What Happened?
Shares of healthcare diagnostics company QuidelOrtho (NASDAQ: QDEL) fell 12.8% in the morning session after it reported disappointing third-quarter financial results and reduced its full-year earnings forecast. The healthcare diagnostics company announced that its revenue for the quarter was $699.9 million, a 3.7% decrease compared to the same period last year. While this figure and the company's adjusted earnings per share of $0.80 both beat Wall Street's expectations, investors were more concerned by a steep GAAP net loss. This loss included a substantial non-cash goodwill impairment charge, which is a writedown on the value of a company's assets. Adding to the negative sentiment, QuidelOrtho lowered its adjusted earnings per share guidance for the full year, a 10.6% decrease at the midpoint.
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What Is The Market Telling Us
QuidelOrtho’s shares are extremely volatile and have had 35 moves greater than 5% over the last year. But moves this big are rare even for QuidelOrtho and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 17 days ago when the stock gained 5.5% on the news that the stock's positive momentum continued as the company highlighted its commitment to transfusion medicine at the Association for the Advancement of Blood & Biotherapies (AABB) 2025 Annual Meeting. This move came as the company announced the recent FDA approval of its Micro Typing Systems (MTS) DAT Card. The new product approval expanded QuidelOrtho's portfolio for immunohematology testing. The MTS DAT Card is designed to complete the company's gel-based solution for direct antiglobulin testing. When used with the ORTHO VISION™ Platform, it is intended to help laboratories provide quicker and more dependable results for patients needing timely transfusion decisions. The announcement underscored the company's leadership position in the in vitro diagnostics market.
QuidelOrtho is down 47.9% since the beginning of the year, and at $23.47 per share, it is trading 50.7% below its 52-week high of $47.61 from January 2025. Investors who bought $1,000 worth of QuidelOrtho’s shares 5 years ago would now be looking at an investment worth $82.80.
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