Revenue growth remains in a contractionary phase, evidenced by a 10.5% year-over-year decline in 2026Q1, while operating margins continue to struggle with persistent negative performance.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jan'23 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 2.66B | 2.73B | 2.78B | 3B | 3.27B | 1.7B | 1.66B | 534.89M | 522.28M | 277.74M | 191.6M | 196.13M | 182.62M | 175.41M | 155.74M | 158.6M | 113.34M | 164.28M | 128.13M | 118.06M | 106.02M | 92.3M | 78.69M | 95.11M | 76.27M | 74.06M | 68.35M | 47.2M | 45.7M | 41.9M | 34.5M |
| Revenue Growth % | -3.89% | -1.89% | -7.17% | -8.21% | 92.28% | 2.22% | 210.66% | 2.41% | 88.05% | 44.96% | -2.31% | 7.4% | 4.11% | 12.63% | -1.8% | 39.94% | -31.01% | 28.21% | 8.53% | 11.37% | 14.86% | 17.29% | -17.26% | 24.69% | 3% | 8.35% | 44.81% | 3.28% | 9.07% | 21.45% | 10.93% |
| Cost of Goods Sold | 1.15B | 1.46B | 1.5B | 1.5B | 1.33B | 420.3M | 312.81M | 214.09M | 206.57M | 121.6M | 73.41M | 71.69M | 74.18M | 66.98M | 61.28M | 62.87M | 52.61M | 55.22M | 50.21M | 48.57M | 44.82M | 37.1M | 35.23M | 42.81M | 38.27M | 35.27M | 36.5M | 22.8M | 21.1M | 17.2M | 13.9M |
| COGS % of Revenue | - | 53.33% | 53.77% | 50.06% | 40.72% | 24.74% | 18.83% | 40.02% | 39.55% | 43.78% | 38.32% | 36.55% | 40.62% | 38.18% | 39.35% | 39.64% | 46.42% | 33.61% | 39.18% | 41.14% | 42.28% | 40.2% | 44.78% | 45.02% | 50.17% | 47.63% | 53.41% | 48.31% | 46.17% | 41.05% | 40.29% |
| Gross Profit | 1.5B | 1.27B | 1.29B | 1.5B | 1.94B | 1.28B | 1.35B | 320.81M | 315.71M | 156.14M | 118.19M | 124.44M | 108.44M | 108.43M | 94.46M | 95.74M | 60.73M | 109.06M | 77.93M | 69.49M | 61.2M | 55.2M | 43.46M | 52.29M | 38.01M | 38.78M | 31.85M | 24.4M | 24.6M | 24.7M | 20.6M |
| Gross Margin % | 56.6% | 46.67% | 46.23% | 49.94% | 59.28% | 75.26% | 81.17% | 59.98% | 60.45% | 56.22% | 61.68% | 63.45% | 59.38% | 61.82% | 60.65% | 60.36% | 53.58% | 66.39% | 60.82% | 58.86% | 57.72% | 59.8% | 55.22% | 54.98% | 49.83% | 52.37% | 46.59% | 51.69% | 53.83% | 58.95% | 59.71% |
| Gross Profit Growth % | - | -0.96% | -14.07% | -22.68% | 51.47% | -5.23% | 320.46% | 1.61% | 102.2% | 32.11% | -5.02% | 14.76% | 0% | 14.8% | -1.34% | 57.64% | -44.32% | 39.96% | 12.14% | 13.55% | 10.87% | 27.02% | -16.9% | 37.59% | -2.01% | 21.78% | 30.52% | -0.81% | -0.4% | 19.9% | 21.89% |
| Operating Expenses | 2.13B | 2.19B | 3.25B | 1.36B | 1.09B | 372.3M | 288.53M | 228.09M | 205.59M | 130.08M | 122.63M | 121.7M | 114.08M | 102.44M | 85.61M | 82M | 73.75M | 54.02M | 49.31M | 50.01M | 47.36M | 60.49M | 41.64M | 39.03M | 34.54M | 35.06M | 34.21M | 27M | 26.7M | 23.4M | 20.1M |
| OpEx % of Revenue | - | 80.34% | 116.69% | 45.3% | 33.45% | 21.92% | 17.36% | 42.64% | 39.36% | 46.84% | 64% | 62.05% | 62.47% | 58.4% | 54.97% | 51.7% | 65.07% | 32.88% | 38.48% | 42.35% | 44.68% | 65.53% | 52.92% | 41.04% | 45.28% | 47.34% | 50.05% | 57.2% | 58.42% | 55.85% | 58.26% |
