McIntyre Partnerships reported flat performance for the first half of 2026, returning 0% gross and -1% net compared to the Russell 2000 Value Index's 23% return, though the second quarter marked a complete reversal with the portfolio appreciating 23.0% gross and 23.3% net versus the index's 17.3%. The firm highlighted QuidelOrtho Corporation as its largest holding, noting that the company is reportedly looking to sell its point-of-care division for roughly $1.5 billion, a transaction that would essentially undo the 2022 merger of Quidel and Ortho. Assuming a sale near the rumored price, the remaining business would be about 2.5 times levered and consist of the legacy Ortho unit, which the firm views as a steady performer once Chinese regulatory issues are resolved. McIntyre Partnerships believes the stock can reweight toward peers in the 11-to-15-times enterprise-value-to-EBITDA range as QuidelOrtho delevers and exits the volatile flu and COVID business, and a 12-times multiple on its 2029 EBITDA estimate for the remaining company yields roughly $100 per share.
Quidel CorporationPotential sale of point-of-care division for $1.5B to delever and reweight toward peers
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