What happened
QuidelOrtho (QDEL -0.13%) had a Thursday to forget on the stock exchange. The healthcare diagnostics company unveiled its latest set of quarterly results, a move that was essentially met with a collective shrug by investors. As a result, the share price declined by 1.4% across the trading day, a slightly steeper rate than the S&P 500 index's 1.1% drop.
So what
For its third quarter, QuidelOrtho's revenue was just under $784 million. That was 54% higher year over year, which the company attributed to higher point-of-care and donor screening products. On the down side, non-GAAP net income fell by a precipitous 44% to slightly over $125 million, or $1.85 per share.
According to data compiled by The Wall Street Journal, QuidelOrtho met the average analyst expectation for adjusted profitability. It was unclear how it matched up to revenue estimates.
QuidelOrtho is the result of a merger between two complementary businesses, Quidel and Ortho Clinical Diagnostics Holdings. The pair fused together in late May in a cash-and-stock deal led by Quidel, which subsequently placed eight of its board members on the merged company's 12-seat board of directors.
Now what
Although QuidelOrtho raised its full-year 2022 guidance, clearly this wasn't enough to allay investor concerns about that profitability slide.
The company is forecasting that its total revenue will be $3.88 billion to $3.96 billion for the period, with adjusted net profit landing at $13.20 to $13.80 per share. Since QuidelOrtho is a relatively new business combination that didn't come into existence until earlier this year, there is no direct comparison to third-quarter 2021 figures.
