QuidelOrtho submission delay does not change thesis, says RBC Capital

RBC Capital keeps an Outperform rating on QuidelOrtho with an $81 price target after the company withdrew its original Savanna RVP4+ assay from FDA 510(k) submission. Management told RBC they have been working in parallel to address issues seen in the prior panel and will be resubmitting the Savanna RVP4+ assay FDA 510(k) submission with approval expected in time for the 2024/2025 respiratory season, the analyst tells investors in a research note. The firm says the company also mentioned that there are no updates to the Savanna’s 2024 guidance. RBC says the news does not change its thesis on QuidelOrtho.