QuidelOrtho Corporation — Earnings Quality Grade F
QDEL · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 19 days (37 → 56)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR outpaced revenue for 2 consecutive years
Revenue -1.9%, CFFO 26.7%. Cash follows revenue
Expense Quality
Inventory 8.2% vs COGS -2.7%. Normal
CapEx growth -3.5% vs revenue -1.9%. Normal
SG&A/Gross Profit = 58.6%. Normal
Gross margin 46.7%, change +0.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -21.4%. Low accruals
Cash $0.2B covers only 6% of debt $2.8B
Balance Sheet Health
Goodwill+Intangibles $2.6B = 133% of equity. Over 50%
Interest coverage = 0.3x (<2x). Financial stress
Other assets -9.7% vs revenue -1.9%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -24% YoY. Normal
Manipulation Score
M-Score = -3.17 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25