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All references to the Company, we, our and us in this Annual Report refer to QuidelOrtho Corporation ( QuidelOrtho ) and its subsidiaries. References to fiscal year ended 2025, fiscal year ended 2024 and fiscal year ended 2023 in this Annual Report refer to the Company s fiscal years ended December 28, 2025, December 29, 2024 and December 31, 2023, respectively.
The business is unprofitable at the operating level (-33.67% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.9% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$83M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.66B
▼ -1.9% YoY
Net Income (TTM)
-$1.21B
▲ +44.8% YoY
Op. Margin
-37.02%
▲ +36.8pp YoY
ROIC
-15.40%
▲ +9.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$159M
▲ +26.0% YoY
Op. Cash Flow (TTM)
$7M
▲ +26.7% YoY
Net Debt
$2.73B
Cash & Equiv.
$140M
5Y CAGR: +10.4%
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