QuidelOrtho Targets More Than $80 Million in 2027 Savings

QuidelOrtho Corporation narrowed its 2026 revenue forecast and announced a restructuring program it expects to produce more than $80 million in annual savings in 2027, as third-quarter revenue fell 11.6% year over year.

The company expects the cost transformation and enterprise restructuring program to bring $30 million to $35 million in one-time charges in the fourth quarter of 2026. Its new operating model will focus on Core Diagnostics and Point of Care Diagnostics. QuidelOrtho did not provide a timetable for when during 2027 the savings are expected to accrue.

The revised revenue range is $2.52 billion to $2.54 billion, compared with $2.52 billion to $2.60 billion previously. QuidelOrtho also forecast adjusted EBITDA of $540 million to $545 million, down from $540 million to $560 million, and adjusted diluted earnings per share of $0.65 to $0.70, versus $0.65 to $0.90. The previous revenue range was issued Aug. 6.

Revenue for the three months ended Sept. 27 was $618.9 million, compared with $699.9 million for the three months ended Sept. 28, 2025. Adjusted EBITDA was $148 million, while the company recorded a GAAP net loss of $53.8 million. Non-GAAP free cash flow was $0.3 million for the quarter.

QuidelOrtho withdrew its full-year free cash flow forecast of $100 million to $120 million in its second-quarter update. The Nov. 3 guidance did not include a replacement annual range, so the $0.3 million figure applies to the third quarter.

Point of Care revenue fell 27.3% to $119.6 million amid a softer respiratory season. Labs revenue was $353.2 million, down 5.5%, while China Labs revenue fell 45.5% to $36.9 million.

“This program is designed to improve profitability and cash flow,” QuidelOrtho President and CEO Brian J. Blaser said.