Strong momentum in Labs business, with solid
non-respiratory business growth and market share gains in
industry-leading respiratory point-of-care portfolio
Fourth Quarter 2023 Results and Highlights
- Revenue was $743 million, as reported:
- Non-respiratory revenue increased by 9% as reported and in
constant currency
- Respiratory revenue decreased by 49% as reported and in
constant currency
- GAAP net cash provided by operating activities was $80 million;
adjusted free cash flow was $89 million
- Received 510(k) clearance for Savanna multiplex molecular
platform and HSV/VZV PCR assay
- Received CLIA waiver for Sofia® 2 SARS Antigen+ FIA
Full-Year 2023 Results and Highlights
- Revenue was $3.0 billion, as reported:
- Non-respiratory revenue increased by 61% as reported (largely
driven by the Combinations); supplemental combined non-respiratory
revenue increased by 5% in constant currency
- Respiratory revenue decreased by 61% as reported; supplemental
combined respiratory revenue decreased by 62% in constant
currency
- GAAP net cash provided by operating activities was $280
million; adjusted free cash flow was $270 million
- Paid down $227 million in term loan debt and completed $7
million in share repurchases
- Received more than 700 regulatory clearances in U.S., EMEA and
China
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 31,
2023.
“In our first full year operating as a combined company, we
successfully laid the foundation for building a broader-based
diagnostics company poised for future growth. We are encouraged by
the growth in our non-respiratory business, the market share gains
we are seeing in our respiratory portfolios, and the U.S. launch of
our Savanna molecular platform. Our competitive positions are
strong across the globe, and we believe our pipeline of innovative
new products and menu expansions will continue to strengthen
pull-through across our growing installed base,” said Douglas
Bryant, President and Chief Executive Officer of QuidelOrtho.
"We identified substantially greater synergies, while investing
in the business and paying down debt. For example, we completed
significant manufacturing upgrades to address instrument backlogs
and meet market demand in our Labs business. In our Transfusion
Medicine business, we are determined to continue investing in our
Immunohematology portfolio and will begin winding down the U.S.
Donor Screening portfolio,” he added.
“We have taken measures to reduce costs across the Company to
lessen the impact of macro factors, such as inflation, the
variability of the respiratory season and global supply chain
constraints. Finally, we are accelerating our business efficiency
initiatives, including our capital allocation strategy and
portfolio management processes, to support durable long-term growth
and generate shareholder value,” Bryant concluded.
Fourth Quarter 2023
The Company reported total revenue for the fourth quarter of
2023 of $743 million, compared to $867 million in the prior year
period. Foreign currency translation did not significantly impact
fourth quarter 2023 results. GAAP diluted EPS for the fourth
quarter of 2023 was $0.10, compared to $0.45 in the prior year
period. GAAP operating income for the fourth quarter of 2023 was
$40 million, compared to $87 million in the prior year period, and
GAAP operating margin was 5% in the fourth quarter of 2023,
compared to 10% in the prior year period. Fourth quarter 2023
results included $33 million in integration-related charges.
Adjusted diluted EPS for the fourth quarter of 2023 was $1.17,
compared to $1.76 in the prior year period. Adjusted EBITDA for the
fourth quarter of 2023 was $195 million, compared to $245 million
in the prior year period. Adjusted EBITDA margin for the fourth
quarter of 2023 was 26%, compared to 28% in the prior year period.
The year-over-year change in adjusted diluted EPS and adjusted
EBITDA was primarily related to the decline in COVID-19 revenue
compared to the prior year period, as anticipated.
Full-Year 2023
The Company reported total revenue for the full-year 2023 of
$3.0 billion, compared to $3.3 billion in the prior year. Foreign
currency translation did not significantly impact full-year 2023
results. GAAP diluted loss per share for the full-year 2023 was
$0.15, compared to diluted EPS of $9.56 in the prior year. GAAP
operating income for the full-year 2023 was $139 million, compared
to $844 million in the prior year, and GAAP operating margin was 5%
for the full-year 2023, compared to 26% in the prior year.
Full-year 2023 results included $113 million in integration-related
charges.
To facilitate a year-over-year comparison of the Company’s
operating performance, all growth rates referenced below are
presented on a supplemental combined basis as if Quidel Corporation
and Ortho Clinical Diagnostics Holdings plc had been combined for
the full-year 2022 and are referred to as “supplemental combined”
information.
Adjusted diluted EPS for the full-year 2023 was $4.13, compared
to supplemental combined adjusted diluted EPS of $13.80 in the
prior year. Adjusted EBITDA for the full-year 2023 was $723
million, compared to supplemental combined adjusted EBITDA of $1.54
billion in the prior year. Adjusted EBITDA margin for the full-year
2023 was 24%, compared to supplemental combined adjusted EBITDA
margin of 38% in the prior year. The year-over-year change in
adjusted EPS and adjusted EBITDA was primarily related to the
anticipated decline in COVID-19 revenue compared to the prior
year.
