QuidelOrtho Reports $692.8 Million Revenue in Q1 2025, Net Loss Improves

QuidelOrtho Corporation reported a total revenue of $692.8 million for the first quarter of 2025, a decrease of 3% compared to $711.0 million in the same period of the previous year. The decline was primarily attributed to reduced revenues from respiratory products, particularly a significant drop in COVID-19 related sales, which fell to $23.4 million from $50.2 million year-over-year. The company noted that revenues from its Labs segment increased by 5%, driven by growth in reagents and consumables, while the Donor Screening segment saw a 62% decrease due to the planned wind-down of its U.S. donor screening portfolio.

In terms of profitability, QuidelOrtho reported a net loss of $12.7 million for the quarter, a significant improvement from the net loss of $1.706 billion in the prior year, which included a substantial goodwill impairment charge. The basic and diluted loss per share for the quarter was $(0.19), compared to $(25.50) in the same quarter last year. The company’s operating income was $32.6 million, a stark contrast to the operating loss of $1.758 billion reported in the previous year, highlighting a recovery in operational performance.

Strategically, QuidelOrtho is in the process of winding down its U.S. donor screening portfolio, which is expected to be completed by the end of 2025. This decision is part of a broader strategy to focus on higher-margin products and improve overall profitability. The company also reported a joint business collaboration with Grifols, which contributed $15.9 million in pre-tax net profit for the quarter, up from $8.1 million in the prior year. This collaboration is aimed at enhancing its offerings in the Hepatitis and HIV diagnostics market.

Operationally, QuidelOrtho's total assets increased to $6.462 billion as of March 30, 2025, up from $6.424 billion at the end of 2024. The company’s cash and cash equivalents rose to $127.1 million, reflecting a $28.8 million increase from the previous quarter. The company’s employee headcount remained stable, and it continues to focus on expanding its geographic footprint and product offerings. The company’s liquidity position is supported by a revolving credit facility with $537.3 million available for borrowing.

Looking ahead, QuidelOrtho anticipates continued fluctuations in demand for its respiratory and non-respiratory products, influenced by seasonal trends and competitive pressures. The company plans to focus on developing new products and improving customer relationships to drive growth. Management remains cautious about macroeconomic conditions, including potential impacts from tariffs and supply chain disruptions, which could affect future performance.