QuidelOrtho Looks Mispriced If 2026's FCF Turnaround Materializes

QuidelOrtho's (QDEL) reported weakness is concentrated in post-COVID Point of Care and the deliberate US donor-screening exit. However, the rest of their portfolio is actually growing. Labs is the primary revenue engine, contributing 55% of sales in 2025. Likewise, Immunohematology also expanded and supports a healthier underlying mix.