NEW YORK, May 30, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) of a class action securities lawsuit. WHAT'S NEXT? If you suffered a loss in QuidelOrtho during the relevant time frame, you have until June 11, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. NO COST TO YOU: If you are a class ...

Core Viewpoint - QuidelOrtho Corporation is facing a class action lawsuit due to allegations of issuing misleading statements regarding its COVID-19 test sales and inventory management during the specified class period [2][3]. Summary by Relevant Sections Class Period and Allegations - The class period for the lawsuit is from February 18, 2022, to April 1, 2024 [2]. - Allegations include that QuidelOrtho sold more COVID-19 tests than could be resold, leading to excess inventory in the supply chain [2]. - Distributors and pharmacy chain customers are expected to significantly reduce their COVID-19 test orders due to these excess inventories [2]. - There are concerns about undisclosed issues that may delay the launch of the new savanna respiratory viral panel-4 test in the U.S. [2]. - The defendants are accused of lacking a reasonable basis for their positive statements about the company's business and financial outlook [2]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by June 11, 2024, to participate in the case [3]. - Registration will include enrollment in a portfolio monitoring system for status updates throughout the case lifecycle [3]. Law Firm Information - The Gross Law Firm is leading the class action and is recognized for protecting investors' rights against deceit and fraud [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [4].

BENSALEM, Pa., May 23, 2024 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL). Class Period: February 18, 2022 – April 1, 2024 Lead Plaintiff Deadline: June 11, 2024 To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absen ...

NEW YORK, May 23, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of QuidelOrtho investors who were adversely affected by alleged securities fraud between February 18, 2022 and April 1, 2024. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/ ...

CONTACT US HERE: NEW YORK, May 21, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of QuidelOrtho Corporation f/k/a Quidel Corporation (NASDAQ: QDEL). Shareholders who purchased shares of QDEL during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of QDEL dur ...

NEW YORK, May 20, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of QuidelOrtho investors who were adversely affected by alleged securities fraud between February 18, 2022 and April 1, 2024. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/ ...

NEW YORK, May 17, 2024 /PRNewswire/ -- Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities cl ...

NEW YORK, May 17, 2024 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ:QDEL) of a class action securities lawsuit. WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation a ...

NEW YORK, May 17, 2024 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of QuidelOrtho Corporation f/k/a Quidel Corporation (NASDAQ: QDEL). Shareholders who purchased shares of QDEL during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially fa ...

Financial Data and Key Metrics Changes - First quarter 2024 revenue was $711 million, down from $846 million in the prior year, primarily due to COVID-19 related declines [117] - Excluding COVID-19 revenue, total revenue grew by 6% in constant currency, with a 10% growth when excluding a one-time $21 million third-party collaboration settlement from the previous year [117] - Adjusted EBITDA was $132 million compared to $245 million in the prior year, with an adjusted EBITDA margin of 19% versus 29% [51] - The company recorded a noncash goodwill impairment charge of $1.7 billion for the North America reporting unit due to a decrease in estimated fair value [19] Business Line Data and Key Metrics Changes - First quarter 2024 respiratory revenue was $137 million, including approximately $50 million in COVID-19 revenue, with a 48% year-over-year decrease primarily due to lower COVID-19 revenue [18][106] - Non-respiratory revenue was flat at $574 million, but grew 4% when excluding the one-time collaboration settlement [18] - Point-of-Care business grew approximately 38% year-over-year, driven by strong sales of Sofia tests [31] - Molecular Diagnostics revenue grew approximately 15%, albeit from a low base [31] Market Data and Key Metrics Changes - Revenue growth in North America was 5%, EMEA grew 6%, China grew 12%, and the Rest of the World grew 6% in constant currency, excluding COVID-19 revenue [50] - The company expects COVID-19 revenue for the full year 2024 to be approximately $150 million, down from a prior expectation of $225 million [52] Company Strategy and Development Direction - The company is focused on improving profitability and cash flow while reducing debt levels, with a target of $100 million in annualized savings from headcount reductions [112][117] - The new CEO emphasized the importance of customer satisfaction and patient care, as well as the need for a competitive product offering in the market [116][34] - The company is working on producing a competitive respiratory panel for the U.S. market and expanding its test menu [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in forecasting respiratory and flu sales, implementing a new methodology to improve accuracy [2][43] - The company plans to resume guidance later in 2024 after assessing the business under new leadership [108][56] - Management expects Q2 to be seasonally low for revenue and margins, with improvements anticipated in the second half of 2024 [10][65] Other Important Information - The company amended its credit agreement to increase the maximum consolidated leverage ratio, providing a cushion for financial flexibility [37][119] - The effective tax rate for Q1 2024 was 23.5%, consistent with the prior year [19] Q&A Session All Questions and Answers Question: How involved were you in the forecasting of respiratory and flu sales? - Management acknowledged that they overcalled COVID and flu revenue in Q4 2023 and have implemented a new forecasting methodology [2] Question: What is the trajectory on the leverage piece as we work through the year? - The leverage ratio is expected to creep up slightly in Q2 but will start to come down in Q3 and Q4, with an expected year-end ratio of around 3.5 times [10] Question: What are your views on the competitive landscape for Savanna? - The new CEO expressed confidence in the competitive product offering and emphasized the need to get the menu of tests to market quickly [34][81] Question: Can you discuss customer conversations around Sofia ahead of the next respiratory season? - Management indicated that they are actively engaging with customers regarding contract renewals and leveraging the installed base of Sofia tests [95] Question: What are the expectations for gross margins throughout the year? - Management expects Q2 to be the lowest quarter for gross margins, with improvements anticipated in Q3 and Q4 due to seasonally higher revenues [65][69]