17.5% from 23.1%.
For full-year 2026, the company now expects total revenue of $2.70–$2.75 billion, adjusted EBITDA of $615–$630 million, adjusted diluted EPS of $1.80–$2.00 and free cash flow of $100–$120 million, all lower than prior guidance. Management highlighted the April acquisition of LEX Diagnostics and new assay and platform launches as key elements of its long-term growth strategy.
Positive
- None.
Negative
- Guidance reduction and margin compression: Full-year 2026 guidance for revenue, adjusted EBITDA, adjusted EPS and free cash flow was lowered, while adjusted EBITDA margin fell to 17.5% from 23.1%, indicating both top-line and profitability pressures.
Insights
Revenue and margins declined, and 2026 guidance was cut despite growth initiatives.
QuidelOrtho delivered softer Q1 2026 results, with total revenue down 10.5% to $619.8 million and adjusted EBITDA dropping to $108.7 million. Segment weakness was concentrated in Point of Care, which declined 34.0%, and Labs, pressured by China and Middle East dynamics.
Profitability compressed meaningfully: GAAP net loss widened to $91.8 million and adjusted EBITDA margin fell to 17.5% from 23.1%. Management cited a significantly weaker respiratory season, pending China NHSA IVD pricing guidelines and geopolitical disruption as key headwinds.
The company reduced its full-year 2026 outlook, trimming revenue to $2.70–$2.75 billion, adjusted EBITDA to $615–$630 million, adjusted EPS to $1.80–$2.00 and free cash flow to $100–$120 million. Offsetting these pressures, the completed LEX Diagnostics acquisition and new product launches, including a High-Sensitivity Troponin assay and the VITROS 450 platform, represent strategic investments intended to support longer-term growth beyond Q1 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 total revenue: $619.8 million
Q1 2026 GAAP net loss: $91.8 million
Q1 2026 GAAP diluted loss per share: $1.35 per share
+5 more
8 metrics
Q1 2026 total revenue
$619.8 million
Down 10.5% vs Q1 2025 revenue of $692.8 million
Q1 2026 GAAP net loss
$91.8 million
Compared with $12.7 million net loss in Q1 2025
Q1 2026 GAAP diluted loss per share
$1.35 per share
Versus $0.19 diluted loss per share in Q1 2025
Q1 2026 adjusted EBITDA
$108.7 million
Down from $159.8 million in Q1 2025; margin 17.5%
2026 revenue guidance
$2.70–$2.75 billion
Updated range vs previous $2.7–$2.9 billion
2026 adjusted EBITDA guidance
$615–$630 million
Lowered from prior $630–$670 million range
2026 adjusted diluted EPS guidance
$1.80–$2.00
Reduced from prior $2.00–$2.42 range
Q1 2026 operating cash flow
-$33.0 million
Cash used for operating activities vs $65.6 million provided in Q1 2025
Key Terms
adjusted EBITDA, free cash flow, constant currency, forward-looking statements, +2 more
6 terms
adjusted EBITDA financial
"GAAP net loss was $92 million; GAAP operating loss was $32 million; adjusted EBITDA was $109 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow | $100 - $120 million | $120 - $160 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
constant currency financial
"Point of Care revenue of $113 million declined by 34% as reported and 35% in constant currency"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
forward-looking statements regulatory
"This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
non-GAAP financial measures financial
"This press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
China NHSA IVD pricing guidelines regulatory
"pending changes to the China National Health Security Administration (“NHSA”) In Vitro Diagnostics (“IVD”) pricing guidelines"
Earnings Snapshot
Total revenue: $619.8 million · Guidance included
Q1 2026
Total revenue
$619.8 million
-10.5% year over year
GAAP net loss
$91.8 million
vs $12.7 million loss in prior-year quarter
Adjusted EBITDA
$108.7 million
down from $159.8 million in prior-year quarter
Adjusted EBITDA margin
17.5%
down from 23.1% in prior-year quarter
Guidance
For full-year 2026, QuidelOrtho guides to $2.70–$2.75 billion total revenue, adjusted EBITDA of $615–$630 million, adjusted diluted EPS of $1.80–$2.00 and free cash flow of $100–$120 million, reflecting reduced expectations versus February 2026 guidance.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact name of Registrant as specified in its Charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices, including zip code)
(858 ) 552-1100
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ | ||||
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026, QuidelOrtho Corporation (“QuidelOrtho”) issued a press release announcing the financial results for its first quarter ended March 29, 2026 and will hold an earnings conference call at 2:00 p.m., Pacific Time, on May 5, 2026 to discuss such results. A copy of the press release is furnished with this Current Report on Form 8-K (“Form 8-K”) as Exhibit 99.1.
