QuidelOrtho Corp (QDEL) · Nov 3, 2026 · Earnings
Guidance cut — FY adjusted EPS $0.65-$0.70 from $0.65-$0.90
QuidelOrtho earnings beat adjusted EPS, but revenue fell 12% and the company cut 2026 guidance again as China and respiratory demand weakened.
QuidelOrtho is trying to stabilize a diagnostics business whose core Labs and Immunohematology franchises remain intact, while China pricing changes and weak respiratory demand weigh on growth. Those pressures were already known after the August 6 guidance reduction, so this filing is mainly about the deterioration’s size and the company’s new restructuring response.
The quarter was mixed, not cleanly strong. Adjusted diluted EPS of $0.31 beat the published consensus of roughly $0.20, but revenue of $618.9 million missed the roughly $627.8 million expectation, while adjusted EBITDA fell 16% year over year. The revenue decline was broad on the surface: total sales fell 12%, with respiratory down 39%, China excluding respiratory down 43%, and U.S. Donor Screening down 96%.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Results) | $618.9M (-11.6%) | $699.9M | ~$627.8M |
| Adjusted diluted EPS (Adjusted Net Income) | $0.31 | $0.80 | ~$0.20 |
| Adjusted EBITDA (Adjusted EBITDA) | $148.0M (-16.4%) | $177.1M | |
| Adjusted EBITDA margin (Adjusted EBITDA) | 23.9% | 25.3% |
The underlying business is healthier than the headline, but not enough to offset the weak areas. Excluding respiratory, China, and U.S. Donor Screening, revenue grew 3% in constant currency; Labs excluding China grew 4%, and Immunohematology excluding China grew 3%. That supports management’s claim that the installed base and core franchises are holding up, but the excluded categories are large enough to drive a double-digit consolidated decline. 〔0〕
The more important signal is another guidance cut. The floor of the 2026 ranges stayed unchanged, but the ceilings fell materially: revenue narrowed from $2.52-$2.60 billion to $2.52-$2.54 billion, adjusted EBITDA from $540-$560 million to $540-$545 million, and adjusted diluted EPS from $0.65-$0.90 to $0.65-$0.70. This is not a routine reaffirmation; it says management now sees little upside to the reduced August outlook. The new range also implies the company expects the China and respiratory headwinds to remain a near-term feature of the business.
| As of 11/3/2026 | As of 8/6/2026 | |
|---|---|---|
| FY revenue guidance (Financial Guidance) | $2.52-$2.54B | $2.52-$2.60B |
| FY adjusted EBITDA guidance (Financial Guidance) | $540-$545M | $540-$560M |
| FY adjusted diluted EPS guidance (Financial Guidance) | $0.65-$0.70 | $0.65-$0.90 |
The restructuring is a meaningful attempt to repair the cost base, but it comes with near-term execution and cash costs. QuidelOrtho is reorganizing around Core Diagnostics and Point of Care Diagnostics, targeting more than $80 million of annual savings in 2027, while taking approximately $30-$35 million of charges in the fourth quarter. 〔1〕 The savings target could improve profitability if delivered, but it does not solve the immediate demand problem and adds another transition while year-to-date free cash flow remains negative at $202.8 million.
Bottom line: The EPS beat is outweighed by a revenue miss, another guide reduction, and a newly announced restructuring. The core franchises are still growing outside China and respiratory, but the filing weakens the near-term operating story rather than changing it for the better.
Q4 restructuring charges and 2027 savings execution
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