NEW YORK, June 08, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of QuidelOrtho Corporation (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, both dates inclusive (the "Class Period") of the important June 11, 2024 lead plaintiff deadline. SO WHAT: If you purchased QuidelOrtho common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arra ...

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: 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 se ...

Core Viewpoint - QuidelOrtho's recent earnings report shows a significant decline in earnings and revenues, raising concerns about its future performance and leading to a downward revision of estimates by analysts [2][3][13]. Financial Performance - Adjusted EPS for Q1 2024 was 44 cents, down 75.6% year over year, but slightly above the Zacks Consensus Estimate by 1 cent [2]. - GAAP loss per share was $25.50 compared to an EPS of 73 cents in the same quarter last year [2]. - Total revenues for Q1 were $711 million, a decrease of 16% year over year, but beat the Zacks Consensus Estimate by 1.96% [3]. Revenue Breakdown - Excluding COVID-19-related revenues, total revenues were $660.8 million, reflecting a 4.9% increase year over year [3]. - Respiratory revenues fell to $137.3 million, down 48.3%, while non-respiratory revenues were $573.7 million, down 1.2% [4]. - Labs revenues were $356.9 million, down 3.7%, while Transfusion Medicine revenues increased to $160.3 million, up 2.8% [5][6]. Geographical Performance - North America revenues were $433.9 million, down 25.5%, while EMEA revenues increased to $84.8 million, up 4.3% [9]. - Revenues from China were $76.1 million, reflecting a 7.8% increase, and Other regions generated $116.2 million, also up 4.3% [9]. Margin Analysis - Adjusted gross profit declined 25.8% to $337.9 million, with adjusted gross margin contracting 630 basis points to 47.5% [10]. - Adjusted operating income fell 59% to $79.1 million, with adjusted operating margin contracting 1170 basis points to 11.1% [11]. Financial Position - Cash and cash equivalents at the end of Q1 2024 were $78.5 million, down from $118.9 million at the end of Q4 2023 [12]. - Total debt was $2.40 billion, slightly down from $2.41 billion in the previous quarter [12]. Guidance and Market Sentiment - QuidelOrtho has suspended its 2024 financial guidance while assessing the business under new leadership [13]. - Estimates have trended downward, leading to a Zacks Rank of 5 (Strong Sell) for the stock [15]. Industry Comparison - QuidelOrtho operates in the Zacks Medical - Products industry, where competitor Stryker reported revenues of $5.24 billion, a year-over-year increase of 9.7% [16].

NEW YORK, June 06, 2024 (GLOBE NEWSWIRE) -- 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: https://securitiesclasslaw.com/securities/quidelortho-loss-submission-form/?id=82880&from=3 ...

NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) and reminds investors of the June 11, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100, ...

Core Viewpoint - QuidelOrtho Corporation is facing allegations of issuing misleading statements regarding its COVID-19 test sales and inventory management, leading to potential legal action from shareholders [2]. Group 1: Allegations and Class Period - The class period for the allegations 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 the excess inventory [2]. - There are undisclosed issues that may delay the commercial launch of the savanna respiratory viral panel-4 test in the U.S. [2]. - The defendants are claimed to lack a reasonable basis for their positive statements about QuidelOrtho's business and financial outlook [2]. Group 2: Legal Action and Participation - Shareholders are encouraged to register for the class action lawsuit by June 11, 2024, to potentially become lead plaintiffs [3]. - Registration allows shareholders to receive updates on the case through portfolio monitoring software [3]. - Participation in the case incurs no cost or obligation for shareholders [3]. Group 3: Law Firm's Commitment - The Gross Law Firm aims to protect investors' rights against deceit and fraud in business practices [4]. - The firm seeks recovery for investors who suffered losses due to misleading statements or omissions by companies [4].

NEW YORK, June 04, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of QuidelOrtho Corporation (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, both dates inclusive (the "Class Period") of the important June 11, 2024 lead plaintiff deadline. SO WHAT: If you purchased QuidelOrtho common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arra ...

Core Viewpoint - QuidelOrtho Corporation is facing a securities class action lawsuit due to misleading statements regarding its respiratory business and the FDA submission for its Savanna RVP4 Test, leading to significant stock price declines and investor losses [1][2][3][4]. Group 1: Financial Performance and Stock Price Impact - On February 14, 2024, QuidelOrtho's shares dropped $21.50 (32%) after the company reported Q4 and FY 2023 financial results that were significantly below analyst expectations, with Adjusted EPS 46% lower than the midpoint of forecasts and Adjusted EBITDA 28% below consensus [2]. - Following the financial results, the stock price fell a total of $24.59, or nearly 37%, resulting in a loss of approximately $1.6 billion in shareholder value since February 13, 2024 [4]. - On April 2, 2024, the stock price fell an additional $4.85 (10%) after the company withdrew its submission for the Savanna RVP4 Test due to disappointing data [1]. Group 2: Management Changes and Allegations - On February 21, 2024, QuidelOrtho's Board terminated President and CEO Douglas Bryant in response to the poor financial guidance and investor pressure for management change [3]. - The lawsuit alleges that QuidelOrtho misled investors by making false statements regarding its sales and inventory levels, which contributed to a significant reduction in COVID-19 test orders from distributors and pharmacy chains [3]. - The investigation is looking into potential improper channel-stuffing practices and the likelihood of FDA approval for the Savanna RVP4 Test [4].

CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 17th Floor New York, NY 10004 [email protected] Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (a) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) that excess inventories of COVID-19 tests existed th ...

On this news, QuidelOrtho's stock price fell $4.85 per share, or over 10%, to close at $42.15 per share on April 2, 2024. If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member. If you purchased or acqui ...