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    QuidelOrtho Reports Fourth Quarter and Full-Year 2024 Financial Results

    2/12/25 4:05:00 PM ET
    $QDEL
    Biotechnology: In Vitro & In Vivo Diagnostic Substances
    Health Care
    Get the next $QDEL alert in real time by email

    Strong finish to 2024 with continued progress in cost-savings initiatives to drive adjusted EBITDA margin expansion in 2025 and beyond

    Company issues full-year 2025 financial guidance

    Fourth Quarter and Full-Year 2024 Results

    (all comparisons are to the prior year period)

    Fourth quarter 2024 revenue was $708 million, as reported

    • Non-respiratory revenue was $565 million, which was flat compared to the prior year period due to a decline in U.S. Donor Screening revenue, a business the Company is exiting; Labs revenue grew 4%, as reported and in constant currency, excluding COVID-19 and non-core revenues1
    • Respiratory revenue was $143 million, a decrease of 18%, as reported and in constant currency, due to the anticipated year-over-year decline in COVID-19 and influenza revenues

    Full-year 2024 revenue was $2.8 billion, as reported

    • Non-respiratory revenue was $2.3 billion, which was flat compared to the prior year due to a decline in U.S. Donor Screening revenue; Labs revenue grew 3% as reported and 4% in constant currency, excluding COVID-19 and non-core revenues1
    • Respiratory revenue was $504 million, a decrease of 30% as reported and in constant currency, due to the anticipated year-over-year decline in COVID-19 revenue; excluding COVID-19 revenue, respiratory revenue increased by 4% as reported and in constant currency

    QuidelOrtho Corporation (NASDAQ:QDEL) (the "Company" or "QuidelOrtho"), a global provider of innovative in-vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced financial results for the fourth quarter and full-year ended December 29, 2024.

    "We are pleased with our 2024 business performance and ended the year with positive momentum leading into 2025," said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. "The growth of our underlying business with its recurring revenue business model continued to perform well. In addition, we made excellent progress on implementing our cost-savings initiatives that were defined in 2024, and we are targeting additional cost savings across the business. We expect that these initiatives will help us operate more effectively and deliver incremental margin improvement in 2025 and beyond."

    Fourth Quarter 2024 Financial Results

    The Company reported fourth quarter 2024 total revenue of $708 million, compared to $743 million in the prior year period. The year-over-year decrease was due to lower COVID-19 and influenza revenue. Foreign currency translation did not significantly impact the Company's fourth quarter 2024 revenue.

    GAAP diluted loss per share for the fourth quarter of 2024 was $2.28, compared to diluted earnings per share ("EPS") of $0.10 in the prior year period. GAAP net loss for the fourth quarter of 2024 was $153 million, compared to net income of $7 million in the prior year period. GAAP operating loss for the fourth quarter of 2024 was $100 million, compared to an operating income of $40 million in the prior year period, and GAAP operating margin was (14)% in the fourth quarter of 2024, compared to 5% in the prior year period. Fourth quarter 2024 results included $37 million in integration-related charges.

    Adjusted diluted EPS for the fourth quarter of 2024 was $0.63, compared to $1.17 in the prior year period. Adjusted EBITDA for the fourth quarter of 2024 was $150 million, compared to $195 million in the prior year period. Adjusted EBITDA margin for the fourth quarter of 2024 was 21%, compared to 26% in the prior year period. The changes in adjusted diluted EPS and adjusted EBITDA were primarily related to the anticipated year-over-year decline in COVID-19 and influenza revenues.

    1

    Fourth quarter and full-year 2024 non-core revenue includes revenue from contract manufacturing.

    Full-Year 2024 Financial Results

    The Company reported total revenue for the full-year 2024 of $2.78 billion, compared to $3.00 billion in the prior year. The year-over-year decrease was due to lower COVID-19 revenue. Foreign currency translation had an unfavorable impact of approximately 60 basis points on the Company's full-year 2024 results.

