Healthcare diagnostics company QuidelOrtho (NASDAQ: QDEL) will be reporting results this Tuesday after market hours. Here’s what to expect.
QuidelOrtho beat analysts’ revenue expectations last quarter, reporting revenues of $630.9 million, up 2.8% year on year. It was a slower quarter for the company, with full-year revenue guidance missing analysts’ expectations significantly and a significant miss of analysts’ full-year EPS guidance estimates.
Is QuidelOrtho a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting QuidelOrtho’s revenue to decline 9.3% year on year, a further deceleration from the 3.7% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. QuidelOrtho rarely misses Wall Street’s revenue estimates.
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. GE HealthCare delivered year-on-year revenue growth of 7.2%, beating analysts’ expectations by 3%, and Intuitive Surgical reported revenues up 21.7%, topping estimates by 5.3%. GE HealthCare traded up 7.5% following the results while Intuitive Surgical was down 2.3%.
Read our full analysis of GE HealthCare’s results here and Intuitive Surgical’s results here.
There has been positive sentiment among investors in the healthcare equipment and supplies segment, with share prices up 3.2% on average over the last month. QuidelOrtho is up 8.7% during the same time and is heading into earnings with an average analyst price target of $14.67 (compared to the current share price of $13.20).
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