QuidelOrtho Corp
QDEL · In Vitro & In Vivo Diagnostic Substances · 68.2M shares · +15%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$44M (gross $7M, SBC $52M)
Reference price $23.66 · est. market cap ~$1.6B — last insider purchase, 2026-02-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Diagnostics company (post-COVID normalization) with a net loss on impairments and high leverage.
Strengths
- Positive operating cash flow — OCF margin 4%
Risks
- Net loss (impairments) — operating margin -34%, net margin -41%
- High leverage, thin quick liquidity — D/E 1.50 (100th), quick ratio 0.90 (13th)
- Diagnostics-demand normalization — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -41.5%)
- Cash burnNegative free cash flow (-83.0M)
- Customer concentration~15% of revenue from one customer/distributor — Revenues related to our respiratory products accounted for approximately 15% of our Total revenues for the fiscal year ended 2025
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +15%/yr over 3y (dilution, book value/share -35%)
- Strong balance sheetStrong balance sheet — $170M cash & investments, ~8 quarters of runway
- Insider buyingInsider buying — 4 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$647,731, last 6mo) Form 4 ↗
- Revenue declineRevenue -14.3% YoY
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-33.7%
Net margin
-41.5%
Return on equity
-58.9%
Return on assets
-19.6%
ROIC
-15.1%
Revenue growth (QoQ)
-14.3%
Debt / equity
1.5×
Current ratio
1.5×
Free cash flow
-$83M
EBITDA
-$477M
Tangible book value
-$643M
Cash & investments
$170M
Cash runway
8q
Stock comp / revenue
1.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-06 | Michael Edward L. | Grant | 289 | — |
| 2026-06-06 | BUECHLER KENNETH F | Grant | 1.7K | — |
| 2026-06-06 | BUECHLER KENNETH F | Grant | 497 | — |
| 2026-06-06 | Michael Edward L. | Grant | 963 | — |
| 2026-06-06 | POLAN MARY LAKE PH D | Grant | 749 | — |
| 2026-06-06 | POLAN MARY LAKE PH D | Grant | 224 | — |
| 2026-06-06 | WIDDER KENNETH J | Grant | 910 | — |
| 2026-06-06 | WIDDER KENNETH J | Grant | 273 | — |
| 2026-05-29 | Wilkins Joseph D Jr. | Grant | 6.8K | — |
| 2026-05-29 | Chiminski John R | Grant | 6.8K | — |
| 2026-05-29 | Michael Edward L. | Grant | 6.8K | — |
| 2026-05-29 | Dilsaver Evelyn S | Grant | 6.8K | — |
| 2026-05-29 | Strobeck Matthew | Grant | 6.8K | — |
| 2026-05-29 | Huennekens R Scott | Grant | 6.8K | — |
| 2026-05-29 | RHOADS ANN D | Grant | 6.8K | — |
| 2026-05-29 | BUECHLER KENNETH F | Grant | 6.8K | — |
| 2026-05-29 | POLAN MARY LAKE PH D | Grant | 6.8K | — |
| 2026-05-29 | WIDDER KENNETH J | Grant | 6.8K | — |
| 2026-05-22 | RHOADS ANN D | Grant | 1.2K | — |
| 2026-05-22 | RHOADS ANN D | Grant | 234 | — |
| 2026-05-15 | Blaser Brian J. | Grant | 21K | — |
| 2026-05-15 | Blaser Brian J. | Tax withheld | 10K | $10.32 |
| 2026-04-26 | Hanson Bryan Michael | Grant | 1.5K | — |
| 2026-04-26 | Hanson Bryan Michael | Tax withheld | 528 | $11.59 |
| 2026-04-26 | McLellan Philip D. | Grant | 1.9K | — |
| 2026-04-26 | McLellan Philip D. | Tax withheld | 699 | $11.59 |
| 2026-04-22 | Hanson Bryan Michael | Grant | 3.5K | — |
| 2026-04-22 | Hanson Bryan Michael | Tax withheld | 1.3K | $11.90 |
| 2026-04-22 | McLellan Philip D. | Grant | 3.2K | — |
| 2026-04-22 | McLellan Philip D. | Tax withheld | 1.2K | $11.90 |
| 2026-03-28 | Busky Joseph M. | Grant | 4.9K | — |
| 2026-03-28 | Busky Joseph M. | Tax withheld | 1.5K | $14.78 |
| 2026-02-13 | Strobeck Matthew | Buy | 10K | $23.96 |
| 2026-02-13 | Busky Joseph M. | Buy | 3.4K | $23.66 |
| 2026-02-13 | Blaser Brian J. | Buy | 11K | $23.59 |