| Selling, General & Admin | 758.6M | 746.3M | 766.8M | 763.2M | 621M | 239.6M | 200.54M | 163.87M | 153.94M | 96.44M | 74.88M | 77.33M | 67.34M | 60.09M | 50.96M | 48.55M | 42.44M | 40.13M | 33.68M | 31.66M | 29.74M | 29.18M | 28.84M | 28.5M | 25.85M | 24.49M | 25.19M | 15.8M | 15.7M | 14.2M | 13.9M |
| SG&A % of Revenue | - | 27.33% | 27.55% | 25.46% | 19.01% | 14.11% | 12.07% | 30.64% | 29.47% | 34.72% | 39.08% | 39.43% | 36.88% | 34.26% | 32.72% | 30.61% | 37.45% | 24.43% | 26.29% | 26.81% | 28.05% | 31.62% | 36.65% | 29.97% | 33.89% | 33.07% | 36.85% | 33.47% | 34.35% | 33.89% | 40.29% |
| Research & Development | 177.9M | 186.2M | 218.7M | 246.8M | 187.9M | 95.7M | 84.29M | 52.55M | 51.65M | 33.64M | 38.67M | 35.51M | 37.91M | 34.19M | 27.72M | 26.32M | 24.57M | 12.53M | 11.15M | 12.86M | 13.05M | 12.83M | 11.34M | 8.46M | 6.75M | 6.2M | 7.05M | 7.9M | 7.9M | 6.7M | 4.1M |
| R&D % of Revenue | - | 6.82% | 7.86% | 8.23% | 5.75% | 5.63% | 5.07% | 9.83% | 9.89% | 12.11% | 20.18% | 18.11% | 20.76% | 19.49% | 17.8% | 16.6% | 21.68% | 7.62% | 8.7% | 10.89% | 12.31% | 13.9% | 14.41% | 8.9% | 8.85% | 8.38% | 10.31% | 16.74% | 17.29% | 15.99% | 11.88% |
| Other Operating Expenses | 3M | 1.26B | 2.26B | 349.8M | 283.6M | 37M | 3.69M | 11.67M | 0 | 0 | 9.07M | 8.86M | 8.83M | 31K | -30K | 7.12M | 6.73M | 1.36M | 4.48M | 5.49M | 4.58M | 18.48M | 1.46M | 2.06M | 1.95M | 4.37M | 1.98M | 0 | 0 | 0 | 0 |
| Operating Income | -983.6M | -919.2M | -1.96B | 139.1M | 843.7M | 906M | 1.06B | 92.72M | 95.93M | 9.55M | -4.44M | 2.74M | -9.21M | 4.17M | 8.85M | 13.74M | -15.29M | 52.55M | 28.62M | 19.49M | 13.83M | -5.29M | 1.82M | 11.06M | 3.47M | 3.17M | -4.67M | -2.6M | -2.1M | 1.3M | 500K |
| Operating Margin % | -37.02% | -33.67% | -70.46% | 4.64% | 25.83% | 53.34% | 63.81% | 17.33% | 18.37% | 3.44% | -2.32% | 1.4% | -5.04% | 2.37% | 5.68% | 8.66% | -13.49% | 31.99% | 22.34% | 16.5% | 13.05% | -5.73% | 2.31% | 11.63% | 4.54% | 4.29% | -6.83% | -5.51% | -4.6% | 3.1% | 1.45% |
| Operating Income Growth % | - | 53.12% | -1509.71% | -83.51% | -6.88% | -14.55% | 1043.63% | -3.35% | 904.28% | 315.18% | -262.13% | 129.74% | -321.08% | -52.92% | -35.62% | 189.87% | -129.09% | 83.62% | 46.87% | 40.86% | 361.51% | -391.3% | -83.58% | 219.04% | 9.17% | 168.06% | -79.42% | -23.81% | -261.54% | 160% | 112.82% |
| EBITDA | -648.7M | -477.2M | -1.51B | 596.3M | 1.13B | 958.7M | 1.11B | 140.54M | 142.19M | 40.31M | 27.43M | 11.59M | -380K | 12.34M | 15.78M | 20.86M | -8.56M | 53.91M | 33.09M | 29.34M | 22.94M | 176K | 8.02M | 17.66M | 9.61M | 11.32M | 1.86M | 700K | 1M | 3.8M | 2.6M |
| EBITDA Margin % | -24.41% | -17.48% | -54.17% | 19.89% | 34.52% | 56.44% | 66.77% | 26.28% | 27.23% | 14.51% | 14.32% | 5.91% | -0.21% | 7.03% | 10.13% | 13.15% | -7.55% | 32.82% | 25.83% | 24.85% | 21.64% | 0.19% | 10.2% | 18.57% | 12.6% | 15.29% | 2.73% | 1.48% | 2.19% | 9.07% | 7.54% |
| EBITDA Growth % | -335.63% | 68.34% | -352.81% | -47.1% | 17.59% | -13.59% | 689.38% | -1.16% | 252.72% | 46.97% | 136.59% | 3151.05% | -103.08% | -21.83% | -24.36% | 343.8% | -115.87% | 62.9% | 12.81% | 27.87% | 12935.8% | -97.81% | -54.57% | 83.7% | -15.11% | 507.19% | 166.43% | -30% | -73.68% | 46.15% | 230% |