    GAAP diluted loss per share for the full-year 2024 was $30.16, compared to $0.15 in the prior year. GAAP net loss for the full-year 2024 was $2.03 billion, compared to $10 million in the prior year. GAAP operating loss for the full-year 2024 was $1.96 billion, which included a non-cash goodwill impairment charge of approximately $1.82 billion, compared to operating income of $139 million in the prior year. GAAP operating margin was (70)% for the full-year 2024, compared to 5% in the prior year. Full-year 2024 results included $127 million in integration-related charges.

    Adjusted diluted EPS for the full-year 2024 was $1.85, compared to $4.13 in the prior year. Adjusted EBITDA for the full-year 2024 was $543 million, compared to $723 million in the prior year. Adjusted EBITDA margin for the full-year 2024 was 19.5%, compared to 24% in the prior year. The changes in adjusted diluted EPS and adjusted EBITDA were primarily related to the anticipated year-over-year decline in COVID-19 revenue.

    Fiscal Year 2025 Financial Guidance

    Based on its current business outlook, the Company is issuing its fiscal year 2025 financial guidance, as follows:

    Total revenues (reported)

    $2.60 - $2.81 billion*

    Adjusted EBITDA

    $575 – $615 million

    Adjusted EBITDA margin

    22%

    Adjusted diluted EPS

    $2.07 - $2.57

    * Full-year revenue is expected to be negatively impacted by foreign currency exchange of $55 million based on currency rates as of January 31, 2025. Please see page 7 of the Fourth Quarter and Full-year 2024 Financial Results presentation on the "Investor Relations" page of the Company's website for the full list of assumptions on which the Company's 2025 financial guidance is based.

    A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits, employee compensation costs and other adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."

    Conference Call Information

    QuidelOrtho will hold a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call on the "Events & Presentations" section of the "Investor Relations" page of the Company's website at https://ir.quidelortho.com. Presentation materials will also be posted to the "Events & Presentations" section of the "Investor Relations" page of the Company's website at the time of the call. Those unable to access the webcast may join the call via phone by dialing 833-470-1428 (domestic) or +1 929-526-1599 (international) and entering Conference ID number 356254.

    A replay of the conference call will be available shortly after the event on the "Investor Relations" page of the Company's website under the "Events & Presentations" section.

    QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.

    About QuidelOrtho Corporation

    QuidelOrtho Corporation (NASDAQ:QDEL) is a world leader in in-vitro diagnostics, developing and manufacturing intelligent solutions that transform data into understanding and action for more people in more places every day.

    Offering industry-leading expertise in immunoassay and molecular testing, clinical chemistry, and transfusion medicine, bringing fast, accurate and reliable diagnostics when and where they are needed – from home to hospital, lab to clinic. So that patients, clinicians and health officials can spot trends sooner, respond quicker and chart the course ahead with accuracy and confidence.

    Building upon its many years of groundbreaking innovation, QuidelOrtho continues to partner with customers across the healthcare continuum and around the globe to forge a new diagnostic frontier. One where insights and solutions know no bounds, expertise seamlessly connects and a more informed path is illuminated for each of us.

    Source: QuidelOrtho Corporation

    Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's commercial, integration and other strategic goals, financial guidance and related assumptions and other future financial condition and operating results, including expected results of cost-savings initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek," or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of today and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the business combination of Quidel Corporation and Ortho Clinical Diagnostics Holdings plc; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent reports filed with the Securities and Exchange Commission (the "Commission"), including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date hereof. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.

    Non-GAAP Financial Measures

    This press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission, including but not limited to "constant currency Labs revenue changes, excluding COVID-19 and non-core revenues," "constant currency respiratory revenue changes," "constant currency respiratory revenue changes, excluding COVID-19 revenue," "adjusted diluted EPS," "adjusted EBITDA," "adjusted EBITDA margin," and other non-GAAP financial measures included in the reconciliation tables accompanying this press release. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results and comparison to competitors' operating results. The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

     

    QuidelOrtho

    Consolidated Statements of Operations

    (Unaudited)

    (In millions except per share data)

     

     

     

     

     

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    December 29,

    2024

     

    December 31,

    2023

    Total revenues

    $

    707.8

     

    $

    742.6

     

    $

    2,782.9

     

    $

    2,997.8

     

    Cost of sales, excluding amortization of intangibles

     

