QuidelOrtho Corporation (NASDAQ:QDEL) (the "Company" or "QuidelOrtho"), a global leader of in vitro diagnostics, today announced preliminary unaudited revenue for the first quarter of 2026, ended March 29, 2026, and provided an update on its full-year 2026 financial guidance. The Company also announced its plan to release its full first quarter 2026 financial results on Tuesday, May 5, 2026, after the market closes.

Preliminary Unaudited First Quarter 2026 Revenue

The Company currently expects preliminary unaudited revenue, as reported, of $615-$620 million for the first quarter of 2026. This preliminary unaudited revenue was primarily driven by a weaker respiratory season, with U.S. Influenza-like Illness visits down by approximately 30% compared to the first quarter of 20251, along with slower China distributor sales that the Company believes is related to the proposed China National Health Security Administration ("NHSA") reimbursement rate reductions. Additionally, certain EMEA orders were delayed by the Middle East conflict, negatively impacting first quarter revenue.

The preliminary unaudited revenue described herein is based on management's preliminary analysis for the first quarter of 2026 and is subject to adjustments based on the Company's completion of its quarter-end financial close process.

As discussed in the Company's fourth quarter and full-year 2025 conference call in February 2026, the Company expects free cash flow to be negative for the first half of 2026. The Company currently expects free cash flow to be in the range of $(65) to $(70) million in the first quarter of 2026. The Company continues to expect free cash flow to be positive for the full-year 2026.