QuidelOrtho Q1 revenue $620M, POC sales down 34% as guidance trimmed
QDEL•QuidelOrtho reported Q1 revenue of $620 million, driven by a 34% decline in point-of-care sales and an 8% rise in immunohematology revenue. The company posted a GAAP net loss of $92 million, adjusted EBITDA of $109 and cut full-year revenue outlook to $2.70–2.75 billion with $615–630 million in adjusted EBITDA.
1. First Quarter Financial Results
QuidelOrtho reported total revenue of $620 million for the quarter ended March 29, 2026. The company incurred a GAAP net loss of $92 million, a GAAP operating loss of $32 million and recorded adjusted EBITDA of $109 million with an adjusted diluted loss per share of $0.04.
2. Segment Performance
Point-of-care revenue fell 34% to $113 million on a significantly weaker respiratory season. Labs revenue declined 5% to $353 million due to China distributor disruptions and the ending of the Grifols joint arrangement, while immunohematology grew 8% to $138 million, led by stronger volumes in North America, China and JPAC.
3. Strategic Initiatives and Acquisitions
In April, QuidelOrtho completed the acquisition of LEX Diagnostics to add an ultra-fast molecular diagnostics platform for point-of-care testing. The company also launched its High-Sensitivity Troponin assay in the U.S. and began rolling out the VITROS 450 platform in select international markets.
4. Updated 2026 Financial Guidance
Following Q1 results and current market conditions, full-year 2026 revenue guidance was narrowed to $2.70–2.75 billion from $2.7–2.9 billion, and adjusted EBITDA was reduced to $615–630 million from $630–670 million. Free cash flow outlook was lowered to $100–120 million, reflecting draft China NHSA pricing guidelines and Middle East conflict impacts.
