Healthcare diagnostics company QuidelOrtho (NASDAQ: QDEL) will be reporting earnings this Tuesday after market hours. Here’s what you need to know.
QuidelOrtho beat analysts’ revenue expectations last quarter, reporting revenues of $723.6 million, up 2.2% year on year. It was a mixed quarter for the company, with a solid beat of analysts’ revenue estimates but 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 3.5% year on year, in line with the 2.6% decrease it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. QuidelOrtho has a history of exceeding Wall Street’s expectations.
Looking at QuidelOrtho’s peers in the healthcare equipment and supplies segment, some have already reported their Q1 results, giving us a hint as to what we can expect. GE HealthCare delivered year-on-year revenue growth of 7.4%, beating analysts’ expectations by 2.1%, and Intuitive Surgical reported revenues up 23%, topping estimates by 5.8%. GE HealthCare traded down 11.2% following the results while Intuitive Surgical was up 7.2%.
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 6% on average over the last month. QuidelOrtho is down 21.7% during the same time and is heading into earnings with an average analyst price target of $27 (compared to the current share price of $12.43).
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