SAN DIEGO - QuidelOrtho Corporation (NASDAQ:QDEL), a global in-vitro diagnostics company, has announced the appointment of Brian J. Blaser as its new President and Chief Executive Officer, effective May 6. Blaser, who brings over 25 years of experience in the diagnostics industry, will also join the company's Board of Directors on May 15, expanding the board from ten to eleven members.
Kenneth F. Buechler, Ph.D., Chairman of the Board, expressed confidence in Blaser's ability to lead QuidelOrtho into its next growth phase, citing his extensive background and successful tenure at Abbott Laboratories (NYSE:ABT), where he managed the global diagnostics organization. Buechler acknowledged Blaser's leadership in driving revenue growth and improving profitability through transformational strategies.
Blaser's career includes significant roles at Abbott, where he was responsible for various strategic, operational, and diagnostic functions. Before Abbott, he held leadership positions at the Ortho Clinical Diagnostics division of Johnson & Johnson, Eastman Kodak, and General Motors (NYSE:GM). Blaser holds an MBA with a focus on Finance from the Rochester Institute of Technology and a Bachelor of Sciences in Mechanical Engineering Technology from the University of Dayton.
In his statement, Blaser expressed his eagerness to contribute to QuidelOrtho's commitment to customer service and healthcare outcomes. He aims to foster innovation and growth while delivering value to customers, shareholders, and employees.
The announcement also included a note of thanks to Michael Iskra, Robert Bujarski, and Joseph Busky for their leadership during the transition period, during which they advanced critical initiatives for the company's growth.
QuidelOrtho is set to report its first quarter 2024 financial results on May 8.
The company is known for its in-vitro diagnostic solutions across various healthcare settings and for its contributions to immunoassay, molecular testing, clinical chemistry, and transfusion medicine.
This leadership change is based on a press release statement from QuidelOrtho Corporation.
InvestingPro Insights
As QuidelOrtho Corporation (NASDAQ:QDEL) prepares for a strategic leadership transition with the appointment of Brian J. Blaser as President and CEO, the company's financial metrics and market performance provide a context for the challenges and opportunities that lie ahead. According to InvestingPro data, QuidelOrtho has a market capitalization of $2.65 billion, with a notable Price / Book ratio of 0.53 as of the last twelve months ending Q4 2023, indicating the stock may be undervalued relative to its assets.
Despite a challenging period with revenue growth declining by 8.21% over the last twelve months as of Q4 2023, the company maintains a robust gross profit margin of 49.85%. This margin reflects the company's effectiveness in controlling the cost of goods sold and managing production efficiencies—an essential factor as the new CEO aims to drive growth.
InvestingPro Tips reveal a mixed outlook: while QuidelOrtho's net income is expected to grow this year, and analysts predict the company will be profitable within the year, there have been six downward earnings revisions for the upcoming period. Additionally, the company's shares are trading near their 52-week low, having fallen significantly over the last three months. This could represent a potential opportunity for investors if the new CEO's strategies successfully capitalize on the company's fundamental strengths.
For those considering an investment in QuidelOrtho, or seeking more detailed insights into the company's financial health, InvestingPro offers a comprehensive suite of tools and metrics. There are additional InvestingPro Tips available that can further guide investment decisions. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the full range of analytics and expert opinions on QuidelOrtho at https://www.investing.com/pro/QDEL.
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