Healthcare diagnostics company QuidelOrtho (NASDAQ:QDEL) will be reporting results tomorrow after market close. Here’s what you need to know.
QuidelOrtho beat analysts’ revenue expectations by 1.4% last quarter, reporting revenues of $707.8 million, down 4.7% year on year. It was a slower quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates.
Is QuidelOrtho a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting QuidelOrtho’s revenue to decline 3% year on year to $689.8 million, improving from the 16% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.59 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. QuidelOrtho has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 5.3% on average.
Looking at QuidelOrtho’s peers in the healthcare equipment and supplies segment, some have already reported their Q1 results, giving us a hint as to what we can expect. GE HealthCare delivered year-on-year revenue growth of 2.8%, beating analysts’ expectations by 2.5%, and Hologic reported a revenue decline of 1.2%, in line with consensus estimates. GE HealthCare’s stock price was unchanged after the resultswhile Hologic was down 5.4%.
Read our full analysis of GE HealthCare’s results here and Hologic’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 4.4% on average over the last month. QuidelOrtho is down 2.4% during the same time and is heading into earnings with an average analyst price target of $49.14 (compared to the current share price of $27.69).
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