| 2026-02-13 | Busky Joseph M. | Buy | 3.4K | $23.66 |
| 2026-02-08 | Hodges Michelle A | Tax withheld | 1.1K | $29.10 |
| 2026-02-08 | Hodges Michelle A | Grant | 3.2K | — |
| 2026-02-08 | Busky Joseph M. | Grant | 6.0K | — |
| 2026-02-08 | Busky Joseph M. | Tax withheld | 1.8K | $29.10 |
| 2026-01-31 | McLellan Philip D. | Grant | 1.1K | — |
| 2026-01-31 | McLellan Philip D. | Tax withheld | 421 | $27.17 |
| 2026-01-31 | McLellan Philip D. | Grant | 847 | — |
| 2026-01-31 | McLellan Philip D. | Tax withheld | 304 | $27.17 |
| 2026-01-31 | McLellan Philip D. | Grant | 2.0K | — |
| 2026-01-31 | McLellan Philip D. | Tax withheld | 674 | $27.17 |
| 2026-01-31 | McLellan Philip D. | Grant | 634 | — |
| 2026-01-31 | McLellan Philip D. | Tax withheld | 228 | $27.17 |
| 2026-01-31 | Hodges Michelle A | Grant | 1.6K | — |
| 2026-01-31 | Hodges Michelle A | Tax withheld | 578 | $27.17 |
| 2026-01-31 | Hodges Michelle A | Grant | 1.8K | — |
| 2026-01-31 | Hodges Michelle A | Tax withheld | 651 | $27.17 |
| 2026-01-29 | McLellan Philip D. | Tax withheld | 2.0K | $27.41 |
| 2026-01-29 | McLellan Philip D. | Grant | 4.9K | — |
| 2026-01-29 | Siegrist Jonathan Philip | Grant | 2.4K | — |
| 2026-01-29 | Siegrist Jonathan Philip | Tax withheld | 1.0K | $27.41 |
| 2026-01-29 | Bowman Ronald Lee | Grant | 2.9K | — |
| 2026-01-29 | Bowman Ronald Lee | Tax withheld | 1.2K | $27.41 |
| 2026-01-29 | Hodges Michelle A | Grant | 7.8K | — |
| 2026-01-29 | Hodges Michelle A | Tax withheld | 3.1K | $27.41 |
| 2026-01-29 | Blaser Brian J. | Grant | 21K | — |
| 2026-01-29 | Blaser Brian J. | Tax withheld | 7.8K | $27.41 |
| 2026-01-29 | Busky Joseph M. | Grant | 8.4K | — |
| 2026-01-29 | Busky Joseph M. | Tax withheld | 2.6K | $27.41 |
| 2025-12-10 | RHOADS ANN D | Buy | 750 | $28.27 |
| 2025-11-26 | Wilkins Joseph D Jr. | Buy | 370 | $27.95 |
| 2025-11-25 | WIDDER KENNETH J | Option exercise | 7.0K | $15.74 |
| 2025-11-25 | WIDDER KENNETH J | Sell | 4.0K | $27.81 |
| 2025-11-24 | Busky Joseph M. | Buy | 4.8K | $26.06 |
| 2025-11-21 | POLAN MARY LAKE PH D | Buy | 1.0K | $22.43 |
| 2025-11-19 | Blaser Brian J. | Buy | 24K | $21.34 |
| 2025-11-18 | Hodges Michelle A | Tax withheld | 2.7K | $21.28 |
| 2025-11-18 | Hodges Michelle A | Grant | 5.3K | — |
| 2025-10-15 | Hodges Michelle A | Tax withheld | 199 | $27.31 |
| 2025-10-15 | Siegrist Jonathan Philip | Grant | 19K | — |
| 2025-10-15 | Siegrist Jonathan Philip | Tax withheld | 6.7K | $27.31 |
| 2025-10-15 | Hodges Michelle A | Grant | 390 | — |
| 2025-09-15 | Bowman Ronald Lee | Grant | 2.6K | — |
| 2025-09-15 | Bowman Ronald Lee | Tax withheld | 918 | $28.92 |
| 2025-07-15 | BUECHLER KENNETH F | Option exercise | 9.2K | $15.74 |
| 2025-06-30 | Hodges Michelle A | Tax withheld | 6.0K | $28.82 |
| 2025-06-30 | Busky Joseph M. | Grant | 21K | — |
| 2025-06-30 | Busky Joseph M. | Tax withheld | 9.9K | $28.82 |
| 2025-06-30 | McLellan Philip D. | Grant | 4.7K | — |
| 2025-06-30 | McLellan Philip D. | Tax withheld | 2.0K | $28.82 |
| 2025-06-30 | Hodges Michelle A | Grant | 12K | — |
| 2025-06-01 | Busky Joseph M. | Grant | 5.4K | — |
| 2025-06-01 | Busky Joseph M. | Tax withheld | 2.5K | $30.67 |
| 2025-05-25 | McLellan Philip D. | Tax withheld | 151 | $29.74 |
| 2025-05-25 | McLellan Philip D. | Grant | 420 | — |
| 2025-05-25 | Hodges Michelle A | Tax withheld | 214 | $29.74 |
| 2025-05-25 | Hodges Michelle A | Grant | 420 | — |
| 2025-05-24 | RHOADS ANN D | Grant | 109 | — |
| 2025-05-24 | RHOADS ANN D | Grant | 546 | — |
| 2025-05-24 | Dilsaver Evelyn S | Grant | 402 | — |
| 2025-05-24 | Dilsaver Evelyn S | Grant | 80 | — |
