February 12, 2026- QuidelOrtho Corporation announced financial results for the fourth quarter and full-year ended December 28, 2025.
“In 2025, we transitioned from COVID-driven volatility to a more durable, diversified diagnostics business,” said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. “Our Labs, Immunohematology and Cardiac businesses delivered consistent growth, while cost-savings initiatives drove meaningful margin expansion. As a result, we are well positioned to generate substantially stronger free cash flow in 2026, which we believe more accurately reflects the earnings power of our business.”
Key Fourth Quarter 2025 Results:
(all comparisons are to the prior year period)
- Total revenue was $724 million, as reported
- Non-respiratory revenue of $600 million; excluding Donor Screening1, non-respiratory revenue grew 7% in constant currency.
- Labs revenue grew 8% as reported and 7% in constant currency.
- Respiratory revenue was $123 million, as reported, which declined 14% due to lower COVID-19 testing.
- Flu revenue grew 6% both as reported and in constant currency.
- Non-respiratory revenue of $600 million; excluding Donor Screening1, non-respiratory revenue grew 7% in constant currency.
- GAAP operating cash flow was $132 million; free cash flow2 was $87 million.
- GAAP net loss was $131 million; GAAP operating loss was $66 million; underlying business delivered adjusted EBITDA of $153 million.
- GAAP net loss margin was (18)%; GAAP operating margin was (9)%; adjusted EBITDA margin was 21%.
- GAAP diluted loss per share was $1.92; adjusted diluted earnings per share (“EPS”) was $0.46.
Key Full-Year 2025 Results:
(all comparisons are to the prior year)
- Total revenue was $2.73 billion, as reported
- Non-respiratory revenue of $2.33 billion; excluding Donor Screening1, non-respiratory revenue grew 5% in constant currency.
- Labs revenue grew 6% both as reported and in constant currency.
- Respiratory revenue was $402 million, as reported, which declined by 20% due to lower COVID-19 testing.
- Flu revenue grew 3% both as reported and in constant currency.
- Non-respiratory revenue of $2.33 billion; excluding Donor Screening1, non-respiratory revenue grew 5% in constant currency.
- GAAP operating expenses3 and non-GAAP operating expenses both decreased by 5%, driven by the Company’s cost-savings initiatives.
- GAAP operating cash flow was $105 million; free cash flow2 of $(77) million includes one-time investments in the Company’s ERP system conversion, which was completed in the third quarter of 2025.
- GAAP net loss was $1.13 billion; GAAP operating loss was $0.92 billion. FY 2025 GAAP results included a non-cash goodwill impairment charge of $701 million recorded in the third quarter of 2025 related to prior acquisition accounting; underlying business delivered adjusted EBITDA of $597 million.
- GAAP net loss margin was (41)%; GAAP operating margin was (34)%; adjusted EBITDA margin was 22%, a 240 basis point improvement.
- GAAP diluted loss per share was $16.69; adjusted diluted EPS was $2.12.