Meridian Funds, managed by ArrowMark Partners, released its “Meridian Contrarian Fund” second-quarter 2025 investor letter. A copy of the letter can be downloaded here. The U.S. equity market showcased a significant recovery during the quarter, rising 23% from low to end the quarter at a record high. U.S. large-cap stocks gained 11.1% in the quarter, and within the large-cap category, growth stocks outperformed value stocks. In this environment, the fund returned 16.42% (net) during the quarter, exceeding ...

Accessibility StatementSkip Navigation SAN DIEGO, Sept. 22, 2025 /PRNewswire/ -- Building on its leadership in point-of-care diagnostic testing, QuidelOrtho Corporation (Nasdaq: QDEL) ("QuidelOrtho"), a leading global provider of innovative in vitro diagnostic technologies, is expanding its QUICKVUE portfolio with the QUICKVUE Influenza + SARS Test, a CLIA-waived, 510(k)–cleared rapid, easy-to-use immunoassay designed for professional use in physician office laboratories, urgent care centers, emergency dep ...

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>QuidelOrtho (NasdaqGS:QDEL) 2025 Conference September 10, 2025 03:10 PM ET Speaker0 Go ahead and get started, I'm Katherine Schulte, I cover life sciences and diagnostics here at Baird. Very excited to have Quidel Ortho joining us today. From the company we have the CFO, Joe Buske. So Joe, thanks so much for joining us. I think we're gonna dive right into Q and A so if anyone has a question, feel free to send them to session3rwbear dot com and I will pass them along.</doc> <doc id='2'>So Joe, thought maybe we could just start at a high level. Can you just talk about key takeaways from the quarter and maybe how your strategic vision for the company is unfolding here? Speaker1 Sure. And by the way, thanks, Katherine. Thanks for having us to the conference. It's been great. And as far as that first question on highlights from Q2, I would say that we've now had two good quarters in a row to start off 2025 with good margin improvement of 400 plus basis point margin improvement over the prior year.</doc> <doc id='3'>I think we also showed that we've made some strategic decisions in line with what Brian and I said we were wanna do fifteen months ago when he started. And, examples of that would be we we announced that we're closing a very large manufacturing facility in Raritan, New Jersey, which is gonna provide some real nice operating margin improvement in a couple years. And we made the decision to pivot from Savannah development of molecular product to Lex, which is a business in UK that we're going to purchase once they get FDA approval for their first respiratory panel. And so again these decisions are just all around margin improvement and making the company more productive and more efficient. Again, things that Brian and I said we were gonna do last year when he when he started.</doc> <doc id='4'>I guess the last thing I'd mention is that the base business continues to grow in at the rate which we said it would grow, you know, in that sort of mid single digit growth for labs and immunohematology.</doc> <doc id='5'>Speaker0 Yeah, I want to get into Lexin a bit, but maybe starting on the lab side of the business. You know, to your point, recurring revenue growth remained solid to start the year. You know, where do you think you're winning in the clinical chemistry business? Speaker1 Yeah, the strategy with labs continues a strategy that was started probably about five or so years ago, and that is to focus on the small to mid size hospital and labs, which we define as our sweet spot. You know, we're doing quite well there. I would say the other strategy is to focus on leading with integrated analyzers that runs both routine chemistry and immunoassays. And, you know, that strategy continues to be the one that we're gonna employ and it's it's working quite well. And, you know, the growth in the labs business continues to be right where we said it would be in that mid single digit growth range.</doc> <doc id='6'>Speaker0 What about on the instrumentation side? You know, how's the current capital equipment environment? Speaker1 Yeah, I don't see a lot of impact of customers pausing on placing analyzers due to the macro. And I think it's mainly because the the value of the analyzers we're placing is much less than, say, an MRI or imaging piece of equipment that's, you know, millions and millions of dollars. I think I think our purchase the equipment purchases that our customers are making kind of fly below the radar to some extent. We also offer, like our competitors do, an alternative to to buying an instrument, and that is a reagent rental where we can place an analyzer at a customer location and charge them the cost of the box over the life of the contract in the form of a surcharge on the consumables. So that's a way of kind of getting around maybe CapEx limitations that a customer may have.</doc> <doc id='7'>Speaker0 And how important is the automation element to customers? You know, how has your integrated analyzer kind of helped in this environment? And I think it's around a third of your installed base now, so how do you think that will track over time? Speaker1 Yeah, for sure automation and the integrated analyzers are super important to our customers and to our strategy of growing the labs business. In fact, you look at the automation, or I should say the growth in the automation and installed base over the last several years, it's typically been in the high single digits and low double digits as indicative of the strategy working. You know, we continue to lead with that integrated analyzer which is going to drive more higher margin immunoassay revenue growth for us. And that's important because if you look at our business relative to where the market is, our mix of immunoassay and routine chemistry is inverted from where the overall market is. And so there's lots of room for us to grow that immunoassay side of the business.