QDELQuidelOrtho Corp

In Vitro & In Vivo Diagnostic Substances

Revenue: $2.7B; 1.9% YoY
Operating margin: -33.7%; 52% YoY
EBITDA: −$477M; 68% YoY
Market cap: $905M
Employees: 2,500; $1M revenue each
Net debt / EBITDA: —; $2.4B net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$905M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.7B	$3.3B	$2.8B	$2.7B	1.9%
Operating income	$1.1B	$906M	$139M	−$2.0B	−$919M	53%
Net income	$810M	$704M	$549M	−$2.1B	−$1.1B	45%
Operating cash flow	$630M	$806M	$280M	$83M	$105M	27%
Capex	$65M	$293M	$209M	$195M	$188M	3.5%
Stock-based comp	$21M	$25M	$52M	$42M	$46M	9.0%
Buybacks	$44M	$104M	$7M	$0	$0

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 8
Open-market sells, 12 mo: $112K · 1
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	16	99
FY2024	—	—	25	81
FY2023	—	—	48	77
FY2022	—	—	75	96