SAN DIEGO - QuidelOrtho Corporation (NASDAQ:QDEL), a global provider of diagnostic solutions, today announced preliminary unaudited revenues for the fourth quarter of 2024 that align with the company's previous financial projections. The firm anticipates reporting revenues ranging from $702 million to $707 million for the quarter ended December 29, 2024. According to InvestingPro data, the company's stock has shown strong momentum with a 41% gain over the past six months, despite trading below its 52-week high of $74.04.
The expected revenues consist of approximately $561 million to $563 million from non-respiratory products and about $141 million to $143 million from respiratory products. These figures suggest the company's performance is consistent with its financial guidance for the year. InvestingPro analysis indicates the company maintains a healthy gross profit margin of 47.6%, though it currently operates with a significant debt burden of $2.8 billion.
Brian J. Blaser, President and CEO of QuidelOrtho, expressed satisfaction with the company's year-end results, highlighting the strategic focus on growth and profit opportunities, leadership realignment, and cost-saving initiatives. These efforts are expected to provide a strong foundation for fiscal 2025. While InvestingPro analysis shows the company wasn't profitable in the last twelve months, analysts project a return to profitability this year, with an EPS forecast of $1.78 for 2024. Get access to 7 more exclusive InvestingPro Tips and comprehensive financial analysis through the Pro Research Report.
The company's preliminary revenue figures are subject to adjustments as the financial close process for the year is completed. QuidelOrtho plans to release its detailed financial results for the fourth quarter and the full year 2024 on February 12, 2025, after the market closes. A conference call to discuss these results will follow, with access available through the company's Investor Relations website or by phone.
QuidelOrtho specializes in in vitro diagnostics, offering solutions across various settings, including point-of-care, clinical laboratories, and transfusion medicine. The company aims to advance diagnostics for a healthier future, leveraging its expertise to provide accurate and reliable testing.
This press release contains forward-looking statements regarding the company's preliminary unaudited revenues and expectations for future financial conditions and results. As these are based on management's initial analysis, they are subject to change. The final financial results may differ from the preliminary estimates and could be material. Based on current market conditions and comprehensive analysis available on InvestingPro, the stock appears undervalued according to InvestingPro's Fair Value model, with analyst price targets ranging from $38 to $64.
The information in this article is based on a press release statement from QuidelOrtho Corporation.
In other recent news, Quidel (NASDAQ:QDEL) Corporation has been the focus of several financial analysts. Citi has upgraded Quidel from Neutral to Buy, citing improved management execution and attractive valuation. The firm also raised the price target to $50 from the previous $44. On the contrary, Jefferies initiated coverage on Quidel with a Hold rating and a $43 price target.
Quidel reported a revenue beat of $85 million for the third quarter of 2024 and reinstated its FY24 guidance, projecting $2.75 to $2.80 billion in sales. However, this would represent a year-over-year decline of 8.3% to 6.6%. The company also reported an adjusted EBITDA margin between 19.3% and 19.6%, reflecting a year-over-year decline.
In other developments, QuidelOrtho Corporation reported third-quarter earnings for 2024, revealing a revenue of $727 million and an adjusted EBITDA of $171 million. The company's adjusted diluted earnings per share (EPS) was reported at $0.85. For the full year of 2024, QuidelOrtho expects a revenue between $2.75 billion and $2.80 billion, and an adjusted diluted EPS between $1.69 and $1.91.
The company also announced leadership changes, including Jonathan Siegrist as the new CTO and Lee Bowman as CHRO, as the company targets a $100 million cost savings by mid-2025. Lastly, QuidelOrtho's CFO, Joseph M. Busky, experienced a significant increase in his base salary, reflecting his expanded role and new IT duties.
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