Healthcare diagnostics company QuidelOrtho (NASDAQ:QDEL) will be reporting earnings this Thursday after the bell. Here’s what to expect.
QuidelOrtho missed analysts’ revenue expectations last quarter, reporting revenues of $619.8 million, down 10.5% year on year. It was a softer quarter for the company, with a significant miss of analysts’ full-year EPS guidance estimates and a significant miss of analysts’ EPS 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 be flat year on year, improving from the 3.6% 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 Q2 results, giving us a hint as to what we can expect. GE HealthCare delivered year-on-year revenue growth of 5.8%, beating analysts’ expectations by 0.5%, and Baxter reported revenues up 5.3%, topping estimates by 6%. GE HealthCare traded up 9.1% following the results while Baxter was also up 5.6%.
Read our full analysis of GE HealthCare’s results here and Baxter’s results here.
Investors in the healthcare equipment and supplies segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. QuidelOrtho is down 2.4% during the same time and is heading into earnings with an average analyst price target of $21.33 (compared to the current share price of $17.58).
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