QuidelOrtho Shares Decline Despite Analyst Upgrade

QuidelOrtho shares closed Wednesday’s session at $27.61, marking a decline of 2.27%. This downward movement occurred even as RBC Capital Markets issued a significant upgrade, raising its price target to $62 and reaffirming its “Outperform” rating on the stock.

Nearly a month after its Q2 earnings release, the company’s performance reveals a mixed financial landscape. QuidelOrtho posted adjusted earnings per share of $0.12, substantially surpassing the $0.01 consensus estimate. Revenue reached $614 million, also exceeding analyst projections.

However, a year-over-year comparison shows a 3.6% decrease in total revenue. This contraction was primarily driven by significant declines in COVID-19-related business and donor screening operations. The company reported a GAAP loss per share of $3.77, largely attributable to a $179 million restructuring charge connected to the discontinuation Read more...