    381.7

     

     

    360.0

     

     

    1,496.4

     

     

    1,500.7

     

    Selling, marketing and administrative

     

    187.5

     

     

    187.6

     

     

    766.8

     

     

    763.2

     

    Research and development

     

    47.3

     

     

    59.3

     

     

    218.7

     

     

    245.0

     

    Amortization of intangible assets

     

    47.9

     

     

    51.2

     

     

    203.4

     

     

    204.8

     

    Acquisition and integration costs

     

    36.9

     

     

    33.0

     

     

    127.2

     

     

    113.4

     

    Goodwill impairment charge

     

    78.7

     

     

    —

     

     

    1,822.6

     

     

    —

     

    Asset impairment charge

     

    —

     

     

    1.3

     

     

    56.9

     

     

    4.5

     

    Other operating expenses

     

    28.2

     

     

    10.1

     

     

    51.8

     

     

    27.1

     

    Operating (loss) income

     

    (100.4

    )

     

    40.1

     

     

    (1,960.9

    )

     

    139.1

     

    Interest expense, net

     

    40.6

     

     

    36.7

     

     

    163.5

     

     

    147.6

     

    Other expense, net

     

    (0.1

    )

     

    12.6

     

     

    7.1

     

     

    20.6

     

    Loss before income taxes

     

    (140.9

    )

     

    (9.2

    )

     

    (2,131.5

    )

     

    (29.1

    )

    Provision for (benefit from) income taxes

     

    12.5

     

     

    (16.2

    )

     

    (104.5

    )

     

    (19.0

    )

    Net (loss) income

    $

    (153.4

    )

    $

    7.0

     

    $

    (2,027.0

    )

    $

    (10.1

    )

    Basic (loss) earnings per share

    $

    (2.28

    )

    $

    0.10

     

    $

    (30.16

    )

    $

    (0.15

    )

    Diluted (loss) earnings per share

    $

    (2.28

    )

    $

    0.10

     

    $

    (30.16

    )

    $

    (0.15

    )

    Weighted-average shares outstanding - basic

     

    67.3

     

     

    66.9

     

     

    67.2

     

     

    66.8

     

    Weighted-average shares outstanding - diluted

     

    67.3

     

     

    67.3

     

     

    67.2

     

     

    66.8

     

     

    QuidelOrtho

    Condensed Consolidated Balance Sheets

    (Unaudited)

    (In millions)

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    98.3

     

     

    $

    118.9

     

    Marketable securities

     

    —

     

     

     

    48.4

     

    Accounts receivable, net

     

    282.4

     

     

     

    303.3

     

    Inventories

     

    533.7

     

     

     

    577.8

     

    Prepaid expenses and other current assets

     

    262.4

     

     

     

    262.1

     

    Assets held for sale

     

    42.1

     

     

     

    —

     

    Total current assets

     

    1,218.9

     

     

     

    1,310.5

     

    Property, plant and equipment, net

     

    1,380.2

     

     

     

    1,443.8

     

    Marketable securities

     

    —

     

     

     

    7.4

     

    Right-of-use assets

     

    168.7

     

     

     

    169.6

     

    Goodwill

     

    649.5

     

     

     

    2,492.0

     

    Intangible assets, net

     

    2,735.6

     

     

     

    2,934.3

     

    Deferred tax assets

     

    25.0

     

     

     

    25.9

     

    Other assets

     

    270.7

     

     

     

    179.6

     

    Total assets

    $

    6,448.6

     

     

    $

    8,563.1

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    246.0

     

     

    $

    294.8

     

    Accrued payroll and related expenses

     

    116.9

     

     

     

    84.8

     

    Income tax payable

     

    5.4

     

     

     

    11.1

     

    Current portion of borrowings

     

    341.8

     

     

     

    139.8

     

    Other current liabilities

     

    288.7

     

     

     

    303.3

     

    Total current liabilities

     

    998.8

     

     

     

    833.8

     

    Operating lease liabilities

     

    167.2

     

     

     

    172.8

     

    Long-term borrowings

     

    2,141.3

     

     

     

    2,274.8

     

    Deferred tax liabilities

     