The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits. | ||||||||||||||
| The following exhibit is furnished with this Form 8-K: | ||||||||||||||
| Exhibit Number | Description of Exhibit | |||||||||||||
| 99.1 | Press release, dated May 5, 2026, reporting QuidelOrtho Corporation's financial results for its first quarter ended March 29, 2026. | |||||||||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. | |||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 5, 2026
| QUIDELORTHO CORPORATION | ||||||||
| By: | /s/ Joseph M. Busky | |||||||
| Name: | Joseph M. Busky | |||||||
| Its: | Chief Financial Officer | |||||||
Exhibit 99.1
QuidelOrtho Reports First Quarter 2026 Financial Results
― LEX Diagnostics Acquisition Expected to Accelerate Growth in Point-of-Care Molecular Diagnostics ―
― Key Product Launches in U.S. and International Markets Expected to Drive Future Growth ―
― Company Updates Full-Year 2026 Financial Guidance ―
May 5, 2026
SAN DIEGO, CA May 5, 2026 — QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global leader of innovative in vitro diagnostics, today announced financial results for the first quarter ended March 29, 2026.
Key First Quarter 2026 Results:
(all comparisons are to the prior year period)
•Total revenue was $620 million, as reported
◦Point of Care revenue of $113 million declined by 34% as reported and 35% in constant currency, primarily due to a significantly weaker respiratory season compared to the first quarter of 2025.
◦Labs revenue of $353 million declined by 5% as reported and 8% in constant currency, primarily due to slower distributor sales in China that the Company believes is related to pending changes to the China National Health Security Administration (“NHSA”) In Vitro Diagnostics (“IVD”) pricing guidelines, business disruption related to the Middle East conflict, and a decrease in revenue related in part to the Company’s termination of its joint business arrangement with Grifols.
◦Immunohematology revenue of $138 million grew 8% as reported and 3% in constant currency, primarily driven by growth in North America, China and JPAC.
•GAAP net loss was $92 million; GAAP operating loss was $32 million; adjusted EBITDA was $109 million.
•GAAP diluted loss per share was $1.35; adjusted diluted loss per share was $0.04.
“Our first quarter results were in line with our preliminary revenue announcement and reflected a significantly weaker respiratory season and business disruption in China and the Middle East,” said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. “Importantly, we believe the underlying business remains strong and we are well positioned to deliver on our objectives to expand our adjusted EBITDA margin and improve cash flow in 2026.”
“We completed our acquisition of LEX Diagnostics in April, adding an ultra-fast molecular diagnostics platform for point-of-care testing. We also advanced our key strategic priorities, including the U.S. launch of our High-Sensitivity Troponin assay and the rollout of the VITROS 450 platform in select international markets. We believe these innovations enhance our portfolio and position us to drive sustainable, long-term growth,” Blaser continued.
Full-year 2026 Financial Guidance
The Company provided its initial financial guidance for full-year 2026 on February 11, 2026. On April 15, 2026, the Company announced preliminary revenue for the first quarter 2026 and indicated that the low end of its full-year 2026 financial guidance ranges remained achievable. Considering first-quarter performance and current market dynamics in China, the Company has updated its previously provided financial guidance. This guidance includes expected 2026 impact from the current draft of the China NHSA IVD pricing guidelines. The Company cannot fully assess the impact until the final NHSA guidelines and implementation timelines are confirmed. In addition, this guidance does not assume a significant, prolonged impact related to the Middle East conflict.
| Full-year 2026 Financial Guidance | Updated (as of 5/5/26) | Previous (as of 2/11/26) | ||||||
| Total revenues (reported) | $2.70 - $2.75 billion | $2.7 - $2.9 billion | ||||||
| Adjusted EBITDA | $615 - $630 million | $630 - $670 million | ||||||
| Adjusted EBITDA margin | 23% | 23.3% | ||||||
| Adjusted diluted earnings per share | $1.80 - $2.00 | $2.00 - $2.42 | ||||||
| Free cash flow | $100 - $120 million | $120 - $160 million | ||||||
Please see page 6 of the First Quarter 2026 Financial Results presentation on the “Investor Relations” page of the Company’s website for the full list of assumptions on which the Company’s current 2026 financial guidance is based.
