QDEL

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EX-99.1

2 qdel3292026ex991earningsre.htm

EX-99.1

Document

Exhibit 99.1

QuidelOrtho Reports First Quarter 2026 Financial Results

― LEX Diagnostics Acquisition Expected to Accelerate Growth in Point-of-Care Molecular Diagnostics ―

― Key Product Launches in U.S. and International Markets Expected to Drive Future Growth ―

― Company Updates Full-Year 2026 Financial Guidance ―

May 5, 2026

SAN DIEGO, CA May 5, 2026 — QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global leader of innovative in vitro diagnostics, today announced financial results for the first quarter ended March 29, 2026.

Key First Quarter 2026 Results:

(all comparisons are to the prior year period)

•Total revenue was $620 million, as reported

◦Point of Care revenue of $113 million declined by 34% as reported and 35% in constant currency, primarily due to a significantly weaker respiratory season compared to the first quarter of 2025.

◦Labs revenue of $353 million declined by 5% as reported and 8% in constant currency, primarily due to slower distributor sales in China that the Company believes is related to pending changes to the China National Health Security Administration (“NHSA”) In Vitro Diagnostics (“IVD”) pricing guidelines, business disruption related to the Middle East conflict, and a decrease in revenue related in part to the Company’s termination of its joint business arrangement with Grifols.

◦Immunohematology revenue of $138 million grew 8% as reported and 3% in constant currency, primarily driven by growth in North America, China and JPAC.

•GAAP net loss was $92 million; GAAP operating loss was $32 million; adjusted EBITDA was $109 million.

•GAAP diluted loss per share was $1.35; adjusted diluted loss per share was $0.04.

“Our first quarter results were in line with our preliminary revenue announcement and reflected a significantly weaker respiratory season and business disruption in China and the Middle East,” said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. “Importantly, we believe the underlying business remains strong and we are well positioned to deliver on our objectives to expand our adjusted EBITDA margin and improve cash flow in 2026.”

“We completed our acquisition of LEX Diagnostics in April, adding an ultra-fast molecular diagnostics platform for point-of-care testing. We also advanced our key strategic priorities, including the U.S. launch of our High-Sensitivity Troponin assay and the rollout of the VITROS 450 platform in select international markets. We believe these innovations enhance our portfolio and position us to drive sustainable, long-term growth,” Blaser continued.

Full-year 2026 Financial Guidance

The Company provided its initial financial guidance for full-year 2026 on February 11, 2026. On April 15, 2026, the Company announced preliminary revenue for the first quarter 2026 and indicated that the low end of its full-year 2026 financial guidance ranges remained achievable. Considering first-quarter performance and current market dynamics in China, the Company has updated its previously provided financial guidance. This guidance includes expected 2026 impact from the current draft of the China NHSA IVD pricing guidelines. The Company cannot fully assess the impact until the final NHSA guidelines and implementation timelines are confirmed. In addition, this guidance does not assume a significant, prolonged impact related to the Middle East conflict.

Full-year 2026 Financial GuidanceUpdated (as of 5/5/26)Previous (as of 2/11/26)

Total revenues (reported)$2.70 - $2.75 billion$2.7 - $2.9 billion

Adjusted EBITDA$615 - $630 million$630 - $670 million

Adjusted EBITDA margin 23%23.3%

Adjusted diluted earnings per share$1.80 - $2.00$2.00 - $2.42

Free cash flow$100 - $120 million$120 - $160 million

Please see page 6 of the First Quarter 2026 Financial Results presentation on the “Investor Relations” page of the Company’s website for the full list of assumptions on which the Company’s current 2026 financial guidance is based.

A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share and free cash flow, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits and other non-recurring adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."

Conferen

EX-99.1

2 qdel41520268-kitem991.htm

EX-99.1

Document

Exhibit 99.1

QuidelOrtho Announces Preliminary Revenue for the First Quarter 2026 and Provides Update on Full-Year 2026 Guidance

April 15, 2026

SAN DIEGO, CA — QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global leader of in vitro diagnostics, today announced preliminary unaudited revenue for the first quarter of 2026, ended March 29, 2026, and provided an update on its full-year 2026 financial guidance. The Company also announced its plan to release its full first quarter 2026 financial results on Tuesday, May 5, 2026, after the market closes.

Preliminary Unaudited First Quarter 2026 Revenue

The Company currently expects preliminary unaudited revenue, as reported, of $615-$620 million for the first quarter of 2026. This preliminary unaudited revenue was primarily driven by a weaker respiratory season, with U.S. Influenza-like Illness visits down by approximately 30% compared to the first quarter of 20251, along with slower China distributor sales that the Company believes is related to the proposed China National Health Security Administration (“NHSA”) reimbursement rate reductions. Additionally, certain EMEA orders were delayed by the Middle East conflict, negatively impacting first quarter revenue.

“Despite macroeconomic challenges and a softer first quarter respiratory season, QuidelOrtho is taking decisive cost actions to drive full-year 2026 performance,” said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. “Our core business―representing more than 70% of total revenue―remains strong, providing a solid foundation amid near-term volatility. We remain focused on operational execution, margin expansion, cash flow improvement, and advancing our innovation pipeline to support durable long-term growth.”

The preliminary unaudited revenue described herein is based on management’s preliminary analysis for the first quarter of 2026 and is subject to adjustments based on the Company’s completion of its quarter-end financial close process.

As discussed in the Company’s fourth quarter and full-year 2025 conference call in February 2026, the Company expects free cash flow to be negative for the first half of 2026. The Company currently expects free cash flow to be in the range of $(65) to $(70) million in the first quarter of 2026. The Company continues to expect free cash flow to be positive for the full-year 2026.

Full-year 2026 Financial Guidance

Based on current information, the Company believes the low end of its full-year 2026 financial guidance (issued February 11, 2026) remains achievable. The ranges provided by the Company were intentionally broad to reflect variability in the respiratory season and other factors, and do not assume a significant, prolonged impact from China NHSA reimbursement initiatives or continued disruption related to the Middle East conflict. The Company plans to discuss its full-year 2026 financial guidance on its May 5, 2026 earnings conference call.

First Quarter 2026 Earnings Conference Call

Following the release of financial results on May 5, 2026, QuidelOrtho will hold a conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can

1 As reported by the Centers for Disease Control and Prevention, April 3, 2026.

access the call from the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at https://ir.quidelortho.com. Presentation materials will also be posted to the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at the time of the call. A replay of the conference call will be available shortly after the event on the “Investor Relations” page of the Company’s website under the “Events & Presentations” section.

QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

About QuidelOrtho Corporation

With expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's expected revenue and free cash flow for the first quarter 2026, commercial and other strategi