    76.5

     

     

     

    192.2

     

    Other liabilities

     

    55.3

     

     

     

    83.6

     

    Total liabilities

     

    3,439.1

     

     

     

    3,557.2

     

    Total stockholders' equity

     

    3,009.5

     

     

     

    5,005.9

     

    Total liabilities and stockholders' equity

    $

    6,448.6

     

     

    $

    8,563.1

     

     

    QuidelOrtho

    Condensed Consolidated Statements of Cash Flows

    (Unaudited)

    (In millions)

     

     

     

     

     

    Fiscal Year Ended

     

     

    December 29, 2024

     

    December 31, 2023

    Cash provided by operating activities

    $

    83.0

     

     

    $

    280.2

     

    Cash used for investing activities

     

    (149.9

    )

     

     

    (187.6

    )

    Cash provided by (used for) financing activities

     

    48.8

     

     

     

    (265.8

    )

    Effect of exchange rates on cash

     

    (2.9

    )

     

     

    (1.2

    )

    Net decrease in cash, cash equivalents and restricted cash

     

    (21.0

    )

     

     

    (174.4

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

    119.5

     

     

     

    293.9

     

    Cash, cash equivalents and restricted cash at end of period

    $

    98.5

     

     

    $

    119.5

     

     

     

     

     

    Reconciliation to amounts within the consolidated balance sheets:

     

     

     

    Cash and cash equivalents

    $

    98.3

     

     

    $

    118.9

     

    Restricted cash in Other assets

     

    0.2

     

     

     

    0.6

     

    Cash, cash equivalents and restricted cash

    $

    98.5

     

     

    $

    119.5

     

     

    QuidelOrtho

    Reconciliation of Non-GAAP Financial Information - Adjusted Net Income

    (In millions, except per share data; unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

     

    December 29,

    2024

     

    Diluted EPS

     

    December 31,

    2023

     

    Diluted EPS

     

    December 29,

    2024

     

    Diluted EPS

     

    December 31,

    2023

     

    Diluted EPS

    Net (loss) income

    $

    (153.4

    )

     

    $

    (2.28

    )

     

    $

    7.0

     

     

    $

    0.10

     

     

    $

    (2,027.0

    )

     

    $

    (30.16

    )

     

    $

    (10.1

    )

     

    $

    (0.15

    )

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Amortization of intangibles

     

    47.9

     

     

     

     

     

    51.2

     

     

     

     

     

    203.4

     

     

     

     

     

    204.8

     

     

     

    Acquisition and integration costs

     

    36.9

     

     

     

     

     

    33.0

     

     

     

     

     

    127.2

     

     

     

     

     

    113.4

     

     

     

    Goodwill impairment charge

     

    78.7

     

     

     

     

     

    —

     

     

     

     

     

    1,822.6

     

     

     

     

     

    —

     

     

     

    Asset impairment charge

     

    —

     

     

     

     

     

    1.3

     

     

     

     

     

    56.9

     

     

     

     

     

    4.5

     

     

     

    Asset write off

     

    20.0

     

     

     

     

     

    —

     

     

     

     

     

    20.0

     

     

     

     

     

    —

     

     

     

    Incremental depreciation on PP&E fair value

    adjustment

     

    8.3

     

     

     

     

     

    8.2

     

     

     

     

     

    35.1

     

     

     

     

     

    33.5

     

     

     

    Amortization of deferred cloud computing implementation costs

     

    4.1

     

     

     

     

     

    3.3

     

     

     

     

     

    14.7

     

     

     

     

     

    9.2

     

     

     

    Loss on disposal

     

    1.2

     

     

     

     

     

    —

     

     

     

     

     

    1.2

     

     

     

     

     

    —

     

     

     

    EU medical device regulation transition costs

     

    0.5

     

     

     

     

     

    0.6

     

     

     

     

     

    2.0

     

     

     

     

     

    2.5

     

     

     

    Tax indemnification expense

     

    —

     

     

     

     

     

    12.8

     

     

     

     

     

    —

     

     

     

     

     

    12.6

     

     

     

    Employee compensation charges

     

    —

     

     

     

     

     

    —

     

     

