QuidelOrtho is an in vitro diagnostics (IVD) company that makes instruments and tests used by hospitals, labs, clinics, and physician offices to diagnose disease, monitor health, and screen blood. The company operates across two broad testing environments: centralized lab-based testing (automated analyzers and reagents for high-volume chemistry, immunoassay, and blood typing) and point-of-care (POC) testing (rapid, portable tests for decentralized settings where speed matters). QuidelOrtho's core business model is a razor/razor-blade structure — it places instruments at customer sites under long-term contracts, often via reagent rental agreements, and earns recurring revenue from proprietary reagents and consumables. Over 90% of revenue is recurring, giving the business a stable base. The company organizes its business into four product units: Labs (~55% of revenue), built around the flagship VITROS platform for clinical chemistry and immunoassay; Point of Care (~25%), anchored by the SOFIA platform for flu, RSV, and COVID rapid testing; Transfusion Medicine, covering blood bank crossmatching and donor screening; and Molecular Diagnostics, a small and transitional segment. Respiratory testing is a meaningful but volatile revenue contributor. Key margin drivers include installed base utilization, mix shift toward higher-margin immunoassay tests, and ongoing cost actions totaling ~$140M since mid-2024. QuidelOrtho sells directly in developed markets and through distributors in emerging markets. Growth priorities include expanding immunoassay placements in its chemistry-heavy installed base, launching the VITROS 450 for OUS markets in early 2026, and acquiring LEX Diagnostics to build a next-generation molecular POC platform.