| D&A (Non-Cash Add-back) | 334.9M | 442M | 453.4M | 457.2M | 283.6M | 52.7M | 49.09M | 47.83M | 46.27M | 30.76M | 31.87M | 8.86M | 8.83M | 8.17M | 6.93M | 7.12M | 6.73M | 1.36M | 4.48M | 9.85M | 9.11M | 5.47M | 6.21M | 6.6M | 6.15M | 8.15M | 6.53M | 3.3M | 3.1M | 2.5M | 2.1M |
| EBIT | -965.1M | -930.1M | -1.94B | 149.8M | 810.4M | 900.6M | 1.05B | 91.97M | 87.67M | 9.55M | -4.02M | 2.74M | -9.21M | 4.84M | 9.69M | 13.57M | -15.07M | 52.92M | 30.44M | 21.26M | 13.83M | -5.29M | 2.47M | 15.56M | 6.2M | 3.06M | -1.32M | -2.7M | -2.2M | 1.3M | 400K |
| Net Interest Income | -129.1M | -177.6M | -188.9M | -176.7M | -73.2M | -400K | -1.26M | -14.79M | -24.28M | -17.59M | -12.18M | -12.04M | -1.77M | -762K | -1.21M | -1.88M | -2.13M | -395K | 1.01M | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | -1.16M | 0 | 0 | 0 | 0 |
| Interest Income | 6.2M | 0 | 0 | 2.2M | 1.3M | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 41K | 203K | 214K | 372K | 1.69M | 1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 86K | 0 | 0 | 0 | 0 |
| Interest Expense | 186.4M | 177.6M | 188.3M | 178.9M | 74.5M | 700K | 1.26M | 14.79M | 24.28M | 17.59M | 12.18M | 12.04M | 1.77M | 777K | 1.25M | 2.08M | 2.35M | 767K | 671K | 736K | 0 | 17.92M | 0 | 4.55M | 0 | 0 | 1.25M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -194.8M | -188.5M | -170.6M | -168.2M | -107.8M | -5.7M | -20.01M | -15.54M | -32.55M | -17.59M | -11.76M | -12.04M | -1.77M | -1.41M | -1.24M | -2.26M | -2.13M | -400K | 1.15M | 1.04M | 1.2M | -37K | -232K | -573K | 2.11M | 19K | -1.16M | 4.1M | 700K | 2.3M | -400K |
| Pretax Income | -1.18B | -1.11B | -2.13B | -29.1M | 735.9M | 900.3M | 1.04B | 77.18M | 63.38M | -8.04M | -16.2M | -9.3M | -10.98M | 3.43M | 7.61M | 11.48M | -17.42M | 52.15M | 29.77M | 20.52M | 15.03M | -5.33M | 1.58M | 10.5M | 2.84M | 3.85M | -4.78M | 1.4M | -1.5M | 3.6M | 1.3M |
| Pretax Margin % | -44.35% | -40.57% | -76.59% | -0.97% | 22.53% | 53% | 62.61% | 14.43% | 12.14% | -2.89% | -8.45% | -4.74% | -6.01% | 1.96% | 4.89% | 7.24% | -15.37% | 31.74% | 23.23% | 17.38% | 14.18% | -5.77% | 2.01% | 11.04% | 3.72% | 5.21% | -6.99% | 2.97% | -3.28% | 8.59% | 3.77% |
| Income Tax | 32.5M | 24.1M | -79.5M | -19M | 187.2M | 196.1M | 230.03M | 4.26M | -10.8M | 129K | -2.39M | -3.22M | -3.91M | -3.96M | 2.62M | 3.85M | -6.15M | 19.27M | 10.92M | 6.89M | -5.89M | 3M | 0 | -9.15M | 1.55M | 3M | 2.32M | -6.3M | -2.6M | 100K | -100K |
| Effective Tax Rate % | -2.76% | -2.18% | 3.73% | 65.29% | 25.44% | 21.78% | 22.11% | 5.52% | -17.04% | -1.61% | 14.76% | 34.61% | 35.59% | -115.2% | 34.4% | 33.53% | 35.3% | 36.94% | 36.69% | 33.59% | -39.19% | -56.32% | 0% | -87.17% | 54.56% | 77.87% | -48.56% | -450% | 173.33% | 2.78% | -7.69% |
| Net Income | -1.21B | -1.13B | -2.05B | -10.1M | 548.7M | 704.2M | 810.29M | 72.92M | 74.18M | -8.16M | -13.81M | -6.08M | -7.07M | 7.39M | 4.99M | 7.63M | -11.27M | 32.88M | 18.85M | 13.63M | 21.72M | -9.26M | -6.29M | 19.65M | 1.29M | 854K | -5.85M | 7.7M | 1.1M | 3.5M | 600K |
