Why QuidelOrtho (QDEL) Shares Are Soaring Today - QuidelOrtho (NASDAQ:QDEL)

QuidelOrtho Corporation QDEL expects Q3 revenues of $782-$785 million, better than the consensus of $651.81 million.
COVID-19 product revenue is expected to be approximately $171 million, and non-COVID-19 product revenue of $611-$614 million.
COVID-19 product revenue included shipments of an unanticipated government order and strong retail demand.
While details on profits are not yet available, the company expects COVID-19 product revenue to come through at or above overall company margins.
In March, Quidel agreed to acquire Ortho Clinical Diagnostics Holdings plc for $24.68 per share in cash and newly issued shares in the combined company.
The transaction was completed in May.
"In our first full quarter as a combined company, we delivered outstanding topline results. We are particularly pleased with the strong performance of our Transfusion Medicine business and our Sofia platform, which saw portfolio gains on top of increased COVID-19 product revenue," said Douglas Bryant, Chairman and CEO.
"Our Labs business performed well while overcoming challenges in China and with global supply chains, and we made further progress on the ramp of our Savanna molecular system.
Price Action: QDEL shares are up 9.84% at $74.14 during the market session on the last check Thursday.

Newly Combined Quidel/Ortho Clinical Expects Better Than Expected Q3 Sales