QuidelOrtho expects Q3 revenues of $782 million to $785 million

Business Graph Money Stocks

QuidelOrtho on Wednesday announced preliminary financial results for the third quarter, saying it expects revenues to be in the range of $782 million to $785 million.

Prior to the announcement, Wall Street analysts on average expected Q3 revenues of $651.8 million.

For the quarter ended October 2, its first full quarter as a combined company, QuidelOrtho’s COVID-19 product revenue is expected to be approximately $171 million and non-COVID-19 product revenue is expected to be in the range of $611 million to $614 million.

Q3 2022 COVID-19 product revenue included shipments of an unanticipated government order and strong retail demand, the firm said.

Though details about profits are not yet available, the company expects COVID-19 product revenue to come through at or above overall company margins.

QuidelOrtho is the result of an acquisition in May of Raritan, NJ-based Ortho Clinical Diagnostics by San Diego-based Quidel. The new company generated more than $3.5 billion in combined revenues in 2021.

“In our first full quarter as a combined company, we delivered outstanding topline results,” Douglas Bryant, chairman and CEO of QuidelOrtho, said in a statement. “We are particularly pleased with the strong performance of our Transfusion Medicine business, as well as our Sofia platform, which saw portfolio gains on top of increased COVID-19 product revenue.

“Our Labs business performed well while overcoming challenges in China and with global supply chains, and we made further progress on the ramp of our Savanna molecular system.”

QuidelOrtho will report financial results for Q3 after the market close on November 2.         

Page 1 of 8
Next Page