| Net Margin % | -45.57% | -41.45% | -73.74% | -0.34% | 16.8% | 41.46% | 48.76% | 13.63% | 14.2% | -2.94% | -7.21% | -3.1% | -3.87% | 4.21% | 3.21% | 4.81% | -9.94% | 20.02% | 14.71% | 11.55% | 20.49% | -10.03% | -7.99% | 20.66% | 1.69% | 1.15% | -8.55% | 16.31% | 2.41% | 8.35% | 1.74% |
| Net Income Growth % | -237.58% | 44.84% | -20216.83% | -101.84% | -22.08% | -13.09% | 1011.18% | -1.7% | 1008.55% | 40.87% | -127.14% | 14.07% | -195.72% | 48.01% | -34.59% | 167.72% | -134.28% | 74.46% | 38.27% | -37.24% | 334.56% | -47.27% | -131.99% | 1422.15% | 51.17% | 114.61% | -175.92% | 600% | -68.57% | 483.33% | 114.63% |
| Net Income (Continuing) | -1.21B | -1.13B | -2.05B | -10.1M | 548.7M | 704.2M | 810.29M | 72.92M | 74.18M | -8.16M | -13.81M | -6.08M | -7.07M | 7.39M | 4.99M | 7.63M | -11.27M | 32.88M | 18.85M | 13.63M | 20.92M | -8.33M | 1.58M | 21.33M | 3.39M | 192K | -4.78M | 7.7M | 1.1M | 3.5M | 600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -17.76 | -16.69 | -30.54 | -0.15 | 9.56 | 16.43 | 18.60 | 1.73 | 1.74 | -0.24 | -0.42 | -0.18 | -0.21 | 0.21 | 0.15 | 0.23 | -0.39 | 1.08 | 0.58 | 0.41 | 0.63 | -0.28 | -0.19 | 0.65 | 0.04 | 0.01 | -0.23 | 0.32 | 0.05 | 0.16 | 0.03 |
| EPS Growth % | -259.15% | 45.35% | -20260% | -101.57% | -41.81% | -11.67% | 975.14% | -0.57% | 825% | 42.86% | -133.33% | 14.29% | -200% | 40% | -34.78% | 158.97% | -136.11% | 86.21% | 41.46% | -34.92% | 325% | -47.37% | -129.23% | 1525% | 300% | 104.35% | -171.88% | 540% | -68.75% | 433.33% | 114.29% |
| EPS (Basic) | - | -16.69 | -30.54 | -0.15 | 9.66 | 16.74 | 19.24 | 1.78 | 1.74 | -0.24 | -0.42 | -0.18 | -0.21 | 0.22 | 0.15 | 0.23 | -0.39 | 1.10 | 0.59 | 0.43 | 0.66 | -0.28 | -0.20 | 0.67 | 0.04 | 0.01 | -0.23 | 0.32 | 0.05 | 0.16 | 0.03 |
| Diluted Shares Outstanding | 68.2M | 67.8M | 67.2M | 66.8M | 57.4M | 42.87M | 43.59M | 43.11M | 42.55M | 33.73M | 32.71M | 34.1M | 34.45M | 34.95M | 33.7M | 33.32M | 28.58M | 30.42M | 32.61M | 33M | 34.37M | 32.52M | 32.39M | 30.37M | 29.63M | 29.28M | 24.88M | 24.06M | 22M | 22.79M | 20M |
| Basic Shares Outstanding | 68.2M | 67.8M | 67.2M | 66.8M | 56.8M | 42.08M | 42.12M | 40.86M | 42.55M | 33.73M | 32.71M | 33.77M | 33.69M | 34.94M | 33.7M | 32.9M | 28.58M | 29.96M | 31.85M | 32.03M | 32.98M | 32.52M | 31.49M | 29.18M | 28.82M | 28.29M | 24.88M | 24.06M | 22M | 22M | 20M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent post-merger integration losses
As indicated by recent quarterly filings, QDEL has experienced a sustained revenue decline, with the most recent period showing a 10.5% year-over-year contraction to $619.8M, reflecting the ongoing difficulty in offsetting the structural loss of pandemic-era testing demand through its core diagnostic segments.
The consistent negative growth trajectory suggests that the company's legacy diagnostic portfolio is struggling to gain sufficient traction to replace the high-margin COVID-19 revenue streams. Investors should monitor whether the current revenue decay represents a permanent reset of the company's addressable market or if it is merely a transitional phase before new product cycles gain momentum.
