Revenue growth has been decelerating, with Q2 2026 up only 2.8% YoY, while gross margin contracted 630 bps from 49.6% in Q1 2025 to 43.3%, and operating margin remained negative at -3.5%.
QuidelOrtho Corporation (QDEL) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 2.67B | 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 % | -2.46% | -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 | 1.48B | 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 | 1.19B | 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 % | 44.6% | 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 | 2.01B | 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 | 770.3M | 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 | 180.9M | 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 | 4M | 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 | -820.3M | -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 % | -30.67% | -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 | -487.5M | -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 % | -18.23% | -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 % | -336.31% | 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) | 337.5M | 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 | -836.4M | -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 | -191.2M | -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 | 4M | 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 | 195M | 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 | -209.7M | -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 | -1.03B | -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 % | -38.52% | -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 | 18.4M | 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 % | -1.79% | -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 | -1.05B | -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 % | -39.2% | -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 % | -124.79% | 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) | -1.05B | -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) | -15.35 | -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 % | -136.09% | 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 | 68.3M | 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 | 68.3M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Sustained cash burn and integration risk
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Portfolio Shift
Revenue has been roughly flat to slightly down over the past year, with Q2 2026 showing a modest 2.8% YoY increase, but the overall trend remains subdued as pandemic-era demand fades.
The 2.8% growth in Q2 2026 is a slight rebound from the -10.5% contraction in Q1 2026, but the 10-quarter average growth is negative, indicating a lack of sustained momentum. The mix shift away from high-margin rapid COVID tests toward lower-margin clinical chemistry is evident in the gross margin decline from 49.6% in Q1 2025 to 43.3% in Q2 2026. This suggests that the company is struggling to replace the lost pandemic revenue with durable, higher-margin recurring streams.
Gross Margin Compression Reflects Mix Shift
Gross margin has declined from 49.6% in Q1 2025 to 43.3% in Q2 2026, a 630 basis point drop, indicating a structural shift toward lower-margin products and potential pricing pressure.
The gross margin erosion is consistent with the company's pivot away from high-margin rapid diagnostics to traditional lab assays, which carry lower margins. This is a structural challenge, as the reagent rental model ties margins to consumable volumes, but the mix shift may be permanent. Compared to peers like Hologic (61.0%) and IDEXX (61.8%), QDEL's gross margin is significantly lower, suggesting a competitive disadvantage in pricing power or product mix.
Operating Leverage Absent as Costs Outpace Revenue
Operating income has been negative for eight of the last ten quarters, with Q2 2026 showing a -3.5% operating margin, indicating that fixed costs are not being adequately covered by revenue.
Despite revenue stability, operating losses persist, with SG&A and R&D expenses remaining elevated relative to revenue. In Q2 2026, SG&A was $189.7M and R&D was $48.7M, totaling $238.4M, which is 37.8% of revenue, leaving no room for profitability. The lack of operating leverage suggests that the company has not yet realized the cost synergies expected from the Quidel-Ortho merger, and the high fixed-cost base is a drag on earnings.
Net Losses Driven by Non-Operating Charges
Net income has been negative for nine consecutive quarters, with Q2 2026 reporting a -$92.9M loss, despite a positive gross profit of $272.9M, indicating significant non-operating charges.
The gap between operating income (-$21.8M) and net income (-$92.9M) in Q2 2026 suggests substantial interest expense, taxes, or other non-operating items. The company's net margin of -14.7% is worse than its operating margin of -3.5%, implying a heavy debt burden or one-time charges. The lack of stock-based compensation in Q2 2026 (reported as $0) is unusual and may indicate a change in accounting or a one-time adjustment, but it does not offset the underlying losses.
SG&A and R&D Remain Sticky
SG&A expenses have remained relatively stable around $190M per quarter, while R&D has declined from $59.2M in Q1 2024 to $48.7M in Q2 2026, indicating cost discipline but not enough to offset revenue declines.
The stability of SG&A despite revenue fluctuations suggests a rigid cost structure, possibly due to the integration of Ortho's operations. R&D cuts may be a short-term measure to preserve cash, but they could undermine long-term innovation, especially for the Savanna platform. The company's cost structure appears misaligned with its current revenue base, and further restructuring may be necessary to achieve profitability.
Q3 2025: The Impairment Quarter
Q3 2025 marked a severe inflection with an operating loss of -$704.8M and a net loss of -$733.0M, likely driven by goodwill impairment charges, fundamentally altering the company's financial trajectory.
The massive loss in Q3 2025, with an operating margin of -100.7%, is a clear outlier and likely reflects a non-cash impairment of goodwill or intangible assets from the Ortho acquisition. This event reset the company's book value and signaled that the merger's expected synergies have not materialized. The lasting impact is a weakened balance sheet and a loss of investor confidence, as evidenced by the subsequent quarters still showing losses, albeit smaller.
What Could Invalidate the Base Case
The persistent negative operating margins and reliance on non-recurring items suggest that the company's turnaround may be more challenging than expected, with potential for further write-downs.
Short-sellers might argue that the company's revenue base is structurally impaired, as the loss of pandemic-era demand has not been replaced by durable growth. The negative operating margins, even in quarters without major impairments, indicate that the cost structure is not aligned with the current revenue level. Additionally, the company's high debt load, as evidenced by the gap between operating and net income, could lead to covenant breaches or forced asset sales. The market's skepticism, reflected in the low valuation relative to peers, may be justified if the company cannot demonstrate a clear path to profitability.