| 2025-05-22 | Wilkins Joseph D Jr. | Grant | 4.9K | — |
| 2025-05-22 | WIDDER KENNETH J | Grant | 4.9K | — |
| 2025-05-22 | Strobeck Matthew | Grant | 4.9K | — |
| 2025-05-22 | RHOADS ANN D | Grant | 4.9K | — |
| 2025-05-22 | POLAN MARY LAKE PH D | Grant | 4.9K | — |
| 2025-05-22 | Michael Edward L. | Grant | 4.9K | — |
| 2025-05-22 | Huennekens R Scott | Grant | 2.5K | — |
| 2025-05-22 | Dilsaver Evelyn S | Grant | 4.9K | — |
| 2025-05-22 | Chiminski John R | Grant | 2.5K | — |
| 2025-05-22 | BUECHLER KENNETH F | Grant | 4.9K | — |
| 2025-05-18 | POLAN MARY LAKE PH D | Grant | 128 | — |
| 2025-05-18 | RHOADS ANN D | Grant | 427 | — |
| 2025-05-18 | RHOADS ANN D | Grant | 128 | — |
| 2025-05-18 | Michael Edward L. | Grant | 555 | — |
| 2025-05-18 | Michael Edward L. | Grant | 166 | — |
| 2025-05-18 | BUECHLER KENNETH F | Grant | 789 | — |
| 2025-05-18 | BUECHLER KENNETH F | Grant | 236 | — |
| 2025-05-18 | WIDDER KENNETH J | Grant | 512 | — |
| 2025-05-18 | WIDDER KENNETH J | Grant | 153 | — |
| 2025-05-18 | POLAN MARY LAKE PH D | Grant | 427 | — |
| 2025-05-15 | Blaser Brian J. | Tax withheld | 9.3K | $33.03 |
| 2025-05-15 | Blaser Brian J. | Grant | 21K | — |
| 2025-04-26 | McLellan Philip D. | Grant | 1.9K | — |
| 2025-04-26 | McLellan Philip D. | Tax withheld | 696 | $28.09 |
| 2025-04-22 | McLellan Philip D. | Tax withheld | 1.2K | $24.46 |
| 2025-04-22 | McLellan Philip D. | Grant | 3.2K | — |
| 2025-03-28 | Busky Joseph M. | Grant | 4.9K | — |
| 2025-03-28 | Busky Joseph M. | Tax withheld | 1.6K | $34.89 |
| 2025-03-28 | Hodges Michelle A | Grant | 2.5K | — |
| 2025-03-28 | Hodges Michelle A | Tax withheld | 882 | $34.89 |
| 2025-02-08 | Hodges Michelle A | Tax withheld | 1.1K | $42.89 |
| 2025-02-08 | Busky Joseph M. | Grant | 6.0K | — |
| 2025-02-08 | Busky Joseph M. | Tax withheld | 2.1K | $42.89 |
| 2025-02-08 | Hodges Michelle A | Grant | 3.2K | — |
| 2025-02-01 | Hodges Michelle A | Grant | 474 | — |
| 2025-02-01 | Hodges Michelle A | Tax withheld | 169 | $43.46 |
| 2025-02-01 | McLellan Philip D. | Grant | 338 | — |
| 2025-02-01 | McLellan Philip D. | Tax withheld | 139 | $43.46 |
| 2025-01-31 | Hodges Michelle A | Grant | 1.6K | — |
| 2025-01-31 | McLellan Philip D. | Tax withheld | 463 | $43.46 |
| 2025-01-31 | McLellan Philip D. | Grant | 846 | — |
| 2025-01-31 | McLellan Philip D. | Tax withheld | 348 | $43.46 |
| 2025-01-31 | McLellan Philip D. | Grant | 1.1K | — |
| 2025-01-31 | Hodges Michelle A | Tax withheld | 662 | $43.46 |
| 2025-01-31 | Hodges Michelle A | Grant | 1.8K | — |
| 2025-01-31 | Hodges Michelle A | Tax withheld | 717 | $43.46 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-15 | ResultsExhibits | filing ↗ |
| 2026-03-24 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-13 | Exec/director change | filing ↗ |
| 2026-02-11 | ResultsExhibits | filing ↗ |
| 2026-02-05 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0001906324-26-000028 ↗ |
| 8-K | 2026-06-16 | 2026-06-16 | 0001193125-26-272707 ↗ |
| 10-Q | 2026-05-06 | 2026-03-29 | 0001906324-26-000024 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001906324-26-000023 ↗ |
| 8-K | 2026-04-15 | 2026-04-15 | 0001906324-26-000013 ↗ |
| 8-K | 2026-03-24 | 2026-03-18 | 0001193125-26-120684 ↗ |
| 10-K | 2026-02-19 | 2025-12-28 | 0001906324-26-000008 ↗ |
| 8-K | 2026-02-13 | 2026-02-09 | 0001193125-26-051461 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0001906324-26-000003 ↗ |
| 8-K | 2026-02-05 | 2026-01-30 | 0001193125-26-039440 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273317 ↗ |
| 10-Q | 2025-11-06 | 2025-09-28 | 0001906324-25-000160 ↗ |