QuidelOrtho Corporation provides diagnostic testing solutions. The company operates through Labs, Transfusion Medicine, Point of Care, and Molecular Diagnostics business units. The Labs business unit provides clinical chemistry laboratory instruments and tests that measure target chemicals in bodily fluids for the evaluation of health and the clinical management of patients; immunoassay laboratory instruments and tests, to measure proteins as they act as antigens in the spread of disease, antibodies in the immune response spurred by disease, or markers of proper organ function and health; testing to detect and monitor disease progression across a spectrum of therapeutic areas; and specialized diagnostic solutions. The Transfusion Medicine business unit offers immunohematology instruments and tests used for blood typing to ensure patient-donor compatibility in blood transfusions; and donor screening instruments and tests used for blood and plasma screening for infectious diseases. The Point of Care business unit provides instruments and tests to provide rapid results across a continuum of POC settings. The Molecular Diagnostics business unit offers polymerase chain reaction thermocyclers; amplification systems; and sample-to-result molecular instruments and tests for syndromic infectious disease diagnostics. The company sells its products directly to end users through a direct sales force; and through a network of distributors for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, urgent care clinics, universities, retail clinics, pharmacies, wellness screening centers, blood banks, and donor centers, as well as for individual, non-professional, and over-the-counter use. It operates in North America, Europe, the Middle East, Africa, China, Japan and Asia Pacific, and Latin America. The company was incorporated in 1979 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $-483M | $-1.1B | $-83M | -58.9% | -1.9% | -44.8% |
| 2024 | $2.8B | $-1.5B | $-2.1B | $-112M | -68.8% | -7.2% | 20216.8% |
| 2023 | $3.0B | $607M | $-10M | $71M | -0.2% | -8.2% | -101.8% |
| 2022 | $3.3B | $1.1B | $549M | $744M | 11.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,266 | 2,997.80 | 2,782.90 | 2,730.20 |
| Cost Of Revenue | - | 1,329.80 | 1,500.70 | 1,496.40 | 1,456 |
| Gross Profit | - | 1,936.20 | 1,497.10 | 1,286.50 | 1,274.20 |
| Operating Expense | - | 953.70 | 1,240.10 | 1,240.70 | 1,219.40 |
| Operating Income | - | 982.50 | 257 | 45.80 | 54.80 |
| EBITDA | - | 1,094 | 607 | -1,489.80 | -482.60 |
| EBIT | - | 810.40 | 149.80 | -1,943.20 | -924.60 |
| Pretax Income | - | 735.90 | -29.10 | -2,131.50 | -1,107.70 |
| Tax Provision | - | 187.20 | -19 | -79.50 | 24.10 |
| Net Income | - | 548.70 | -10.10 | -2,052 | -1,131.80 |
| Net Income Common Stockholders | - | 548.70 | -10.10 | -2,052 | -1,131.80 |
| Total Expenses | - | 2,283.50 | 2,740.80 | 2,737.10 | 2,675.40 |
| Interest Expense | - | 74.50 | 178.90 | 188.30 | 183.10 |
| Interest Income | - | 1.30 | 5.50 | 2.60 | 2.20 |
| Research And Development | - | 187.90 | 245 | 218.70 | 186.20 |
| Selling General And Administration | - | 621 | 763.20 | 766.80 | 746.30 |
| Normalized EBITDA | - | 1,257.20 | 695.80 | 491.50 | 488.50 |
| Normalized Income | - | 670.45 | 60.05 | -144.01 | -364.63 |
| Market Cap | 789.07 | 789.07 | 789.07 | 789.07 | 789.07 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| QuidelOrtho Corporationthis co. | QDEL | - | -0.70 | 0.41 | -58.9% | -7.16 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Pulmonx Corporation | LUNG | $51M | - | 0.92 | -99.8% | -0.71 |
| Accuray Incorporated | ARAY | $50M | - |
| - |
| - |
| - |
| - |
| - |
| - |
| 0.94 |
| -2.0% |
| -107.66 |
| INmune Bio Inc. | INMB | $35M | - | 1.50 | -195.3% | -0.38 |
| Myomo, Inc. | MYO | $31M | - | 2.68 | -136.6% | -2.33 |
| Tvardi Therapeutics, Inc. | TVRD | $29M | - | 1.37 | -87.0% | 0.07 |
| Tevogen Bio Holdings Inc. | TVGN | $27M | - | -1.52 | 319.1% | -1.64 |
| Peer Median | - | - | 1.15 | -93.4% | -1.64 | |