Fiscal Year 2024 Financial Guidance
Based on its current business outlook, the Company is providing
fiscal year 2024 financial guidance, as follows:
Total revenues (reported)
$2.76 - $3.07 billion
Non-respiratory revenue
$2.30 - $2.34 billion
Respiratory revenue
$460 - $730 million
Adjusted EBITDA
$565 - $720 million
Adjusted EBITDA %
21% - 24%
Adjusted diluted EPS
$2.40 - $3.07
Please see Slide 9 of the QuidelOrtho Q4-FY23 earnings
presentation for more information about 2024 financial guidance
assumptions.
Conference Call Information
QuidelOrtho will hold a conference call today at 2:00 p.m. PT /
5:00 p.m. ET to discuss its financial results for the fourth
quarter and full-year ended December 31, 2023. 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 929-526-1599 (international) and
entering Conference ID number 437438.
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.
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.
QuidelOrtho is advancing diagnostics to power a healthier
future.
For more information, please visit www.quidelortho.com. 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, transformation and other
strategic goals, financial guidance and other future financial
condition and operating results, and future plans, objectives,
strategies, expectations and intentions. Without limiting the
foregoing, the words “may,” “will,” “would,” “should,” “might,”
“expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,”
“goal,” “project,” “strategy,” “future,” “continue” 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:
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 (the “Combinations”) of Quidel
Corporation (“Quidel”) and Ortho Clinical Diagnostics Holdings plc
(“Ortho”); and other macroeconomic, geopolitical, market, business,
competitive and/or regulatory factors affecting the business of
QuidelOrtho generally, including those discussed under Part I, Item
1A, “Risk Factors” of QuidelOrtho’s Annual Report on Form 10-K for
the fiscal year ended January 1, 2023 and subsequent reports filed
with the Securities and Exchange Commission (the “Commission”). 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.
Supplemental Combined Financial Measures
This press release contains unaudited supplemental combined
financial information (“Supplemental Combined Information”) that
gives effect to the Combinations as if Quidel and Ortho had been
combined for the applicable periods. Certain Supplemental Combined
Information presented is based on the historical financial
statements of Quidel and Ortho with reclassification adjustments
only and do not include all of the pro forma adjustments required
under Regulation S-X Article 11 or Accounting Standards
Codification 805, Business Combinations (“ASC 805”). The
Supplemental Combined Information is provided for illustrative
purposes only, may be updated in the future, and is not
necessarily, and should not be assumed to be, indicative of the
Company’s expected results of operations or financial position that
would have been achieved had the Combinations been completed as of
the dates indicated or that may be achieved in any future period.
The Supplemental Combined Information should be considered
supplemental to, and not as a substitute for, pro forma financial
information prepared in accordance with Regulation S-X Article 11
or ASC 805 and should be read in conjunction with the information
contained in the sections entitled “The Combinations,”
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations of Ortho” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations of
Quidel” in QuidelOrtho’s joint proxy statement/prospectus (the
“Joint Proxy Statement/Prospectus”) filed with the Commission on
April 11, 2022 and the historical consolidated financial statements
and related notes appearing elsewhere in, or incorporated into, the
Joint Proxy Statement/Prospectus, and the Company’s subsequent
reports filed with the Commission. The Company’s actual results of
operations and financial position will differ, potentially
significantly, from the Supplemental Combined Information reflected
in this press release as a result of the methodology used to
prepare the Supplemental Combined Information as well as a variety
of factors, including but not limited to the effect of certain
expected financial benefits of the Combinations (such as revenue
and cost synergies), the anticipated costs to achieve these
benefits (including the cost of integration activities), tax
impacts, and changes in operating results following the date of
this press release.
Non-GAAP Financial Measures
This press release contains financial measures, including but
not limited to “constant currency” revenue changes, “adjusted net
income,” “adjusted diluted EPS,” “adjusted EBITDA,” “adjusted
EBITDA margin,” “adjusted free cash flow,” “supplemental combined
adjusted net income,” “supplemental combined adjusted diluted EPS,”
“supplemental combined adjusted EBITDA,” “supplemental combined
adjusted EBITDA margin” and “supplemental combined revenues by
business unit and region,” which are considered non-GAAP financial
measures under applicable rules and regulations of the Commission.
