Among other things, the company's Adjusted EPS was 46% below the midpoint of Wall Street analysts' expectations which the company blamed on lower endemic COVID-19 revenues during the quarter from distributor destocking. In addition, QuidelOrtho's Adjusted EBITDA came in 28% below the analysts' consensus expectations and the company slashed its 2024 endemic COVID-19 revenue guidance to $200 million. Within days, on Feb. 21, 2024, QuidelOrtho announced that its Board terminated President and CEO Douglas Bryant, with one analyst commenting "[f]ollowing last week's 2024 guidance debacle and the ensuing calls from many investors advocating for a change in management, we understand why the [B]oard made this move."