QuidelOrtho Corp (QDEL) Faces Stock Plunge Amidst Respiratory Revenue Decline

QuidelOrtho Corp (NASDAQ:QDEL) reported a decrease in total revenue to $743 million in Q4 2023, with a decline in respiratory revenue but growth in non-respiratory revenue. The company's GAAP net income and adjusted EBITDA also decreased, while it paid down debt and completed share repurchases. QuidelOrtho provided fiscal year 2024 guidance with total revenues expected to be between $2.76 - $3.07 billion and adjusted diluted EPS between $2.40 - $3.07. The company's performance reflects challenges in the respiratory segment but also highlights strategic initiatives to diversify its portfolio and mitigate risks.