</doc> <doc id='8'>And in fact, if you look at our percentage of installed base that's integrated versus nonintegrated, if you go back to when Ortho Clinical Diagnostics went public in 2021, we were around 24% of the base was integrated, and now we're sitting at around 30% of that base, installed base, being integrated. So you can kind of get a feel for the pace of which we're moving and employing that strategy and you can also get a feel for how much room is left to run, how much we can run this strategy out. There's plenty of runway left.</doc> <doc id='9'>Speaker0 And in terms of that kind of immunoassay mix, I guess where do you see the biggest opportunities in the portfolio to keep driving that? Speaker1 Yeah, good question. I think that if you look at where the labs growth is, you know, in the more developed markets of The US and Western Europe, you'll see more, you know, low to mid single digit growth. But when you look in less developed areas like Latin America and Asia Pacific and Eastern Europe, you'll see more high single digits, sometimes low double digit growth. And so we I I look towards those lesser developed markets of Eastern Europe and Asia Pac as the areas where I think there's lots of opportunity for us to to grow that integrated analyzer base and grow that immunoassay business.</doc> <doc id='10'>Speaker0 And if we move on to molecular, you know, how does the planned Flex acquisition kind of expand your footprint there and maybe talk through the strategic rationale for pursuing that route instead of continuing with Savannah.</doc> <doc id='11'>Speaker1 Yeah, it was a really tough decision that we made back in June to pivot from developing Savannah to Lex. Savannah had been a product that Quidel had been working on prior to the combination with ortho for many years and it's it's it's a great product. Savannah, I think, has a lot of potential competitive advantages in the marketplace, but Lex also has some very distinct competitive advantages in the marketplace where we intend to sell it and those advantages I would say are focused on turnaround time, ease of use and cost. And so the decision was made to pivot to Lex primarily because if you look at the amount of time it would take to fill out the menu, the amount of cost it would take to fill out the menu, and the level of technical risk, which is much less in a product like Lex, we decided to discontinue Savannah and focus our resources on Lex because again, we think we can get that menu filled out much faster and for much less cost and a lot less risk. And so we believe that the first panel which was submitted to the FDA which is a respiratory panel in June, we believe that we will get approval for that panel sometime later this year.</doc> <doc id='12'>Speaker0 And maybe what's the timeline for menu expansion there into other respiratory or women's health applications? Just curious, you know, how much there is an opportunity outside of that initial panel.</doc> <doc id='13'>Speaker1 Yeah, there's lots of opportunity to fill out that menu. I think first we'll focus on RSV and strep being added to the panel and then women's health and STI will be next. More to come on specific timelines but yeah, there's plenty of opportunity to fill up that menu and expand.</doc> <doc id='14'>Speaker0 And how do you think about, you know, the overlap with kind of the rest of your portfolio? Is there any potential cannibalization for Sofia? Speaker1 The good news is is that the Lex product can be commercialized through the existing sales force. So there's no need to add any resources to commercialize Lex as we move into early twenty six. They're based on the customer research that we've done, the KOLs we've talked to, we believe there's plenty of room for both a rapid antigen test like Sofia and a molecular product like Lex. And there is some some overlap but I would say it's not not significant at all. It's probably, you know, 10% or less of of overlap and and even that amount of overlap is not overly concerning for us because if there are customers who'd rather use Lex rather than Savannah, the Lex margins are higher.</doc> <doc id='15'>And so that would be some minor amounts of cannibalization that I'd probably welcome from a margin perspective.</doc> <doc id='16'>Speaker0 And you've talked about kind of reinvesting some of your Savannah dollars into Lex, you know, where are those investments mainly concentrated this year and kinda what additional steps are you taking to prepare for that kind of limited commercial launch in the first half of next year? Speaker1 Yeah, we're definitely excited about getting approval on that first panel later this year so we can start a limited commercialization in this first and second quarter twenty six respiratory season. As I said a minute ago, really no need for any additional commercial resources. We've got everything we need. Being the leader in respiratory testing in The US, we've got all the commercial resources that we need to sell that product. I guess the most near term investments might be in the form of not too significant CapEx that will be needed to increase the manufacturing capacity for Lex.</doc> <doc id='17'>There is a line that the company has in The UK right now but will need an additional line either somewhere in The UK again or in The US. Haven't decided that yet but that will be something that will stand up pretty early in '26 so that we can hit the late in the '26, early twenty seven respiratory season with a much more fulsome rollout and commercialization.