     

     

     

    5.6

     

     

     

     

     

    —

     

     

     

    Credit Agreement amendment fees

     

    —

     

     

     

     

     

    —

     

     

     

     

     

    4.0

     

     

     

     

     

    —

     

     

     

    Non-cash interest expense for deferred consideration

     

    —

     

     

     

     

     

    —

     

     

     

     

     

    —

     

     

     

     

     

    0.7

     

     

     

    (Gain) loss on investments

     

    (0.7

    )

     

     

     

     

    2.4

     

     

     

     

     

    (0.7

    )

     

     

     

     

    3.6

     

     

     

    Other adjustments

     

    0.6

     

     

     

     

     

    (0.9

    )

     

     

     

     

    4.0

     

     

     

     

     

    1.7

     

     

     

    Income tax impact of adjustments

     

    (38.6

    )

     

     

     

     

    (30.0

    )

     

     

     

     

    (174.6

    )

     

     

     

     

    (87.5

    )

     

     

    Discrete tax items

     

    37.1

     

     

     

     

     

    (10.3

    )

     

     

     

     

    30.6

     

     

     

     

     

    (11.2

    )

     

     

    Adjusted net income

    $

    42.6

     

     

    $

    0.63

     

     

    $

    78.6

     

     

    $

    1.17

     

     

    $

    125.0

     

     

    $

    1.85

     

     

    $

    277.7

     

     

    $

    4.13

     

    Weighted-average shares outstanding - diluted

     

     

     

    67.6

     

     

     

     

     

    67.3

     

     

     

     

     

    67.4

     

     

     

     

     

    67.3

     

     

    QuidelOrtho

    Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA

    (In millions, unaudited)

     

     

     

     

     

     

     

    Three Months Ended

     

    Fiscal Year Ended

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    December 29,

    2024

     

    December 31,

    2023

    Net (loss) income

    $

    (153.4

    )

     

    $

    7.0

     

     

    $

    (2,027.0

    )

     

    $

    (10.1

    )

    Depreciation and amortization

     

    109.3

     

     

     

    115.4

     

     

     

    453.4

     

     

     

    457.2

     

    Interest expense, net

     

    40.6

     

     

     

    36.7

     

     

     

    163.5

     

     

     

    147.6

     

    Provision for (benefit from) income taxes

     

    12.5

     

     

     

    (16.2

    )

     

     

    (104.5

    )

     

     

    (19.0

    )

    Acquisition and integration costs

     

    36.9

     

     

     

    33.0

     

     

     

    127.2

     

     

     

    113.4

     

    Goodwill impairment charge

     

    78.7

     

     

     

    —

     

     

     

    1,822.6

     

     

     

    —

     

    Asset impairment charge

     

    —

     

     

     

    1.3

     

     

     

    56.9

     

     

     

    4.5

     

    Asset write off

     

    20.0

     

     

     

    —

     

     

     

    20.0

     

     

     

    —

     

    Amortization of deferred cloud computing implementation costs

     

    4.1

     

     

     

    3.3

     

     

     

    14.7

     

     

     

    9.2

     

    Loss on disposal

     

    1.2

     

     

     

    —

     

     

     

    1.2

     

     

     

    —

     

    EU medical device regulation transition costs

     

    0.5

     

     

     

    0.6

     

     

     

    2.0

     

     

     

    2.5

     

    Tax indemnification expense

     

    —

     

     

     

    12.8

     

     

     

    —

     

     

     

    12.6

     

    Employee compensation charges

     

    —

     

     

     

    —

     

     

     

    5.6

     

     

     

    —

     

    Credit Agreement amendment fees

     

    —

     

     

     

    —

     

     

     

    4.0

     

     

     

    —

     

    (Gain) loss on investments

     

    (0.7

    )

     

     

    2.4

     

     

     

    (0.7

    )

     

     

    3.6

     

    Other adjustments

     

    0.6

     

     

     

    (0.9

    )

     

     

    4.0

     

     

     

    1.7

     

    Adjusted EBITDA

    $

    150.3

     

     

    $

    195.4

     

     

    $

    542.9

     

     

    $

    723.2

     

     

     

     

