QuidelOrtho Reports $2.78 Billion Revenue Decline and $2.05 Billion Net Loss for Fiscal Year 2024

QuidelOrtho Corporation reported a total revenue of $2.78 billion for the fiscal year ending December 29, 2024, marking a 7% decrease from $2.99 billion in the previous year. This decline was primarily attributed to reduced sales of respiratory products, which accounted for approximately 18% of total revenues, down from 24% in 2023. The company also experienced a significant goodwill impairment charge of $1.82 billion, contributing to a net loss of $2.05 billion for the year, compared to a net loss of $10.1 million in 2023. The decrease in revenue was further impacted by unfavorable currency exchange rates, which had a negative effect of about 60 basis points on growth rates.

In terms of operational changes, QuidelOrtho initiated a plan in February 2024 to wind down its U.S. donor screening portfolio, specifically targeting the VIP platform and microplate assays, which have shown lower growth and margin profiles. This strategic decision is expected to be completed by the end of 2025. The company continues to focus on its core business units, which include Labs, Transfusion Medicine, Point of Care, and Molecular Diagnostics, while also managing its supply chain to mitigate previous inflationary pressures.

QuidelOrtho's workforce comprised approximately 6,600 employees as of December 29, 2024, with a significant portion involved in sales, service, and marketing across more than 130 countries. The company reported a slight increase in its employee headcount compared to the previous year, reflecting its ongoing commitment to expanding its market presence. The company’s operational strategy emphasizes enhancing customer relationships and product offerings, particularly in the Point of Care segment, where it aims to leverage its established reputation and customer base.

Looking ahead, QuidelOrtho anticipates continued fluctuations in demand for both respiratory and non-respiratory products, influenced by seasonal trends and competitive pressures. The company is focused on improving its financial performance through strategic initiatives aimed at expanding its product lines and enhancing operational efficiencies. Management remains committed to navigating the challenges posed by market conditions and is actively working to implement controls to address identified weaknesses in its internal financial reporting processes. The outlook for the upcoming fiscal year remains cautious, with expectations of ongoing volatility in revenue streams and operational performance.