A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share and free cash flow, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits and other non-recurring adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."
Conference Call Information
Following the release of financial results, QuidelOrtho will hold a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call from the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at https://ir.quidelortho.com. Presentation materials will also be posted to the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at the time of the call.
A replay of the conference call will be available shortly after the event on the “Investor Relations” page of the Company’s website under the “Events & Presentations” section.
QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.
About QuidelOrtho Corporation
With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho’s commercial and other strategic goals, financial guidance for 2026 and related assumptions and other future financial condition and operating results, including growth expectations and expected results of operations, financial position or cost-savings and operational improvement initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words “may,” “will,” “could,” “would,” “should,” “might,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “goal,” “project,” “strategy,” “future,” “continue,” “aim,” “strive,” “seek” or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho’s management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements.
The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho’s non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions, strategic restructurings, divestitures, spin-offs or discontinuances of certain business operations, or debt financings, on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; failure of new products and services to be commercially viable or accepted; changes in reimbursement rates for our products, including reimbursement rate reductions proposed by the China NHSA; disruptions and challenges related to the ongoing conflicts in the Middle East; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations, global trade relations and other tariff-related developments, as well as those discussed in QuidelOrtho’s Annual Report on Form 10-K for the fiscal year ended December 28, 2025 and subsequent reports filed with the Securities and Exchange Commission (the “Commission”), including under Part I, Item 1A, “Risk Factors” of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.
Non-GAAP Financial Measures
This press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission, including but not limited to “constant currency Point of Care revenue changes,” “constant currency Labs revenue changes,” “constant currency Immunohematology revenue changes,” “adjusted EBITDA,” “adjusted EBITDA margin,” “adjusted diluted loss per share,” “free cash flow” and other non-GAAP financial measures included in the reconciliation tables accompanying this press release. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results and comparison to competitors’ operating results. The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the historical non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.
Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
IR@QuidelOrtho.com
Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
media@QuidelOrtho.com
QuidelOrtho
Consolidated Statements of Loss
(Unaudited)
(In millions, except per share data)
| Three Months Ended | |||||||||||
| March 29, 2026 | March 30, 2025 | ||||||||||
| Total revenues | $ | 619.8 | $ | 692.8 | |||||||
| Cost of sales, excluding amortization of intangibles | 356.0 | 349.5 | |||||||||
| Selling, marketing and administrative | 199.3 | 187.0 | |||||||||
| Research and development | 44.9 | 53.2 | |||||||||
| Amortization of intangible assets | 46.8 | 48.0 | |||||||||
| Restructuring, integration and other charges | 4.4 | 16.1 | |||||||||