</doc> <doc id='18'>Speaker0 Okay. And then on point of care, you you lowered the 2025 outlook for COVID revenue coming out of the second quarter. Can you just remind us of the seasonality baked in for the third and fourth quarter and maybe just given the trends that you've seen so far this year, you know, how you think about forecasting, you know, endemic COVID revenues longer term? Speaker1 Yeah. COVID's been been quite the ride. And I I know that there's been a lot of focus on the on the decline of the COVID revenue over the last several years, but I do believe that as a headline conclusion, we've digested most of that decline. When you think about where we were in '21 and '22 with a billion 4 of COVID revenue that's dropped to 400,000,000 and then a 185,000,000 last year, you know, the guidance this year is for 70 to a 100. And if you just pick the midpoint of of that, somewhere you in the mid eighties, I think that's a realistic, very realistic point of of where where the declines end.</doc> <doc id='19'>And, you know, and I can say that with with some confidence because all of the the government order revenue is is gone and the retail business is is fairly small at this point. There's not a whole lot lot left. So most of what's left is the professional use space revenue which has proven to be somewhat consistent and durable. And so we do think that that, you know, call it that midpoint of the 70 to a 100 is probably a good place to think that not only we're gonna end up this year, but where we're gonna go for the next next several years with COVID revenue. So I think all of these views of revenue of ex COVID that we've done for the past couple years, think we're we're really getting to the end of that, which is great news, I know, the buy side and sell side.</doc> <doc id='20'>Speaker0 Yep. Absolutely. Maybe any thoughts on the upcoming flu season? Are there any clues from the Southern Hemisphere around, you know, what this upcoming season could look like relative to historical trends? Speaker1 Yeah. The flu season in the Southern Hemisphere is always a good data point for us and that flu season has turned out to be one that I would define as more typical or average. And so that's good because that's what we've said all along this year is that our guidance for flu revenue is gonna be a typical or average season. And we define that as flu season in terms of volume, 50 to 55,000,000 tests, and the combo test mix being greater than 50% and steady market share. So the new model that we've gone to to project the flu revenue that we went to in '24 has proven out to be a good one.</doc> <doc id='21'>You know, we very close, almost I would say spot on to what we guided the street to for the first half of the year for flu revenue. And so we have a lot of confidence that where we are for the second half of this year is going to be pretty close as well. And and, you know, what we're seeing is that the the patterns for the flu season are getting back to more predictable pre pandemic patterns. The the level of testing is up versus pre pandemic mainly because of the combo test, and we think that combo test is pretty durable given that it's been over 50% of our flu revenue now for two plus years. And so, you know, I think that flu season is, the flu season revenue is getting a little more predictable.</doc> <doc id='22'>So we feel good about where the guidance is for the second half of the year.</doc> <doc id='23'>Speaker0 Yeah. Maybe shifting to transfusion medicine, you know, how should we think about that business following the U. Donor screening wind down and, you know, what's your view on the growth outlook there? Speaker1 Yeah, so as a reminder, the transfusion medicine business unit for us is comprised of the donor screening business, which is primarily the business of screening for infectious disease in the blood supply donations. And we decided to shut down, wind down that business last year because it is a small market, It's lower growth and it's it's got lower margins compared to the rest of our businesses. So we decided to wind it down last year. And, you know, last year we did about a 120,000,000 of revenue. This year it'll be probably 40 to 50,000,000 of revenue.</doc> <doc id='24'>And this business will be fully wound down in early twenty six. And so again, that revenue headwind of the donor screening wind down, which we've had all year, which is down about 40% in the first half of the year, that headwind will go away in the first half of next year and we won't be dealing with that anymore. And the top line revenue growth will be made up more of the base business, which we see as a mid single digit growth business. The other business within transfusion medicine is immunohematology, and that's a business that we really like. That business is global.</doc> <doc id='25'>We're the global number one in terms of market share with that business and we do intend to continue to invest in that business going forward.</doc> <doc id='26'>Speaker0 Yeah. Okay. And maybe on China, there's been a lot of noise there for diagnostics companies, particularly this quarter. It sounds like you've been relatively insulated from some of the unbundling and VBP headwinds that</doc> <doc id='27'>others are seeing. Is that right? And are there any parts of your business that are seeing pressure there? Speaker1 I was waiting for the China questions. I knew they were coming. The we spent a lot of time on this on our last earnings call. Brian, I think, did a great job of of talking about why our business is different from others in our space in in China. And I know a lot of folks like to paint a broad brush with with the China risk, but our business is different, and here's why.</doc> <doc id='28'>First of all, we use a dry slide technology on our lab side, which none

