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QuidelOrtho Expects Q3 Revenues Well Above Wall Street Estimate

NEW YORK – QuidelOrtho announced on Thursday that its third quarter revenues will be higher than originally expected due to an earlier-than-expected increase in demand for respiratory infection testing.

The San Diego-based diagnostics firm said it expects to report total revenues for the quarter ended Oct. 1, 2023, of $738 million to $744 million, well above the average Wall Street estimate of $655 million. Its Q3 revenues for Q3 2022 were $783.8 million. The strong performance in Q3 2023 was driven by sales of SARS-CoV-2 and influenza testing products, the firm said in a statement.

The expected revenues include non-respiratory product sales of $557 million to $560 million and respiratory product revenue of $181 million to $184 million, the firm said.

"Influenza and new variants of COVID-19 across the Northern Hemisphere generated significant demand for both our retail and point-of-care offerings," said QuidelOrtho President and CEO Douglas Bryant. "We also continued to see strength in our non-respiratory businesses, and all of our regions, including China, met or exceeded our expectations," Bryant added.

QuidelOrtho reiterated its 2023 financial guidance for total revenue of $2.88 billion to $3.08 billion, non-respiratory revenue of $2.27 billion to $2.31 billion, respiratory revenue of $610 million to $775 million including COVID revenue of $300 million to $400 million, and adjusted diluted EPS of $4.85 to $5.30. On average, Wall Street analysts expect FY2023 revenue of $2.98 billion and EPS of $4.90.

"We remain confident in our strategic plan and our ability to achieve our 2023 financial guidance," said QuidelOrtho CFO Joseph Busky.