Healthcare diagnostics company QuidelOrtho (NASDAQ: QDEL) will be announcing earnings results this Wednesday afternoon. Here’s what to look for.
QuidelOrtho met analysts’ revenue expectations last quarter, reporting revenues of $613.9 million, down 3.6% year on year. It was a slower quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates and a slight miss of analysts’ constant currency revenue estimates.
Is QuidelOrtho a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting QuidelOrtho’s revenue to decline 8.5% year on year to $665.4 million, a further deceleration from the 2.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.47 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. QuidelOrtho has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 3.2% on average.
Looking at QuidelOrtho’s peers in the healthcare equipment and supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Hologic delivered year-on-year revenue growth of 6.2%, beating analysts’ expectations by 1.5%, and GE HealthCare reported revenues up 5.8%, topping estimates by 1.5%. GE HealthCare traded down 5.6% following the results.
Read our full analysis of Hologic’s results here and GE HealthCare’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices flat over the last month. QuidelOrtho is down 8.2% during the same time and is heading into earnings with an average analyst price target of $39.17 (compared to the current share price of $27.16).
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