In a recent leadership reshuffle at QuidelOrtho Corporation, the company's Chief Financial Officer, Joseph M. Busky, has seen an increase in responsibilities, including the oversight of the Information Technology function.
Today, QuidelOrtho's Board of Directors Compensation Committee confirmed a significant increase in Busky's base salary to reflect his expanded role.
Effective today, Busky's annual base salary has been raised from $586,328 to $680,000. This adjustment includes a merit increase slated for 2025. The decision came alongside the company's broader efforts to reorganize its leadership structure, aiming to streamline operations and enhance efficiency across its departments.
QuidelOrtho, which operates under the Standard Industrial Classification code for In Vitro & In Vivo Diagnostic Substances, is based in San Diego, California. The company, previously known as Coronado Topco, Inc., underwent a name change in early 2022 and is listed on the Nasdaq Stock Market under the ticker symbol NASDAQ:QDEL.
This information is based on the latest 8-K filing with the Securities and Exchange Commission, providing insights into the company's internal changes and the financial implications for its executives. It reflects QuidelOrtho's commitment to aligning compensation with the scope of executive duties and the ongoing strategic realignment of its leadership team.
In other recent news, QuidelOrtho, a diagnostic healthcare manufacturer, has reported its third-quarter earnings for 2024. The company revealed a revenue of $727 million and adjusted EBITDA of $171 million. The adjusted diluted earnings per share (EPS) was reported at $0.85. Despite a decline in respiratory revenue and a cautious outlook on China, the company remains on track to meet its full-year guidance.
QuidelOrtho also announced leadership changes, including Jonathan Siegrist as the new CTO and Lee Bowman as CHRO. The company is working towards a $100 million cost savings target by mid-2025.
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. These are some of the recent developments within the company.
InvestingPro Insights
As QuidelOrtho Corporation adjusts its leadership structure and compensation, recent data from InvestingPro sheds light on the company's financial position and market performance. The company's market capitalization stands at $2.52 billion, reflecting its current valuation in the medical diagnostics sector.
InvestingPro Tips highlight that QuidelOrtho is expected to return to profitability this year, despite not being profitable over the last twelve months. This aligns with the company's strategic moves, including the expansion of CFO Joseph M. Busky's responsibilities. However, investors should note that the stock has taken a significant hit recently, with a 15.82% decline in the past week alone.
The company's financial health presents a mixed picture. While QuidelOrtho operates with a significant debt burden, it maintains a price-to-book ratio of 0.79, suggesting the stock might be undervalued relative to its assets. The company's revenue for the last twelve months reached $2.82 billion, with a gross profit margin of 47.57%, indicating a solid operational foundation despite recent challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips on QuidelOrtho, providing deeper insights into the company's financial outlook and market position.
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