Shares of (NASDAQ: QDEL) were crashing 31.4% lower as of 11:30 a.m. ET on Wednesday. The huge decline came after the in vitro diagnostics company announced its 2023 full-year and fourth-quarter results following yesterday's market close.

QuidelOrtho reported Q4 revenue of $743 million, down 14% year over year. Although non-respiratory sales rose 9%, the gain was more than offset by respiratory revenue sinking 49% lower.

The company posted adjusted earnings in the fourth quarter of $78.6 million, or $1.17 per share. This reflected a decline of nearly 34% year over year. It also was well below the average analyst estimate of $2.05 per share.

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Source Fool.com