NEW YORK – QuidelOrtho said after the close of the market Thursday that it expects preliminary first quarter revenues between $840 million and $850 million, which would exceed analysts' average prediction of $747 million.
The San Diego-based firm credited instrument sales that drove strong results in its laboratory business for the rise, along with better-than-expected results from its point-of-care business and a $21 million settlement related to a collaboration agreement.
The firm predicts between $262 million and $267 million in respiratory product revenues for the quarter, including COVID-19 test sales of $212 million to $217 million. It also expects non-respiratory revenues will rise to between $578 million and $583 million, up about 5 percent year over year on a supplemental combined basis and 7 percent on a constant currency basis.
"Our team delivered solid non-respiratory revenue growth across all major geographic regions, with notable strength in China, demonstrating the power of our newly created scale and breadth of offerings across the diagnostics continuum as well as the durability of our business model," QuidelOrtho CEO Douglas Bryant said in a statement. "As we look ahead, our supply chain is improving, we are focused on our key growth drivers, and we are confident in our ability to deliver sustainable high-single-digit growth over the coming years."
Quidel completed its $6 billion acquisition of Ortho Clinical Diagnostics in May 2022. In February, company officials said they plan to intensify their focus this year on the growth-driving Sofia, Savanna, and Vitros systems and guided for total 2023 revenue of $2.8 billion to $3.1 billion.
QuidelOrtho is scheduled to report its first quarter financial results after the close of the market on May 3.