QuidelOrtho (QDEL) Fell after Reporting Below Expected Results

Aristotle Capital Boston, LLC, an investment advisor, released its “Small Cap Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund delivered a return of 3.96% net of fees (4.11% gross of fees) trailing the Russell 2000 Index’s 5.18% total return. Security selection detracted from the performance while allocation effects positively contributed. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.

Aristotle Capital Small Cap Equity Strategy highlighted stocks like QuidelOrtho Corporation (NASDAQ:QDEL), in the first quarter 2024 investor letter. QuidelOrtho Corporation (NASDAQ:QDEL) is a diagnostic testing solutions provider, with a market capitalization of $2.84 billion. The one-month return of QuidelOrtho Corporation (NASDAQ:QDEL) was 6.96%, and its shares lost 50.43% of their value over the last 52 weeks. On May 24, 2024, QuidelOrtho Corporation (NASDAQ:QDEL) stock closed at $42.40 per share.

Aristotle Capital Small Cap Equity Strategy stated the following regarding QuidelOrtho Corporation (NASDAQ:QDEL) in its first quarter 2024 investor letter:

“QuidelOrtho Corporation (NASDAQ:QDEL), a developer and manufacturer of point-of-care and near-patient diagnostic solutions declined during the period after delivering results that were below investor expectations. We maintain our position, as we believe the company’s recent efforts to broaden its product portfolio and diversify the business away from respiratory illness should result in less volatile operating results and create additional value for shareholders.”

A scientist observing the results of a molecular diagnostic test.

In the first-quarter 2024, QuidelOrtho Corporation’s (NASDAQ:QDEL) revenue totaled $711 million, down from $846 million in the prior year period. The decrease is primarily related to COVID-19. However, when excluding COVID-19 related revenue, the total revenue grew by 6% in constant currency, showing strong growth across all regions.

QuidelOrtho Corporation (NASDAQ:QDEL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held QuidelOrtho Corporation (NASDAQ:QDEL) at the end of the first quarter which was 32 in the previous quarter.

In another article, we discussed QuidelOrtho Corporation (NASDAQ:QDEL) and shared the list of best beaten down stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.