QuidelOrtho Corporation specializes in the creation and production of diagnostic testing solutions, addressing a wide array of healthcare testing demands. The company ...
QuidelOrtho Corporation is a public healthcare company listed on the Nasdaq Global Select Market under the symbol QDEL. Headquartered at 9975 Summers Ridge Road in San Diego, California, the company is one of the larger global providers of in vitro diagnostic products. QuidelOrtho was created through the combination of Quidel ...QuidelOrtho Corporation is a public healthcare company listed on the Nasdaq Global Select Market under the symbol QDEL. Headquartered at 9975 Summers Ridge Road in San Diego, California, the company is one of the larger global providers of in vitro diagnostic products. QuidelOrtho was created through the combination of Quidel Corporation and Ortho Clinical Diagnostics, bringing together Quidel's point-of-care and molecular-testing expertise with Ortho's long-standing capabilities in clinical laboratory diagnostics and transfusion medicine. The company traces its Quidel history to 1979, while the broader Ortho diagnostic heritage extends back much further.
The business is organized around several principal areas. Its Labs division supplies clinical chemistry and immunoassay instruments, reagents, consumables, and related tests used to analyze bodily fluids and proteins. These products support disease detection, patient assessment, treatment management, and monitoring of disease progression. The Transfusion Medicine business provides immunohematology and infectious-disease screening solutions intended to improve the safety, compatibility, and availability of donated blood and plasma. The Point-of-Care segment offers rapid tests and analyzers that can produce results close to the patient in physician offices, hospitals, urgent-care centers, pharmacies, retail clinics, and other decentralized settings. Its Molecular Diagnostics activities include polymerase chain reaction thermocyclers, analyzers, amplification systems, and associated assays.
QuidelOrtho sells through a combination of direct commercial channels and distributors. Its customer base includes hospitals, clinical and reference laboratories, medical offices, universities, blood and donor centers, pharmacies, wellness-screening organizations, and individual consumers purchasing nonprofessional or over-the-counter products. The company has an international footprint covering North America, Europe, the Middle East, Africa, China, and other markets.
The supplied information indicates approximately 7,100 employees as of late 2023, placing the company in the 5,001-10,000 employee category. Brian J. Blaser serves as President and Chief Executive Officer and brings more than 25 years of senior leadership experience in in vitro diagnostics. Reported 2023 revenue was approximately $3.0 billion. The supplied trailing financial data shows a gross margin of about 44.6%, but also significant operating and net losses, reflecting profitability pressure, substantial intangible assets, acquisition-related effects, and the cost structure of a global diagnostics manufacturer. Research and development expense represented roughly 6.8% of trailing revenue, while selling, general, and administrative expense was approximately 28.8%. The company’s long-term opportunity is to integrate its diagnostic portfolio, expand automated laboratory and transfusion workflows, grow rapid and molecular testing, and improve operating performance while maintaining regulatory compliance, product quality, and reliable supply across healthcare markets.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$2.7B
-1.9%
+1.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-1.1B
+44.8%
-1.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+46.7%
+1.0%
+1.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-33.7%
+52.2%
+21.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-41.5%
+43.8%
+0.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-83.0M
+26.0%
-103.1%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-3.0%
+24.5%
-99.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
147.6%
+64.2%
+11.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.50x
+22.8%
-3.1%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Welcome to the Second Quarter 2026 Financial Results Conference Call and Webcast. At this time, all participant lines are in listen-only mode. For those of you participating in the conference call, there will be an opportunity for your questions at the end of the prepared remarks. Please note this conference call is being recorded. An audio replay of the conference call will be available on the company's website shortly after this call. I would now like to turn the conference over to Juliet C. Cunningham, Vice President of Investor Relations. Please go ahead.
Juliet C. Cunningham: Good afternoon, everyone, and thanks for joining us today. With me are Brian J. Blaser, President and Chief Executive Officer, and Micah Young, Chief Financial Officer. This conference call is being simultaneously webcast on the Investor Relations page of our website. To assist in the presentation, we also posted supplemental information on our Investor Relations page that will be referenced throughout this call. This conference call and supplemental information contain forward-looking statements, which are made as of today, August 6, 2026. We assume no obligation to update any forward-looking statement except as required by law. Statements that are not strictly historical, including the company's expectations, plans, financial guidance, future performance, and prospects, are forward-looking statements that are subject to certain risks, uncertainties, assumptions, and other factors. Actual results may vary materially from those expressed or implied by these forward-looking statements. Please refer to our SEC filings for a description of potential risks. In addition, today's call includes discussion of certain non-GAAP financial measures. Tables reconciling these non-GAAP measures to their most directly comparable GAAP measures are available in our earnings release and supplemental information on the Investor Relations page of our website. Lastly, unless stated otherwise, all year-over-year revenue growth rates given on today's call are on a constant-currency basis. Now I would like to turn the call over to our CEO, Brian J. Blaser.
Brian J. Blaser: Thanks, Juliet, and good afternoon, everyone. Before I get into our second-quarter results, I would like to welcome Micah Young, our new Chief Financial Officer. Micah brings extensive experience from the medical technology industry and a strong track record of financial and operational leadership. We are excited to have him on the team and look forward to the contributions he will make as we continue executing our strategy and creating long-term value for our shareholders. Let me begin with the central takeaway from our second quarter. We are navigating significant headwinds in China and a softer respiratory environment, but the underlying performance of our business remains strong. Total revenue in the quarter increased 2%. Excluding China, revenue grew 6%, reflecting broad-based strength across our core …
