QuidelOrtho Revenue Falls 12% to $619M and Adjusted EPS Drops to $0.31 as 2026 Guidance Is Trimmed
Point of Care revenue fell 27.3% and adjusted EBITDA slid to $148.0M, while a cost transformation is expected to save more than $80M a year in 2027.
QuidelOrtho (QDEL) reported third-quarter 2026 revenue of $618.9 million, down 11.6% from a year earlier, and adjusted earnings of $0.31 per share, down from $0.80. The diagnostics company narrowed its 2026 outlook by cutting the top end of each range and announced a cost transformation program. Shares were down about 10.4% in after-hours trading.
Third-quarter results
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Total revenue | $618.9M | $699.9M | -11.6% |
| Revenue excluding respiratory, China and donor screening | $501.2M | n/a | +2.3% |
| Labs | $353.2M | n/a | -5.5% |
| Immunohematology | $142.0M | n/a | Flat |
| Point of Care | $119.6M | n/a | -27.3% |
| Adjusted diluted EPS | $0.31 | $0.80 | -61% |
| Adjusted EBITDA | $148.0M | $177.1M | -16% |
| Adjusted EBITDA margin | 23.9% | 25.3% | -1.4 pts |
| GAAP net loss | $53.8M ($0.78 per share) | $733.0M ($10.78 per share) | Narrower |
By our calculation, adjusted EPS fell about 61% and adjusted EBITDA about 16%. Chief Executive Brian Blaser said the underlying performance of Labs and Immunohematology remained solid and that the company is taking decisive action through a new cost transformation.
2026 guidance
| Item | New (Nov. 3) | Prior (Aug. 6) |
|---|---|---|
| Total revenue | $2.52B to $2.54B | $2.52B to $2.60B |
| Adjusted EBITDA | $540M to $545M | $540M to $560M |
| Adjusted EBITDA margin | About 21% | 21% to 22% |
| Adjusted diluted EPS | $0.65 to $0.70 | $0.65 to $0.90 |
By our calculation, the midpoint of the EPS range fell about 13%, from $0.775 to $0.675, and the revenue midpoint fell about 1.2%.
Cost program, cash and debt
- Savings. The cost transformation is expected to deliver more than $80 million of annual savings in 2027, with about $30 million to $35 million of one-time restructuring charges in the fourth quarter.
- Cash flow. Third-quarter free cash flow was $0.3 million versus negative $94.7 million a year earlier. Nine-month free cash flow was negative $202.8 million.
- Debt. Total borrowings were $2.94 billion against $166.4 million of cash, with $424.4 million classified as current.
What to watch
- Conference call. The pace of respiratory and Point of Care declines and how quickly savings arrive.
- Debt. How the company manages the $424.4 million of current borrowings.
- Fourth quarter. The $30 million to $35 million restructuring charge.
- Related coverage. See our reports on IDEXX, Omega Healthcare and Marriott.
Sources: QuidelOrtho's third-quarter 2026 results on SEC EDGAR. The after-hours move comes from market data and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.
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