QuidelOrtho Corporation (NASDAQ:QDEL) is one of the 14 Best Small Cap Stocks to Buy Right Now. On September 2, RBC Capital raised the price target on QuidelOrtho Corporation (NASDAQ:QDEL) stock from $60 to $62, keeping its Buy rating. Conor McNamara from RBC Capital increased the price target on QDEL followed by QuidelOrtho’s completion of a series of transactions to refinance its debt structure and support future growth. On August 22, the company announced that it had extended its debt maturities and red ...

SAN DIEGO, Aug. 28, 2025 /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global provider of innovative in vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, announced today that members of its management team will participate in the Baird 2025 Global Healthcare Conference on Wednesday, September 10, 2025. The Company's fireside chat will begin at 3:10 p.m. ET / 12:10 p.m. PT. Interested parties can access the ...

债务重组交易 - 公司完成一系列债务再融资交易 以优化债务结构并支持未来增长 [1] - 新交易包括115亿美元5年期高级担保定期贷款A(取代2022年原有贷款) [8] - 新增145亿美元7年期高级担保定期贷款B [8] - 提供1亿美元延迟提取定期贷款A(截止时未提取) [8] - 设立7亿美元循环信贷额度(取代并全额偿还原有信贷设施) [8] 财务结构优化 - 通过延长债务期限和减少强制分期付款来强化资本结构 [1] - 债务契约条款改善 贷款存续期内所需摊销金额减少 [3] - 保持财务灵活性 为业务持续增长提供资金选择 [3] - 最高资本配置优先级仍是降低总债务和净债务杠杆率 [3] 公司业务定位 - 全球领先体外诊断技术提供商 专注于即时检测、临床实验室和输血医学领域 [1] - 在免疫分析、分子检测、临床化学和输血医学领域具有行业领先专业能力 [6] - 开发智能诊断解决方案 将数据转化为可操作的洞察 [5] - 诊断服务覆盖从家庭到医院、实验室到诊所的多种场景 [6]

Key points from Dr. Temte's discussion include: This episode reflects QuidelOrtho's commitment to equipping healthcare providers and the public with timely, actionable information. By highlighting expert insights and practical solutions, QuidelOrtho aims to reduce illness spread and safeguard community health. The QuidelOrtho Science Bytes podcast is available on major streaming platforms and at: https://www.quidelortho.com/global/en/resources/podcasts/quidelortho-science-bytes. About QuidelOrtho Corporatio ...

公司人事任命 - QuidelOrtho任命Erich Wolff为执行副总裁 负责战略与企业发展 直接向总裁兼首席执行官Brian Blaser汇报[1] - Wolff将领导公司企业战略、业务发展、政府事务和投资组合管理职能[1] 高管专业背景 - Wolff拥有超过20年医疗健康、诊断和医疗技术领域的战略、并购及业务发展领导经验[2] - 最近任职于管理1740亿美元资产的私募股权公司Partners Group 担任医疗技术与生命科学工具及诊断领域的收购主管[2] - 曾在BD和美敦力担任高级领导职务 主导企业战略、投资计划和非有机增长转型计划[2] 历史业绩表现 - 在美敦力任职期间 主导 revitalize 公司全球糖尿病业务 后负责管理115亿美元规模的神经科学和糖尿病部门的企业发展[3] - 在BD期间主导三项重大交易：embecta分拆、15亿美元收购Parata Systems以及外科器械平台剥离[3] 战略发展愿景 - 公司首席执行官评价Wolff具备战略远见、运营严谨性和交易专业能力的罕见组合 能推动复杂投资组合决策和执行高影响力增长战略[3] - Wolff表示公司拥有 compelling 的诊断未来愿景、强大的全球布局和创新文化 将致力于加速增长并为利益相关者创造长期价值[4] 公司业务定位 - QuidelOrtho是全球体外诊断领域领导者 致力于推动诊断技术发展以创造更健康的未来[5][6] - 公司提供免疫检测、分子测试、临床化学和输血医学领域的行业领先专业解决方案 覆盖从家庭到医院、实验室到诊所的多场景需求[7]

