QuidelOrtho Corporation (NASDAQ: QDEL) announced preliminary unaudited revenue of $615-620 million for the first quarter of 2026, ended March 29, 2026, according to a company statement.

The medical diagnostics company attributed the revenue performance to several factors, including a weaker respiratory season with U.S. Influenza-like Illness visits down approximately 30% compared to the first quarter of 2025. The company also cited slower China distributor sales, which it believes relates to proposed China National Health Security Administration reimbursement rate reductions, and delayed orders in Europe, Middle East and Africa regions due to Middle East conflict disruptions.

"Despite macroeconomic challenges and a softer first quarter respiratory season, QuidelOrtho is taking decisive cost actions to drive full-year 2026 performance," said Brian J. Blaser, President and Chief Executive Officer. "Our core business―representing more than 70% of total revenue―remains strong, providing a solid foundation amid near-term volatility."

The company expects free cash flow of negative $65 to $70 million for the first quarter of 2026, while maintaining expectations for positive free cash flow for the full year 2026. QuidelOrtho stated that it expects free cash flow to be negative for the first half of 2026.

QuidelOrtho indicated that the low end of its full-year 2026 financial guidance, issued February 11, 2026, remains achievable. The company plans to release complete first quarter 2026 financial results on May 5, 2026, after market close.

The preliminary revenue figures are subject to adjustments based on the company's completion of its quarter-end financial close process.