QuidelOrtho Corporation reported a significant decline in financial performance for the first quarter of 2026, with total revenues decreasing by 11% to $619.8 million compared to $692.8 million in the same period of the previous year. The decline was primarily attributed to reduced sales of respiratory products, particularly due to lower demand for flu and COVID-19 tests, and the termination of a joint business arrangement with Grifols, which previously contributed to revenue. The company also noted that currency exchange rates had a favorable impact of 210 basis points on its growth rate.
In terms of profitability, QuidelOrtho experienced a net loss of $91.8 million, compared to a loss of $12.7 million in the prior year. This resulted in a basic and diluted loss per share of $1.35, a significant increase from the previous year's loss per share of $0.19. The company's operating loss was reported at $31.8 million, a stark contrast to an operating income of $32.6 million in the same quarter of 2025. The increase in losses was influenced by higher costs of sales, which rose to $356.0 million, representing 57.4% of total revenues, up from 50.4% in the prior year.
Operationally, QuidelOrtho has been undergoing strategic changes, including the wind-down of its U.S. donor screening portfolio, which has contributed to a 39% decline in related revenues. The company is also implementing an Optimization Plan aimed at realigning costs and improving operational efficiencies, with expected cumulative pre-tax charges of approximately $100 million through 2027. Additionally, QuidelOrtho completed the acquisition of LEX Diagnostics for approximately $100 million, which is expected to enhance its molecular diagnostics portfolio.
Geographically, the company reported varied performance across its segments. North America saw a 19% decline in revenues to $328.9 million, while EMEA revenues increased by 4% to $92.5 million. The JPAC segment reported a 3% increase in revenues, while Latin America experienced a 20% rise. The company’s total employee headcount remained stable, reflecting its ongoing restructuring efforts.
Looking ahead, QuidelOrtho's management expressed caution regarding future revenue growth, citing uncertainties related to respiratory disease demand, ongoing geopolitical tensions, and potential impacts from new pricing guidelines in China. The company anticipates continued fluctuations in demand for its products and is focused on managing costs while seeking to introduce new products and services to the market. The outlook remains contingent on various external factors, including market conditions and regulatory developments.
About QuidelOrtho Corp
QuidelOrtho Corporation specializes in developing and manufacturing diagnostic testing solutions across clinical chemistry, immunoassay, molecular diagnostics, point-of-care, and transfusion medicine segments. Its products serve healthcare providers, laboratories, blood banks, and consumers worldwide, supporting disease detection, monitoring, and blood compatibility testing. The company leverages innovative platforms, global manufacturing, and a customer-centric approach to deliver rapid, reliable, and cost-effective diagnostics.
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