Why QuidelOrtho Stock Is Rising After Hours

QuidelOrtho Corp QDEL shares are rising in extended trading Thursday after the company reported preliminary revenue results for the first quarter.

The Details: QuidelOrtho said it expects first-quarter revenue to be in the range of $840 million to $850 million. 

Respiratory product revenue is expected to come in between $262 million and $267 million, which includes COVID-19 product revenue of $212 million to $217 million. Non-respiratory product revenue is expected to be between $578 million and $583 million. 

The anticipated increase is being driven by the company's Labs business unit, which includes approximately $21 million related to a collaboration agreement settlement. 

"After an exceptional fourth quarter of 2022, I am very pleased with our sustained momentum in the first quarter of 2023, which was ahead of expectations. This strong start to the year was supported by delivering more instruments driving strong results in our Labs business as well as better-than-expected results in the Point of Care business," said Douglas Bryant, president and CEO of QuidelOrtho.

QuidelOrtho is set to report first-quarter financial results after the market close on May 3.

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QDEL Price Action: QuidelOrtho shares were up 6.72% after hours at $95.70 at the time of writing, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.