     

     

     

     

     

    Total revenues

     

    707.8

     

     

     

    742.6

     

     

     

    2,782.9

     

     

     

    2,997.8

     

    Adjusted EBITDA margin

     

    21.2

    %

     

     

    26.3

    %

     

     

    19.5

    %

     

     

    24.1

    %

     

    QuidelOrtho

    Reconciliation of Non-GAAP Financial Information - Revenues by Business Unit and Region

    (In millions, unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    Respiratory revenues

    $

    143.2

    $

    174.6

    (18.0

    )%

    —

    %

    (18.0

    )%

    (1.2

    )%

    (16.8

    )%

    Non-Respiratory revenues

     

    564.6

     

     

    568.0

     

    (0.6

    )%

    (0.4

    )%

    (0.2

    )%

    —

    %

    (0.2

    )%

    Total revenues

    $

    707.8

     

    $

    742.6

     

    (4.7

    )%

    (0.3

    )%

    (4.4

    )%

    (1.3

    )%

    (3.1

    )%

     

    Three Months Ended

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    Labs

    $

    359.7

    $

    351.9

    2.2

    %

    (0.6

    )%

    2.8

    %

    (0.4

    )%

    3.2

    %

    Immunohematology

     

    136.7

     

     

    132.3

     

    3.3

    %

    (0.2

    )%

    3.5

    %

    —

    %

    3.5

    %

    Donor Screening

     

    19.8

     

     

    33.1

     

    (40.2

    )%

    (0.1

    )%

    (40.1

    )%

    —

    %

    (40.1

    )%

    Point of Care

     

    184.8

     

     

    216.8

     

    (14.8

    )%

    —

    %

    (14.8

    )%

    (1.3

    )%

    (13.5

    )%

    Molecular Diagnostics

     

    6.8

     

     

    8.5

     

    (20.0

    )%

    1.4

    %

    (21.4

    )%

    (2.8

    )%

    (18.6

    )%

    Total revenues

    $

    707.8

     

    $

    742.6

     

    (4.7

    )%

    (0.3

    )%

    (4.4

    )%

    (1.3

    )%

    (3.1

    )%

     

    Three Months Ended

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    North America

    $

    399.6

    $

    450.3

    (11.3

    )%

    0.1

    %

    (11.4

    )%

    (1.1

    )%

    (10.3

    )%

    EMEA

     

    85.9

     

     

    90.9

     

    (5.5

    )%

    0.6

    %

    (6.1

    )%

    (1.0

    )%

    (5.1

    )%

    China

     

    86.9

     

     

    77.1

     

    12.7

    %

    1.8

    %

    10.9

    %

    —

    %

    10.9

    %

    Other

     

    135.4

     

     

    124.3

     

    8.9

    %

    (4.0

    )%

    12.9

    %

    (0.3

    )%

    13.2

    %

    Total revenues

    $

    707.8

     

    $

    742.6

     

    (4.7

    )%

    (0.3

    )%

    (4.4

    )%

    (1.3

    )%

    (3.1

    )%

    (a)

    The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

     

     

    Fiscal Year Ended

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    Respiratory revenues

    $

    503.9

    $

    714.6

    (29.5

    )%

    —

    %

    (29.5

    )%

    (33.9

    )%

    4.4

    %

    Non-Respiratory revenues

     

    2,279.0

     

     

    2,283.2

     

    (0.2

    )%

    (0.8

    )%

    0.6

    %

    —

    %

    0.6

    %

    Total revenues (b)

    $

    2,782.9

     

    $

    2,997.8

     

    (7.2

    )%

    (0.6

    )%

    (6.6

    )%

    (7.6

    )%

    1.0

    %

     

    Fiscal Year Ended

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    Labs (b)

    $

    1,426.7

    $

    1,425.4

    0.1

    %

    (0.9

    )%

    1.0

    %

    (0.4

    )%

    1.4

    %

    Immunohematology

     

    522.6

     

     

    512.4

     

    2.0

    %

    (1.2

    )%

    3.2

    %

    —

    %

    3.2

    %

    Donor Screening

     

    115.5

     

     

    136.1

     

