Quidel Corporation (QDEL)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	-2,131,500	-1,999,800	-1,986,500	-1,888,000	-29,100	21,200	68,000	175,300	735,928	1,070,203	1,320,397	1,299,180	900,359	1,140,508	1,154,792	1,213,305	1,040,319	457,307	179,059	99,428
Revenue (ttm)	US$ in thousands	2,780,900	2,815,700	2,832,600	2,861,400	2,997,800	3,121,700	3,161,500	3,109,800	3,265,960	3,036,327	2,762,263	2,325,473	1,698,551	1,870,887	1,837,209	1,862,353	1,661,668	1,004,643	655,077	561,575
Pretax margin		-76.65%	-71.02%	-70.13%	-65.98%	-0.97%	0.68%	2.15%	5.64%	22.53%	35.25%	47.80%	55.87%	53.01%	60.96%	62.86%	65.15%	62.61%	45.52%	27.33%	17.71%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-2,131,500K ÷ $2,780,900K
= -76.65%

The pretax margin of Quidel Corporation has exhibited volatility over the years, starting at a relatively healthy level of 17.71% in March 2020, peaking at 65.15% in March 2021, and then gradually declining. The trend reversed sharply in the following quarters, with a drastic decrease to negative values by December 2023, indicating the company's earnings before taxes were insufficient to cover its operating expenses. This negative trend continued, with the pretax margin plummeting further into negative territory by the end of 2024. The significant decline in pretax margin suggests potential financial challenges for Quidel Corporation during the latter period under consideration.