QuidelOrtho (QDEL) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue was $2.73B, with Q4 revenue at $724M, reflecting a transition to diversified diagnostics and meeting financial guidance.

• Adjusted EBITDA for 2025 was $597M (22% margin), up from $543M (19.5% margin) in 2024, with cost-savings initiatives generating $140M and expanding margins.

• Adjusted diluted EPS for 2025 was $2.12, up 15% year-over-year, while GAAP net loss was $1.13B due to a $701M non-cash goodwill impairment.

• CFO retirement and leadership transition announced, effective June 30, 2026.

Financial highlights

• Q4 2025 revenue was $724M, up 2% year-over-year; non-respiratory revenue up 6.3% and Labs revenue grew 8% as reported.

• Adjusted EBITDA margin improved by 240 basis points to 22% for the year; Q4 adjusted EBITDA was $153M (21% margin).

• Adjusted gross profit margin for the year was 47.4%; Q4 margin was 44.9%.

• Free cash flow for 2025 was negative $77M, impacted by ERP investments; cash at year-end was $170M, with net debt of $2.5B.

• Operating expenses decreased 5% year-over-year due to cost savings.

Outlook and guidance

• FY 2026 revenue guidance is $2.7B–$2.9B, with Labs business expected to grow mid-single digits and Immunohematology in low single digits.

• Adjusted EBITDA guidance is $630M–$670M (margin ~23.3%), and adjusted diluted EPS between $2.00–$2.42.

• Free cash flow projected at $120M–$160M, with $50M–$60M in one-time cash use; capex expected at $150M–$170M.

• COVID revenue expected to be flat at $80M; Triage cardiac growth in high single digits; U.S. Donor Screening wind-down by mid-2026.

• China region projected for low-single digit growth; foreign currency expected to be neutral.