QuidelOrtho Corporation reported its financial results for the third quarter ended September 29, 2024, announcing a GAAP net loss of $19.9 million, or $0.30 per diluted share. However, adjusted earnings, which exclude one-time gains and costs, reached $0.85 per share, surpassing the average analyst estimate of $0.31 per share.
The medical diagnostics company posted total revenue of $727.1 million for the quarter, exceeding Wall Street forecasts of $644.9 million. This revenue figure represents a 2.3% decrease from the prior year period, primarily due to lower COVID-19 and influenza revenue.
Looking ahead, QuidelOrtho provided full-year earnings guidance in the range of $1.69 to $1.91 per share, with projected revenue between $2.75 billion and $2.8 billion. The company's ability to beat both adjusted earnings and revenue estimates for the quarter, alongside its full-year outlook, provides investors with a clearer picture of its financial trajectory.
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