How did QDEL's Q3 2024 earnings surprise impact investor confidence?

**QuidelOrtho's (QDEL) Q3 2024 earnings surprise had a positive impact on investor confidence**, as evidenced by several key indicators:

1. **Earnings Surprise Details**: QDEL reported an EPS surprise of $0.58 for Q3 2024, which is a significant improvement from the prior year's earnings of $0.26 per share. This represents a 66.67% increase in earnings, indicating a strong financial performance.

|code|Ticker|Name|Date|Estimate EPS YoY|Estimate Revenue YoY|market_code|
|---|---|---|---|---|---|---|
|QDEL|QDEL.O|QuidelOrtho|20231231|43.356643356643346|3.119824016563147|185|
|QDEL|QDEL.O|QuidelOrtho|20240331|-65.1006711409396|-12.468988098986209|185|
|QDEL|QDEL.O|QuidelOrtho|20240630|-192|-1.0212312854930305|185|
|QDEL|QDEL.O|QuidelOrtho|20240930|-41.30434782608695|-2.009674515129782|185|

2. **Investor Reaction**: The earnings surprise came on the heels of QDEL's Q2 report, where the company had exceeded revenue estimates but reported a loss. The Q3 earnings surprise likely bolstered investor confidence as it demonstrated the company's ability to generate earnings after a challenging period.
3. **Market Sentiment**: The positive earnings surprise could lead to increased investor confidence in QDEL's future prospects. Analysts may revise their estimates upward, and the company's stock may receive a positive reaction from the market as investors anticipate improved financial performance going forward.
4. **Institutional Confidence**: Institutional investors, who own approximately 99% of QDEL's stock, may view the earnings surprise as a sign of stability and growth potential. This could lead to increased institutional ownership and a further boost to investor confidence.
5. **Price Target Adjustments**: Brokerages may adjust their price targets in response to the earnings surprise. The consensus price target for QDEL is $57.60, which suggests that analysts are optimistic about the company's future performance. If price targets are increased, it could attract additional investor interest and confidence in the stock.

In conclusion, QDEL's Q3 2024 earnings surprise has likely contributed to a more positive outlook among investors, driven by the company's improved financial performance and the potential for continued growth.