    (15.1

    )%

    —

    %

    (15.1

    )%

    —

    %

    (15.1

    )%

    Point of Care

     

    694.1

     

     

    892.2

     

    (22.2

    )%

    —

    %

    (22.2

    )%

    (24.9

    )%

    2.7

    %

    Molecular Diagnostics

     

    24.0

     

     

    31.7

     

    (24.3

    )%

    0.5

    %

    (24.8

    )%

    (20.9

    )%

    (3.9

    )%

    Total revenues (b)

    $

    2,782.9

     

    $

    2,997.8

     

    (7.2

    )%

    (0.6

    )%

    (6.6

    )%

    (7.6

    )%

    1.0

    %

     

    Fiscal Year Ended

     

     

     

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

     

    Less: COVID-19 revenue impact

     

    Constant Currency(a)

    ex COVID-19 Revenue

    North America

    $

    1,619.8

    $

    1,877.1

    (13.7

    )%

    —

    %

    (13.7

    )%

    (11.1

    )%

    (2.6

    )%

    EMEA

     

    335.8

     

     

    327.3

     

    2.6

    %

    0.4

    %

    2.2

    %

    (1.0

    )%

    3.2

    %

    China

     

    325.0

     

     

    310.1

     

    4.8

    %

    (1.4

    )%

    6.2

    %

    —

    %

    6.2

    %

    Other

     

    502.3

     

     

    483.3

     

    3.9

    %

    (3.6

    )%

    7.5

    %

    (0.3

    )%

    7.8

    %

    Total revenues (b)

    $

    2,782.9

     

    $

    2,997.8

     

    (7.2

    )%

    (0.6

    )%

    (6.6

    )%

    (7.6

    )%

    1.0

    %

    (a)

    The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

    (b)

    The fiscal year ended December 31, 2023 includes an approximate $19 million settlement award from a third party related to one of the Company's collaboration agreements.

     

    QuidelOrtho

    Reconciliation of Non-GAAP Financial Information - Labs Revenue

    (In millions, unaudited)

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

    Total Labs revenue

    $

    359.7

     

    $

    351.9

     

    2.2

    %

    (0.6

    )%

    2.8

    %

    COVID-19 revenue

     

    (0.7

    )

     

    (1.8

    )

     

     

     

    Non-core revenue (b)

     

    (19.2

    )

     

    (22.0

    )

     

     

     

    Total Labs revenue, ex-COVID-19 and non-core revenues

    $

    339.8

     

    $

    328.1

     

    3.6

    %

    (0.6

    )%

    4.2

    %

     
     

     

    Fiscal Year Ended

     

     

     

     

     

     

     

    December 29,

    2024

     

    December 31,

    2023

     

    % Change

     

    Currency Impact

     

    Constant Currency(a)

    Total Labs revenue

    $

    1,426.7

     

    $

    1,425.4

     

    0.1

    %

    (0.9

    )%

    1.0

    %

    COVID-19 revenue

     

    (2.5

    )

     

    (8.3

    )

     

     

     

    Non-core revenue (b)

     

    (94.2

    )

     

    (125.0

    )

     

     

     

    Total Labs revenue, ex-COVID-19 and non-core revenues

    $

    1,330.0

     

    $

    1,292.1

     

    2.9

    %

    (1.0

    )%

    3.9

    %

    (a)

    The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

    (b)

    Fourth quarter and full-year 2024 non-core revenue includes revenue from contract manufacturing. Full-year 2023 non-core revenue includes revenue from contract manufacturing and a third-party settlement.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250212064272/en/

    Investor Contact:

    Juliet Cunningham

    Vice President, Investor Relations

    [email protected]



    Media Contact:

    D. Nikki Wheeler

    Senior Director, Corporate Communications

    [email protected]

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      DEF 14A - QuidelOrtho Corp (0001906324) (Filer)

      4/8/25 4:05:50 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $QDEL
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • President and CEO Blaser Brian J. bought $249,878 worth of shares (6,033 units at $41.42) (SEC Form 4)

      4 - QuidelOrtho Corp (0001906324) (Issuer)

