The Top 5 Analyst Questions From QuidelOrtho’s Q4 Earnings Call

The Top 5 Analyst Questions From QuidelOrtho’s Q4 Earnings Call

Petr Huřťák

Wed, February 18, 2026 at 2:36 PM GMT+9 4 min read

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QDEL

-1.91%

QuidelOrtho’s fourth quarter was marked by improved operational efficiency and growth in its core labs and non-respiratory businesses, but the market responded negatively to its results. Management identified cost discipline and organizational realignment as key drivers, with CEO Brian Blaser highlighting $140 million in cost savings and an expanded adjusted EBITDA margin. The company’s Labs segment maintained mid-single-digit growth, and its Triage business saw strong adoption. However, respiratory revenues declined as expected, and tariffs, product mix, and increased instrument placements pressured gross margins. CFO Joseph Busky described margin improvements as “a direct result of our company-wide cost savings initiatives,” but acknowledged that timing and product mix remain ongoing challenges.

Is now the time to buy QDEL? Find out in our full research report (it’s free).

QuidelOrtho (QDEL) Q4 CY2025 Highlights:

**Revenue:** $723.6 million vs analyst estimates of $701.2 million (2.2% year-on-year growth, 3.2% beat)

**Adjusted EPS:** $0.46 vs analyst estimates of $0.42 (8.8% beat)

**Adjusted EBITDA:** $153.3 million vs analyst estimates of $151.6 million (21.2% margin, 1.1% beat)

**Adjusted EPS guidance for the upcoming financial year 2026** is $2.21 at the midpoint, missing analyst estimates by 9.2%

**EBITDA guidance for the upcoming financial year 2026** is $650 million at the midpoint, below analyst estimates of $655 million

**Operating Margin:** -9.2%, up from -14.2% in the same quarter last year

**Constant Currency Revenue** rose 1.1% year on year (-4.4% in the same quarter last year)

**Market Capitalization:** $1.57 billion

While we enjoy listening to the management’s commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From QuidelOrtho’s Q4 Earnings Call

**Tycho Peterson (Jefferies)** asked about the sustainability of Labs growth. CFO Joseph Busky highlighted ongoing adoption in clinical chemistry and underpenetrated immunoassay markets, noting, “Our low OUS market penetration continues to be a growth opportunity.”

**Jack Meehan (Nephron)** pressed for updates on China’s potential value-based procurement (VBP) changes. CEO Brian Blaser said there was no new information and estimated a possible 0.5% to 1% revenue impact if QuidelOrtho products were included.

**Andrew Brackmann (William Blair)** questioned the assumptions behind the wide EPS guidance range. Busky attributed it largely to unpredictable respiratory volumes and higher depreciation due to instrument placements and ERP investments.

**Patrick Donnelly (Citi)** inquired about gross margin softness. Busky cited tariffs and product mix as key factors, with direct procurement initiatives expected to deliver more benefits in 2027 and beyond.

**Casey Woodring (JPMorgan)** asked if new high-sensitivity troponin assays would drive near-term growth. Blaser replied the launch would help in higher volume segments but is unlikely to be a major short-term growth driver.

 






Story Continues  

Catalysts in Upcoming Quarters

Looking ahead, our analysts are monitoring (1) the pace and impact of new platform launches, including VITROS 450 and LEX Diagnostics; (2) progress on procurement and facility optimization initiatives to support margin expansion; and (3) international market growth, particularly in Latin America, Asia Pacific, and OUS immunoassay tenders. Regulatory developments in China and the sustainability of Labs segment momentum will also be closely tracked.

QuidelOrtho currently trades at $23.03, down from $28.80 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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