QuidelOrtho Corporation

QDEL

Medical - Specialties · Healthcare

Price

$14.74

-0.11 (-0.74%)

Market Cap

$1.01B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 28, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+58.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 42.9M (2021) → 67.8M (2025)

Winston Score History

The full picture

QuidelOrtho makes medical diagnostic tests and equipment used by doctors, hospitals, and labs to detect diseases and health conditions. Its products include rapid tests for flu, COVID-19, and other infections, as well as more complex lab analyzers used in blood testing and transfusion medicine. The company was formed in 2022 when Quidel merged with Ortho Clinical Diagnostics.

The company earns money by selling both the testing devices and the consumable cartridges or reagents that run on those machines — a "razor and blade" model where repeat supply purchases drive ongoing revenue. QuidelOrtho operates globally, with significant sales in North America, Europe, and Asia. However, the company has struggled financially since COVID-19 test demand collapsed after the pandemic, leaving it with heavy debt from the merger and negative operating margins. Reducing that debt load and rebuilding stable, non-COVID revenue streams is the central challenge the business faces going forward.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+63.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$186M/ year

↓ Declining (-15% vs prior year)

6.8% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

$131M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

QuidelOrtho Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

43.3%

Healthy — 43.3% gross margin

Profit after running costs

Operating Margin

-3.5%

Losing money on operations — -3.5%

Return on the money invested

ROCE

-17.5%

Weak — -17.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-2.5%

Shrinking sales (-2.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-7.9%

Burning cash (-7.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.65

Elevated debt (1.65)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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