      12/13/24 4:12:57 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Busky Joseph M bought $99,663 worth of shares (2,150 units at $46.35) (SEC Form 4)

      4 - QuidelOrtho Corp (0001906324) (Issuer)

      2/26/24 6:48:23 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $QDEL
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Chief Operations Officer Mclellan Philip D. was granted 1,945 shares and covered exercise/tax liability with 696 shares, increasing direct ownership by 14% to 10,237 units (SEC Form 4)

      4 - QuidelOrtho Corp (0001906324) (Issuer)

      4/29/25 4:09:19 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Chief Operations Officer Mclellan Philip D. covered exercise/tax liability with 1,159 shares and was granted 3,237 shares, increasing direct ownership by 30% to 8,988 units (SEC Form 4)

      4 - QuidelOrtho Corp (0001906324) (Issuer)

      4/24/25 4:03:44 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • SEC Form 4 filed by Chief Legal Officer Hodges Michelle A

      4 - QuidelOrtho Corp (0001906324) (Issuer)

      4/22/25 4:03:40 PM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $QDEL
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • QuidelOrtho upgraded by Jefferies with a new price target

      Jefferies upgraded QuidelOrtho from Hold to Buy and set a new price target of $44.00

      5/8/25 9:44:58 AM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • QuidelOrtho upgraded by Citigroup with a new price target

      Citigroup upgraded QuidelOrtho from Neutral to Buy and set a new price target of $50.00 from $44.00 previously

      12/11/24 8:21:07 AM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • Jefferies initiated coverage on QuidelOrtho with a new price target

      Jefferies initiated coverage of QuidelOrtho with a rating of Hold and set a new price target of $43.00

      12/10/24 8:01:07 AM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care

    $QDEL
    Leadership Updates

    Live Leadership Updates

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    • QuidelOrtho Announces Appointment of Two Independent Directors to its Board

      Veteran Healthcare CEOs John R. Chiminski and R. Scott Huennekens Bring Deep Industry Experience, Operational Expertise and Financial Acumen to the QuidelOrtho Board QuidelOrtho Corporation (NASDAQ:QDEL) (the "Company" or "QuidelOrtho"), a global provider of innovative in vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced the appointments of John R. Chiminski and R. Scott Huennekens to its board of directors (the "Board"), effective December 6, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241210769572/en/R. Scott Huennekens (Photo: Business Wire) T

      12/10/24 7:00:00 AM ET
      $CTLT
      $HYPR
      $NVST
      $QDEL
      Biotechnology: Pharmaceutical Preparations
      Health Care
      Biotechnology: Electromedical & Electrotherapeutic Apparatus
      Medical/Dental Instruments
    • QuidelOrtho Announces New R&D Executive Leader

      Jonathan Siegrist appointed as EVP of R&D and CTO QuidelOrtho Corporation (NASDAQ:QDEL), a global leader in innovative diagnostic solutions, is pleased to announce the appointment of Jonathan Siegrist, PhD, as its new Executive Vice President of Research and Development (R&D) and Chief Technology Officer (CTO), effective as of October 7, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241009251239/en/Jonathan Siegrist, EVP of R&D and CTO, QuidelOrtho (Photo: Business Wire) Siegrist brings a wealth of industry expertise and leadership experience with over 15 years in molecular diagnostics, microfluidic platforms, and biomedi

      10/9/24 7:00:00 AM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care
    • QuidelOrtho Appoints Lee Bowman as Chief Human Resources Officer

      QuidelOrtho Corporation (NASDAQ:QDEL) is pleased to announce the appointment of Lee Bowman as Chief Human Resources Officer (CHRO). In this pivotal role, Bowman leads QuidelOrtho's human resources strategy, driving initiatives that bolster a dynamic and inclusive workplace culture. Bowman reports to Brian Blaser, President and Chief Executive Officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240910545042/en/Lee Bowman, Chief Human Resources Officer, QuidelOrtho (Photo: Business Wire) Bowman brings over 25 years of experience in human resources leadership, with a distinguished career that spans key roles in major industries.

      9/10/24 7:00:00 AM ET
      $QDEL
      Biotechnology: In Vitro & In Vivo Diagnostic Substances
      Health Care