公司业务举措 - 公司推出经过重新利用和严格认证的高性能分析仪再认证项目 旨在扩大医疗设施获取可靠诊断技术的机会 提升对患者的诊断服务能力[1] - 每台分析仪在罗切斯特工厂接受包含超过140项系统检查 功能调整 硬件清洁或更换以及广泛性能测试的多点认证流程[1] - 认证后的分析仪符合公司既定的质量和性能标准 并提供12个月的服务和支持保修期[1] 产品与技术 - 项目涵盖经过认证的VITROS XT 7600和5600集成系统以及VITROS 3600免疫诊断系统[2] - VITROS平台设计用于支持社区实验室运行常规化学检测 免疫测定测试和滥用药物筛查[2] 市场定位与战略 - 公司通过该计划支持作为社区骨干的医疗保健提供者 并辅以获奖的服务和顶级客户满意度支持[3] - 计划不仅关注成本可负担性 更旨在提高服务不足社区医疗提供者对诊断解决方案的可及性和获取机会[3] - 公司致力于推进诊断技术 为更健康的未来提供动力 业务重点涵盖免疫测定 分子检测 临床化学和输血医学领域[4] 公司背景 - QuidelOrtho Corporation为纳斯达克上市公司 股票代码QDEL 是全球体外诊断领域的领导者[4] - 公司开发和生产智能解决方案 将数据转化为洞察和行动 服务范围从家庭到医院 从实验室到诊所[4] - 公司基于悠久的创新历史 与全球医疗客户合作推进诊断技术 提供无缝连接的见解和解决方案[5]

财务表现 - 第二季度调整后每股收益为0.12美元，超出市场预期的盈亏平衡，去年同期亏损0.07美元 [1] - GAAP每股亏损3.77美元，去年同期亏损2.2美元 [1] - 第二季度营收6.139亿美元，同比下降3.6%（报告基础）和3.9%（恒定汇率）但仍超预期0.4% [2] - 调整后毛利率提升150个基点至45.7%，调整后营业利润率提升420个基点至9.8% [6][11][12] - 营业利润同比增长67.7%至6020万美元 [12] 业务部门表现 - 实验室业务收入3.697亿美元，同比增长4.4%（报告基础）和4.6%（恒定汇率） [7] - 免疫血液学业务收入1.323亿美元，同比增长4.3%（报告基础）和2.9%（恒定汇率） [7] - 分子诊断业务收入560万美元，同比增长27.3%（报告基础）和24.2%（恒定汇率） [8] - 供体筛查业务收入1330万美元，同比下降61.2%（报告基础）和61.4%（恒定汇率） [7] - 护理点业务收入9300万美元，同比下降20.6%（报告基础）和20.9%（恒定汇率） [8] 地区表现 - 北美地区收入3.107亿美元，同比下降11.3%（报告基础）和11.6%（恒定汇率） [9] - EMEA地区收入8730万美元，同比增长7.6%（报告基础）和3.3%（恒定汇率） [9] - 中国地区收入8340万美元，同比增长2.2% [10] - 其他地区收入1.325亿美元，同比增长6.7%（报告基础）和9.6%（恒定汇率） [10] 现金流与债务 - 期末现金及等价物1.517亿美元，较第一季度末1.271亿美元有所增加 [13] - 总债务26.1亿美元，较第一季度末24.9亿美元有所上升 [13] - 经营活动产生净现金1880万美元，去年同期为净流出9860万美元 [13] 2025年展望 - 维持全年营收预期26-28.1亿美元，市场预期27.2亿美元 [15] - 预计调整后每股收益2.07-2.57美元，市场预期2.39美元 [17] - 预计COVID-19相关收入1.1-1.4亿美元 [17] - 中国地区预计全年中高个位数增长 [16] - 关税影响预期降至2000-2500万美元 [20] 股价表现 - 盘后交易时段股价上涨12.8% [3] - 年初至今股价下跌46.8%，同期行业增长4.9%，标普500指数上涨7.4% [3]