QuidelOrtho Corp (QDEL)

Price$13.97Cached quoteAs of 2026-09-05 12:31 UTC

AI: Fair-priced

Core diagnostics portfolio remains resilientQuidelOrtho has diversified beyond pandemic testing into clinical labs, transfusion medicine and point-of-care diagnostics, with most Q2 franchises growing outside China.

Q2 revenue was $630.9m: Labs $382.9m, Immunohematology $134.2m, Point of Care $108.2m and Molecular Diagnostics $1.6m. Labs grew 4%, Immunohematology 1% and Point of Care 16%; excluding China, total revenue grew 6% and Labs grew 9%. Respiratory products represented only 8% of Q2 revenue, reducing COVID-era concentration, although flu, RSV and COVID seasonality remains material.

Turnaround progress is offset by a sharp guidance resetAdjusted margins are improving, but weaker China demand and a soft respiratory environment materially reduced 2026 expectations.

Company-reported Q2 adjusted EBITDA was $129m with a 20.5% margin, up 310 basis points year over year, despite a $21.8m GAAP operating loss. However, August guidance cut 2026 revenue to $2.52-$2.60b from $2.70-$2.75b, adjusted EBITDA to $540-$560m from $615-$630m and adjusted EPS to $0.65-$0.90 from $1.80-$2.00. Free-cash-flow guidance of $100-$120m was withdrawn.

Low enterprise multiple comes with heavy leverageThe stock looks inexpensive on adjusted EBITDA, but most enterprise value belongs economically to creditors.

At $10.77 and 68.3m shares, market capitalization is about $736m. Adding supplied June net debt of $2.952b gives enterprise value near $3.69b, approximately 1.44x the midpoint of 2026 revenue guidance and 6.7x the midpoint of adjusted EBITDA guidance. The stock is about 0.41x reported book value, but June intangible assets alone were $2.678b, exceeding $1.775b of equity, so tangible book provides little valuation support.

LEX adds infectious-disease upside but also funding pressureThe LEX VELO platform could rebuild molecular point-of-care growth, while debt, cash conversion and restructuring remain the principal risks.

QuidelOrtho acquired LEX Diagnostics in April, adding an FDA-cleared and CLIA-waived PCR system designed to identify influenza A, influenza B and COVID-19 in roughly 6-10 minutes. The transaction used about $99m of cash and a $100m delayed-draw term loan. June borrowings included $1.221b of Term Loan A facilities, $1.443b of Term Loan B and $250m on the revolver. Net debt is roughly 5.4x the midpoint of 2026 adjusted EBITDA guidance, while China pricing reform, respiratory seasonality, execution of the Optimization Plan and weak free-cash conversion remain major risks.

AI: News

Q2 guidance cut is the latest material operating updateQuidelOrtho's August results showed improving underlying margins but a significant reduction in full-year expectations.

China Q2 revenue declined 19% to $67.8m as uncertainty around proposed IVD pricing guidelines slowed distributor purchases, while management also cited a softer global respiratory market. The company reduced revenue, EBITDA and EPS guidance and withdrew free-cash-flow guidance. Live search found no newer material operating filing through September 17; the August 27 company release was an educational ADLM podcast update rather than a new financial event.

LEX acquisition expands rapid molecular testingThe approximately $100m cash acquisition gives QuidelOrtho an ultra-fast point-of-care PCR platform for key respiratory infections.

LEX VELO received FDA 510(k) clearance and a CLIA waiver before the April acquisition and is designed to produce multiplex influenza A, influenza B and COVID-19 results directly from a swab in about 6-10 minutes. QuidelOrtho said it expects a U.S. commercial launch during 2026, with international expansion subject to regulatory approvals. The opportunity is strategically attractive but commercialization must justify added technology amortization and leverage.

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Revenue

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2021

2022

2023

2024

2025

Net income

2020

2021

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2025

Free cash flow

2020

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$2.73B	$2.78B	$3.00B	$3.27B	$1.70B	$1.66B
Gross profit	$1.27B	$1.29B	$1.50B	$1.94B	$1.28B	$1.36B
Gross margin	46.67%	46.23%	49.94%	59.28%	75.26%	81.62%
Research & development	$186.2M	$218.7M	$245.0M	$187.9M	$95.7M	$84.3M
Operating expenses	$2.19B	$3.25B	$1.36B	$1.09B	$372.3M	$296.0M
Operating income	−$919.2M	−$1.96B	$139.1M	$843.7M	$906.0M	$1.06B
Operating margin	−33.67%	−70.46%	4.64%	25.83%	53.34%	63.81%
EBITDA	−$477.2M	−$1.51B	$596.3M	$1.13B	$958.7M	$1.11B
EBITDA margin	−17.48%	−54.17%	19.89%	34.52%	56.44%	66.74%
Net income	−$1.13B	−$2.05B	−$10.1M	$548.7M	$704.2M	$810.3M
Net profit margin	−41.45%	−73.74%	−0.34%	16.80%	41.46%	48.76%
Basic EPSper basic share	-$16.69	-$30.54	-$0.15	$9.66	$16.74	$19.24
Diluted EPSper diluted share	-$16.69	-$30.54	-$0.15	$9.56	$16.43	$18.60

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Owners

Reported shareholders

Reference date Jun 30, 2026

≈16.40%of listed shares

BlackRock, Inc.11.2M shares · Jun 30, 2026

View holders

Top 20 reported holders of QDEL
Holder	% owned
BlackRock, Inc.	≈16.40%11.2M shares
FMR LLC	≈10.78%7.36M shares
Newtyn Management, LLC	≈9.70%6.63M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈6.05%4.14M shares
NEUBERGER BERMAN GROUP LLC	≈5.18%3.53M shares
Invesco Ltd.	≈5.09%3.47M shares
AMERICAN CENTURY COMPANIES INC	≈4.84%3.31M shares
Rubric Capital Management LP	≈4.84%3.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.49%3.07M shares
STATE STREET CORP	≈4.36%2.98M shares
PARADIGM CAPITAL MANAGEMENT INC/NY	≈3.69%2.52M shares
PRIVATE MANAGEMENT GROUP INC	≈3.03%2.07M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.69%1.83M shares
T. Rowe Price Investment Management, Inc.	≈2.55%1.74M shares
MORGAN STANLEY	≈2.45%1.68M shares
SEGALL BRYANT & HAMILL, LLC	≈1.97%1.35M shares
DIMENSIONAL FUND ADVISORS LP	≈1.84%1.25M shares
Allianz Asset Management GmbH	≈1.65%1.13M shares
GOLDMAN SACHS GROUP INC	≈1.56%1.06M shares
RICE HALL JAMES & ASSOCIATES, LLC	≈1.56%1.06M shares

Percentages use 68.3M shares of this listed class outstanding on Jun 28, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$1.58M disclosed value

Sells (SEC code S)80$416.76M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 13, 2026Form 4/A	Busky Joseph M.Chief Financial Officer	BuyCommon Stock · indirect	3.4K	$23.66	$79.7K	10.3K
Feb 13, 2026Form 4	Blaser Brian J.President and CEO	BuyCommon Stock · indirect	10.5K	$23.59	$248.6K	40.1K
Feb 13, 2026Form 4	Busky Joseph M.Chief Financial Officer	BuyCommon Stock · indirect	3.4K	$23.66	$79.7K	10.3K
Feb 13, 2026Form 4	Strobeck MatthewDirector	BuyCommon Stock	10.0K	$23.96	$239.6K	27.8K
Dec 10, 2025Form 4	RHOADS ANN DDirector	BuyCommon Stock	750	$28.28	$21.2K	15.0K