| Other operating expenses | 0.2 | 6.4 | |||||||||
| Operating (loss) income | (31.8) | 32.6 | |||||||||
| Interest expense, net | 51.1 | 40.0 | |||||||||
| Other (income) expense, net | (3.4) | 1.4 | |||||||||
| Loss before income taxes | (79.5) | (8.8) | |||||||||
| Provision for income taxes | 12.3 | 3.9 | |||||||||
| Net loss | $ | (91.8) | $ | (12.7) | |||||||
| Basic loss per share | $ | (1.35) | $ | (0.19) | |||||||
| Diluted loss per share | $ | (1.35) | $ | (0.19) | |||||||
| Weighted-average shares outstanding - basic | 68.2 | 67.5 | |||||||||
| Weighted-average shares outstanding - diluted | 68.2 | 67.5 | |||||||||
QuidelOrtho
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
| March 29, 2026 | December 28, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 140.4 | $ | 169.8 | |||||||
| Accounts receivable, net | 359.9 | 417.0 | |||||||||
| Inventories | 611.5 | 577.6 | |||||||||
| Prepaid expenses and other current assets | 232.8 | 250.5 | |||||||||
| Assets held for sale | 32.4 | 32.4 | |||||||||
| Total current assets | 1,377.0 | 1,447.3 | |||||||||
| Property, plant and equipment, net | 1,339.3 | 1,358.3 | |||||||||
| Right-of-use assets | 158.0 | 155.5 | |||||||||
| Intangible assets, net | 2,520.2 | 2,563.8 | |||||||||
| Other assets | 234.2 | 244.4 | |||||||||
| Total assets | $ | 5,628.7 | $ | 5,769.3 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 243.5 | $ | 279.4 | |||||||
| Accrued payroll and related expenses | 135.4 | 120.3 | |||||||||
| Income tax payable | 12.7 | 11.5 | |||||||||
| Current portion of borrowings | 228.2 | 178.3 | |||||||||
| Other current liabilities | 342.6 | 376.6 | |||||||||
| Total current liabilities | 962.4 | 966.1 | |||||||||
| Operating lease liabilities | 155.4 | 154.4 | |||||||||
| Long-term borrowings | 2,459.8 | 2,471.9 | |||||||||
| Deferred tax liabilities | 87.3 | 90.0 | |||||||||
| Other liabilities | 112.4 | 166.4 | |||||||||
| Total liabilities | 3,777.3 | 3,848.8 | |||||||||
| Total stockholders’ equity | 1,851.4 | 1,920.5 | |||||||||
| Total liabilities and stockholders’ equity | $ | 5,628.7 | $ | 5,769.3 | |||||||
QuidelOrtho
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)
| Three Months Ended | |||||||||||
| March 29, 2026 | March 30, 2025 | ||||||||||
| Cash (used for) provided by operating activities | $ | (33.0) | $ | 65.6 | |||||||
| Cash used for investing activities | (34.0) | (56.2) | |||||||||
| Cash provided by financing activities | 37.6 | 17.6 | |||||||||
| Effect of exchange rates on cash | — | 1.7 | |||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (29.4) | 28.7 | |||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 169.8 | 98.5 | |||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 140.4 | $ | 127.2 | |||||||
| Reconciliation to amounts within the consolidated balance sheets: | |||||||||||
| Cash and cash equivalents | $ | 140.4 | $ | 127.1 | |||||||
| Restricted cash in Other assets | — | 0.1 | |||||||||
| Cash, cash equivalents and restricted cash | $ | 140.4 | $ | 127.2 | |||||||
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted Net (Loss) Income
(In millions, except per share data; unaudited)
| Three Months Ended | |||||||||||||||||||||||
| March 29, 2026 | Diluted EPS | March 30, 2025 | Diluted EPS | ||||||||||||||||||||
| Net loss | $ | (91.8) | $ | (1.35) | $ | (12.7) | $ | (0.19) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Amortization of intangibles | 46.8 | 48.0 | |||||||||||||||||||||
| Restructuring, integration and other charges | 4.4 | 16.1 | |||||||||||||||||||||
| Amortization of deferred cloud computing implementation costs | 8.0 | 4.3 | |||||||||||||||||||||
| Employee compensation charges | 5.5 | — | |||||||||||||||||||||
| Incremental depreciation on PP&E fair value adjustment | 3.3 | 5.2 | |||||||||||||||||||||
| Accelerated depreciation | 2.0 | — | |||||||||||||||||||||
| Loss (gain) on investments | 0.9 | (0.3) | |||||||||||||||||||||
