QuidelOrtho is in talks to sell its point-of-care testing unit behind the rapid antigen tests for Covid and flu, Financial Times reported over the weekend.
- Advent International, SK Capital Partners and Archimed have expressed interest in the business, the report stated.
- The potential divestiture is aimed at helping QuidelOrtho address its around $2.6-billion net debt load.
- QuidelOrtho’s rapid antigen tests were the first of their kind to be approved by the U.S. Food and Drug Administration during the Covid pandemic.
Shares of QuidelOrtho Corporation (QDEL) rocketed 35% on Monday after reports that the diagnostics company is exploring the sale of its point-of-care testing business at a valuation of around $1.5 billion.
The stock is now on track for its best day since May 2025, if gains hold.
QDEL Explores Sale For Point-Of-Care Testing Business
QuidelOrtho is in talks to sell its point-of-care testing unit behind the rapid antigen tests for Covid and flu, Financial Times reported over the weekend. Private equity firms have already expressed interest in the asset, people familiar with the matter told FT.
The potential divestiture is aimed at helping QuidelOrtho address its around $2.6-billion net debt load, which largely stems from the combination of Quidel Corporation and Ortho Clinical Diagnostics in 2022.
Advent International, SK Capital Partners and Archimed have expressed interest in the business, the report noted.
QuidelOrtho, headquartered in San Diego, is a major player in in vitro diagnostics (IVD), offering a range of laboratory and point-of-care testing solutions. The point-of-care segment includes rapid diagnostic tests used in physician offices, clinics, and other near-patient settings. The company’s rapid antigen tests were the first of their kind to be approved by the US Food and Drug Administration during the Covid pandemic.
How Did QDEL Retail Traders React?
On Stocktwits, retail sentiment around QDEL stock jumped from ‘bullish’ to ‘extremely bullish’ over the past 24 hours, while message volume stayed at ‘high’ levels.
A Stocktwits user cheered the rally. “getting some life back!!!!,” they wrote.
Another user sees the stock trading around $75, if the company successfully sells its point-of-care business, representing significant upside from current trading levels.
According to data from Koyfin, one of the five analysts covering QDEL rates it ‘Buy’ while three rate it ‘Hold’ and one rates it a ‘Strong Sell.’ The 12-month average price target on the stock is $18.63, representing a potential upside of about 35% from Friday’s close.
QDEL stock has lost about 35% year-to-date.
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