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QuidelOrtho (QDEL) investor relations material
QuidelOrtho Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $700 million, down 4–4.6% year-over-year, mainly due to lower COVID-19 and donor screening revenues, with recurring revenue comprising 97% of the total.
Adjusted EBITDA for Q3 was $177 million (25% margin), up 180 basis points year-over-year, with adjusted diluted EPS at $0.80.
A $701 million non-cash goodwill impairment charge was recorded in Q3, resulting in a GAAP net loss of $733 million.
Cost savings initiatives delivered $100–140 million annualized, with further $30–$40 million targeted for 2025 and a multi-year Optimization Plan aiming for $50 million net savings by 2027.
Targeted investments in R&D and strategic areas, including the launch of a high-sensitivity troponin assay, support long-term growth.
Financial highlights
Q3 adjusted gross profit margin was 48.7%, slightly down from the prior year due to tariffs, offset by cost actions.
Adjusted EBITDA margin improved to 25% for Q3 2025; year-to-date adjusted EBITDA reached $444 million (22% margin), up 13% year-over-year.
Adjusted free cash flow was negative $50 million in Q3, with year-to-date adjusted free cash flow at negative $35 million, mainly due to ERP system conversion and working capital timing.
Net debt as of September 28, 2025, was $2.6 billion, with a net debt to adjusted EBITDA ratio of 4.4x and consolidated leverage ratio of 3.8x, below covenant levels.
Cash and cash equivalents at quarter-end were $98 million, with $587 million available under the revolving credit facility.
Outlook and guidance
Full-year 2025 revenue guidance narrowed to $2.68–$2.74 billion, with neutral FX impact.
Adjusted EBITDA guidance set at $585–$605 million (22% margin), and adjusted diluted EPS guidance updated to $2.00–$2.15.
COVID-19 revenue expected between $70–$100 million for the year; Donor Screening revenue projected at $40–$50 million.
Free cash flow conversion expected at 25–30% of adjusted EBITDA for 2025, with a long-term target of 50% by mid-2027.
Demand for both respiratory and non-respiratory products expected to remain volatile, with ongoing pricing pressures and seasonal fluctuations.
Impact of goodwill impairment on future strategy?
Drivers of non-respiratory revenue growth?
How debt refinancing impacts investment plans?
LEX Diagnostics 2026 margin impact?
Next cost savings beyond procurement?
China localization policy impact on strategy?
LEX Diagnostics commercialization plan?
China growth sustainability outlook?
Drivers of Q4 implied EBITDA margin drop?
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Next QuidelOrtho earnings date
Q4 202512 Feb, 2026
Next QuidelOrtho earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
Quidel Corporation develops, manufactures and markets diagnostic testing solutions that can produce rapid and accurate clinical results to aid in the diagnosis of critical medical conditions. Rapid, accurate point of care tests are used by physicians and other healthcare providers to rapidly detect a variety of medical conditions. Quidel's products range from simple diagnostic screeners to more sophisticated multiple-analyte tests designed to be performed on Quidel's automated workstations.
Quidel manufactures its products and operates its sales and marketing operations primarily in San Diego, California and provides quality service and technical support through trained customer service representatives worldwide. Quidel Corporation was incorporated in 1979 and is headquartered in San Diego, California.
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