QuidelOrtho reported preliminary Q1 2026 revenue of $615 million to $620 million, down about 11% at the midpoint versus Q1 2025, citing a lighter respiratory season and slower distributor sales in China and the Middle East. The company pointed to weaker influenza-like illness volumes in the U.S. and noted that proposed China National Health Security Administration reimbursement rate reductions may be influencing ordering behavior.