Quidel Stock Earnings Reports

QuidelOrtho reported Q3 2025 results showing resilient underlying business performance: organic revenue growth of 5% (ex-COVID and the U.S. donor screening business), total reported revenue of $700M, and adjusted EBITDA of $177M (25% margin, +180 bps YoY). Management highlighted strength across Labs, Immunohematology and Point-of-Care (notably Triage), geographic outperformance in Latin America, and progress on margin improvement programs that have realized over $140M of savings to date. They announced FDA clearance of a VITROS high-sensitivity troponin assay (expected orders late 2025), reiterated anticipated FDA clearance timing for the LEX Diagnostics submission (late 2025 / early 2026), and remain focused on supply chain, procurement and manufacturing consolidations to offset tariff impacts. Cash was $98M with $100M drawn under the revolver; adjusted free cash flow was negative $50M in Q3 due to ERP conversion timing effects. The company completed debt refinancing in August, raising full-year interest expense guidance; net debt / adjusted EBITDA was 4.4x (consolidated leverage 3.8x vs covenant 4.5x). Management recorded a $701M goodwill impairment in Q3 (no goodwill remains on the balance sheet). Full-year 2025 guidance was narrowed: revenue $2.68B–$2.74B, adjusted EBITDA $585M–$605M (22% margin), adjusted diluted EPS $2.00–$2.15, and full-year COVID revenue $70M–$100M. They continue to target mid- to high-20s adjusted EBITDA margins longer term and a recurring free cash flow conversion goal of ~50% of adjusted EBITDA (multi-year target, likely mid-2027).