QuidelOrtho Corp.’s stock
QDEL,
was down 33% in premarket trading on volume of 436,000 on Wednesday after the diagnostic products manufacturer missed its fourth-quarter profit and revenue estimates. The company’s fourth-quarter earnings of $1.17 a share fell short of the FactSet consensus estimate of $2.04 a share. Revenue of $742.6 million also fell short of the analyst estimate of $796.9 million. The company said it’s planning to reduce head count by 5% to 6%. The company reported about 7,000 employees worldwide as of Jan. 1, 2023. Fourth quarter point-of-care revenues and molecular revenue both fell 42% due to COVID-19 headwinds, as the impact of the disease tapered off.