| EU medical device regulation transition costs | 0.7 | 0.2 | |||||||||||||||||||||
| Other adjustments | 4.7 | 1.2 | |||||||||||||||||||||
| Income tax impact of adjustments | 13.1 | (11.8) | |||||||||||||||||||||
| Adjusted net (loss) income | $ | (2.4) | $ | (0.04) | $ | 50.2 | $ | 0.74 | |||||||||||||||
| Weighted-average shares outstanding - diluted | 68.2 | 67.9 | |||||||||||||||||||||
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA
(In millions, unaudited)
| Three Months Ended | |||||||||||
| March 29, 2026 | March 30, 2025 | ||||||||||
| Net loss | $ | (91.8) | $ | (12.7) | |||||||
| Depreciation and amortization | 112.9 | 107.1 | |||||||||
| Interest expense, net | 51.1 | 40.0 | |||||||||
| Provision for income taxes | 12.3 | 3.9 | |||||||||
| Restructuring, integration and other charges | 4.4 | 16.1 | |||||||||
| Amortization of deferred cloud computing implementation costs | 8.0 | 4.3 | |||||||||
| Employee compensation charges | 5.5 | — | |||||||||
| Loss (gain) on investments | 0.9 | (0.3) | |||||||||
| EU medical device regulation transition costs | 0.7 | 0.2 | |||||||||
| Other adjustments | 4.7 | 1.2 | |||||||||
| Adjusted EBITDA | $ | 108.7 | $ | 159.8 | |||||||
| Total revenues | $ | 619.8 | $ | 692.8 | |||||||
| Adjusted EBITDA margin | 17.5 | % | 23.1 | % | |||||||
QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Revenues by Business Unit
(In millions, unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| March 29, 2026 | March 30, 2025 | % Change | Currency Impact | Constant Currency (a) | |||||||||||||||||||||||||
| Labs | $ | 353.1 | $ | 373.0 | (5.3) | % | 2.3 | % | (7.6) | % | |||||||||||||||||||
| Immunohematology | 138.3 | 128.5 | 7.6 | % | 4.2 | % | 3.4 | % | |||||||||||||||||||||
| Donor Screening | 7.8 | 12.8 | (39.1) | % | 0.4 | % | (39.5) | % | |||||||||||||||||||||
| Point of Care | 112.8 | 170.9 | (34.0) | % | 0.6 | % | (34.6) | % | |||||||||||||||||||||
| Molecular Diagnostics | 7.8 | 7.6 | 2.6 | % | 4.4 | % | (1.8) | % | |||||||||||||||||||||
| Total revenues | $ | 619.8 | $ | 692.8 | (10.5) | % | 2.1 | % | (12.6) | % | |||||||||||||||||||
(a) The term “constant currency” means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
FAQ
How did QuidelOrtho (QDEL) perform in Q1 2026?
QuidelOrtho reported Q1 2026 revenue of $619.8 million, down 10.5% year over year. The company posted a GAAP net loss of $91.8 million, compared with a $12.7 million loss, and GAAP diluted loss per share of $1.35 versus $0.19.
What happened to QuidelOrtho’s segment revenues in Q1 2026?
Point of Care revenue fell 34.0% to $112.8 million, mainly from a weaker respiratory season. Labs revenue declined 5.3% to $353.1 million, while Immunohematology grew 7.6% to $138.3 million, reflecting more resilient demand in that business.
How did QuidelOrtho’s profitability change in Q1 2026?
GAAP net loss widened to $91.8 million from $12.7 million. Adjusted EBITDA decreased to $108.7 million from $159.8 million, and adjusted EBITDA margin contracted to 17.5% from 23.1%, showing lower earnings leverage on reduced revenue.
What is QuidelOrtho’s updated full-year 2026 financial guidance?
For 2026, QuidelOrtho now expects $2.70–$2.75 billion in total revenue, adjusted EBITDA of $615–$630 million, adjusted diluted EPS of $1.80–$2.00, and free cash flow of $100–$120 million, reflecting a more cautious outlook.
How do QuidelOrtho’s new guidance ranges compare with its previous 2026 outlook?
Previous guidance called for $2.7–$2.9 billion of revenue, adjusted EBITDA of $630–$670 million, adjusted EPS of $2.00–$2.42, and free cash flow of $120–$160 million. The updated ranges narrow and lower expectations across all these metrics.
What strategic moves did QuidelOrtho highlight alongside Q1 2026 results?
QuidelOrtho completed its acquisition of LEX Diagnostics in April, adding an ultra-fast point-of-care molecular platform. It also advanced launches of a High-Sensitivity Troponin assay in the U.S. and the VITROS 450 platform in selected international markets.