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QuidelOrtho
QuidelOrtho (QDEL) investor relations material
QuidelOrtho Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
FY 2025 revenue was $2.73B, with Q4 revenue at $724M, reflecting a transition to diversified diagnostics and meeting financial guidance.
Adjusted EBITDA for 2025 was $597M (22% margin), up from $543M (19.5% margin) in 2024, with cost-savings initiatives generating $140M and expanding margins.
Adjusted diluted EPS for 2025 was $2.12, up 15% year-over-year, while GAAP net loss was $1.13B due to a $701M non-cash goodwill impairment.
CFO retirement and leadership transition announced, effective June 30, 2026.
Financial highlights
Q4 2025 revenue was $724M, up 2% year-over-year; non-respiratory revenue up 6.3% and Labs revenue grew 8% as reported.
Adjusted EBITDA margin improved by 240 basis points to 22% for the year; Q4 adjusted EBITDA was $153M (21% margin).
Adjusted gross profit margin for the year was 47.4%; Q4 margin was 44.9%.
Free cash flow for 2025 was negative $77M, impacted by ERP investments; cash at year-end was $170M, with net debt of $2.5B.
Operating expenses decreased 5% year-over-year due to cost savings.
Outlook and guidance
FY 2026 revenue guidance is $2.7B–$2.9B, with Labs business expected to grow mid-single digits and Immunohematology in low single digits.
Adjusted EBITDA guidance is $630M–$670M (margin ~23.3%), and adjusted diluted EPS between $2.00–$2.42.
Free cash flow projected at $120M–$160M, with $50M–$60M in one-time cash use; capex expected at $150M–$170M.
COVID revenue expected to be flat at $80M; Triage cardiac growth in high single digits; U.S. Donor Screening wind-down by mid-2026.
China region projected for low-single digit growth; foreign currency expected to be neutral.
Detail FY26 free cash flow drivers
Implications of the $701M goodwill impairment
How will cost-savings momentum be sustained post-CFO?
Why is 2026 FCF conversion still below 50%?
How will new OUS platforms impact tenders?
Detail the path to 50% gross margin.
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Next QuidelOrtho earnings date
Q1 20266 May, 2026
QuidelOrtho
Next QuidelOrtho earnings date
Q1 20266 May, 2026
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Frequently asked questions
Quidel Corporation develops, manufactures and markets diagnostic testing solutions that can produce rapid and accurate clinical results to aid in the diagnosis of critical medical conditions. Rapid, accurate point of care tests are used by physicians and other healthcare providers to rapidly detect a variety of medical conditions. Quidel's products range from simple diagnostic screeners to more sophisticated multiple-analyte tests designed to be performed on Quidel's automated workstations.
Quidel manufactures its products and operates its sales and marketing operations primarily in San Diego, California and provides quality service and technical support through trained customer service representatives worldwide. Quidel Corporation was incorporated in 1979 and is headquartered in San Diego, California.
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