Why QuidelOrtho Stock Slipped and Fell Today
QuidelOrtho (NASDAQ: QDEL) had a Thursday to forget on the stock exchange. The healthcare diagnostics company unveiled its latest set of quarterly results, a move that was essentially met with a collective shrug by investors. As a result, the share price declined by 1.4% across the trading day, a slightly steeper rate than the S&P 500 index's 1.1% drop.
For its third quarter, QuidelOrtho's revenue was just under $784 million. That was 54% higher year over year, which the company attributed to higher point-of-care and donor screening products. On the down side, non-GAAP net income fell by a precipitous 44% to slightly over $125 million, or $1.85 per share.
According to data compiled by The Wall Street Journal, QuidelOrtho met the average analyst expectation for adjusted profitability. It was unclear how it matched up to revenue estimates.
Source Fool.com