Based on reported financial data, gross margins have exhibited significant instability, fluctuating from a high of 51.3% in 2023Q4 to a recent anomalous 92.4% in 2026Q1, which likely masks underlying cost pressures related to the integration of disparate manufacturing and supply chain operations.
The extreme variance in gross margin performance suggests that the company is grappling with significant product mix shifts and potential accounting adjustments following the Ortho acquisition. The inability to maintain consistent profitability at the gross level implies that the company's pricing power may be constrained by intense competition in the clinical chemistry and immunoassay markets.
According to the income statement history, QDEL has failed to achieve consistent operating leverage, with operating margins remaining deeply negative in most recent quarters, including a -33.67% average performance that highlights the heavy burden of fixed costs and integration-related expenses on the bottom line.
The persistent operating losses indicate that the company has yet to realize the anticipated synergies from the merger, as SG&A expenses remain elevated relative to the shrinking revenue base. This lack of scalability suggests that the current cost structure is misaligned with the company's post-pandemic revenue reality, necessitating further rationalization of the operating expense base.
As evidenced by the recurring net losses and the recent $733.0M net loss in 2025Q3, the company's current financial trajectory appears unsustainable, raising significant questions regarding the long-term viability of its capital-intensive reagent rental model in a high-interest rate environment.
Short-sellers may focus on the company's inability to generate positive net income, which suggests that the core business may be fundamentally over-leveraged or structurally inefficient. The reliance on future product rollouts like Savanna to drive a turnaround remains speculative, and investors should be wary of the potential for further impairment charges if growth targets continue to be missed.
Quick answers to the most common questions about buying QDEL stock.
For fiscal year 2025, QuidelOrtho Corporation (QDEL) reported total revenue of $2.73B. This represents a 7813.6% increase compared to $34.5M in 1995.
QuidelOrtho Corporation (QDEL) reported a net loss of $1.13B for the fiscal year ending 2025.
QuidelOrtho Corporation (QDEL) reported an operating income of $-919.2M, resulting in an operating profit margin of -33.7%. This margin reflects the operational efficiency of the business before interest and taxes.
QuidelOrtho Corporation (QDEL) generated $1.27B in gross profit for the year, representing a gross profit margin of 46.7%. This demonstrates the company's core pricing power and production efficiency.