QuidelOrtho (QDEL) gains after stronger-than-expected Q1 revenue

QuidelOrtho Corporation (Nasdaq: QDEL) gained 7.8% after-hours Thursday after the company announced preliminary revenue results for its first quarter which were solidly above the Wall Street consensus.

The Company expects total revenues in the first quarter of 2023 to be in the range of $840 million to $850 million, versus the consensus of $746.75 million.

Respiratory product revenue is expected to be in the range of $262 million to $267 million, including COVID-19 product revenue of $212 million to $217 million. Non-respiratory product revenue is expected to be in the range of $578 million to $583 million, representing 5% growth on a supplemental combined basis and 7% growth on a constant currency basis at the midpoint. The increase in first quarter revenue results was driven by our Labs business unit, including an approximate $21 million settlement related to one of our collaboration agreements.

The preliminary revenue results described herein are based on management’s initial analysis for the first quarter ended April 2, 2023 and are subject to adjustments based on the Company’s completion of its quarter-end financial close process.

“After an exceptional fourth quarter of 2022, I am very pleased with our sustained momentum in the first quarter of 2023, which was ahead of expectations. This strong start to the year was supported by delivering more instruments driving strong results in our Labs business as well as better-than-expected results in the Point of Care business,” said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. “Our team delivered solid non-respiratory revenue growth across all major geographic regions, with notable strength in China, demonstrating the power of our newly created scale and breadth of offerings across the diagnostics continuum, as well as the durability of our business model. As we look ahead, our supply chain is improving, we are focused on our key growth drivers and we are confident in our ability to deliver sustainable high-single-digit growth over the coming years.”

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