Specifically, QuidelOrtho management said as recently as Nov. 1, 2023 that "[w]e expect respiratory revenue to be at the upper end of our range of $610 million to $775 million for Q4[]" and "to get to the high end of the range that respiratory revenue that I talked about in the prepared remarks, you're looking to increase roughly $50 million from Q3 to Q4." But, on Feb. 14, 2024, QuidelOrtho announced that its Q4 and FY 2023 revenues declined about 14% and 9%, respectively, from the prior year periods and blamed that performance in part on Q4 and FY 2023 declines in respiratory revenues of about 49% and 62%, respectively, from the prior year periods. Analysts did not react kindly to the news, with JP Morgan reportedly downgrading the stock to underweight and slashing its price target, pointing to a lack of clarity over the company's outlook. This news sent the price of QuidelOrtho crashing $21.50, or over 32%, lower on Feb. 14, 2024.