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”). “Adjusted net income,” “adjusted diluted EPS,” “adjusted
EBITDA,” “adjusted EBITDA margin” and “adjusted free cash flow”
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 believes that “supplemental combined
adjusted net income,” “supplemental combined adjusted diluted EPS,”
“supplemental combined adjusted EBITDA,” “supplemental combined
adjusted EBITDA margin” and “supplemental combined revenues by
business unit and region” provide helpful Supplemental Combined
Information to assist management and investors in evaluating the
Company’s adjusted operating results as if Quidel and Ortho had
been combined for the applicable periods. 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, including the non-GAAP Supplemental
Combined Information, 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 31, 2023 (a)
January 1, 2023 (b)
December 31, 2023 (a)
January 1, 2023 (b)
Total revenues
$
742.6
$
866.5
$
2,997.8
$
3,266.0
Cost of sales, excluding amortization of
intangibles
361.3
417.5
1,503.4
1,330.0
Selling, marketing and administrative
187.6
213.6
763.2
621.0
Research and development
59.3
64.3
246.8
190.5
Amortization of intangible assets
51.2
53.9
204.8
132.5
Acquisition and integration costs
33.0
26.4
113.4
136.0
Other operating expenses
10.1
4.3
27.1
12.3
Operating income
40.1
86.5
139.1
843.7
Interest expense, net
36.7
34.7
147.6
75.7
Loss on extinguishment of debt
—
—
—
24.0
Other expense, net
12.6
10.7
20.6
8.1
(Loss) income before provision for income
taxes
(9.2
)
41.1
(29.1
)
735.9
(Benefit from) provision for income
taxes
(16.2
)
10.8
(19.0
)
187.2
Net income (loss)
$
7.0
$
30.3
$
(10.1
)
$
548.7
Basic earnings (loss) per share
$
0.10
$
0.46
$
(0.15
)
$
9.66
Diluted earnings (loss) per share
$
0.10
$
0.45
$
(0.15
)
$
9.56
Weighted-average shares outstanding -
basic
66.9
66.3
66.8
56.8
Weighted-average shares outstanding -
diluted
67.3
66.9
66.8
57.4
(a)
Includes Ortho results of operations for
the three months ended and fiscal year ended December 31,
2023.
(b)
Includes Ortho results of operations for
the three months ended January 1, 2023 and from May 27, 2022
through January 1, 2023 for the fiscal year ended January 1,
2023.
QuidelOrtho
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions)
December 31, 2023
January 1, 2023
Cash and cash equivalents
$
118.9
$
292.9
Marketable securities
48.4
52.1
Accounts receivable, net
303.3
453.9
Inventories
577.8
524.1
Prepaid expenses and other current
assets
262.1
252.1
Property, plant and equipment, net
1,443.8
1,339.0
Marketable securities
7.4
21.0
Right-of-use assets
169.6
181.0
Goodwill
2,492.0
2,476.8
Intangible assets, net
2,934.3
3,123.8
Deferred tax asset
25.9
16.4
Other assets
179.6
122.7
Total assets
$
8,563.1
$
8,855.8
Accounts payable
$
294.8
$
283.3
Accrued payroll and related expenses
84.8
139.2
Income tax payable
11.1
51.6
Current portion of borrowings
139.8
207.5
Other current liabilities
303.3
325.4
Operating lease liabilities
172.8
186.4
Long-term borrowings
2,274.8
2,430.8
Deferred tax liability
192.2
213.2
Other liabilities
83.6
83.8
Total liabilities
3,557.2
3,921.2
Total stockholders’ equity
5,005.9
4,934.6
Total liabilities and stockholders’
equity
$
8,563.1
$
8,855.8
QuidelOrtho
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In millions)
Fiscal Year Ended
December 31, 2023 (a)
January 1, 2023 (b)
Cash provided by operating activities
$
280.2
$
885.3
Cash used for investing activities
(187.6
)
(1,644.2
)
Cash (used for) provided by financing
activities
(265.8
)
252.0
Effect of exchange rate changes on
cash
(1.2
)
(2.0
)
Net decrease in cash, cash equivalents and
restricted cash
(174.4
)
(508.9
)
Cash, cash equivalents and restricted cash
at beginning of period
293.9
802.8
Cash, cash equivalents and restricted cash
at end of period
$
119.5
$
293.9
Reconciliation to amounts within the
consolidated balance sheets:
Cash and cash equivalents
$
118.9
$
292.9
Restricted cash in Other assets
0.6
1.0
Cash, cash equivalents and restricted
cash
$
119.5
$
293.9
(a)
Includes Ortho activities for the fiscal
year ended December 31, 2023.
(b)
Includes Ortho activities from May 27,
2022 through January 1, 2023.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Net Income
(In millions, except per share
data; unaudited)
Three Months Ended
Fiscal Year Ended
December 31, 2023 (a)
Diluted EPS
January 1, 2023 (b)
Diluted EPS
December 31, 2023 (a)
Diluted EPS
January 1, 2023 (b)
Diluted EPS
Net income (loss)
$
7.0
$
0.10
$
30.3
$
0.45
$
(10.1
)
$
(0.15
)
$
548.7
$
9.56
Adjustments:
Amortization of intangibles
51.2
53.9
204.8
132.5
Acquisition and integration costs
33.0
26.4
113.4
136.0
Tax indemnification expense
12.8
—
12.6
—
Incremental depreciation on PP&E fair
value adjustment
8.2
9.2
33.5
10.5
Amortization of deferred cloud computing
implementation costs
3.3
1.5
9.2
5.4
Loss on investments
2.4
5.0
3.6
5.8
Impairment of long-lived assets
1.3
2.8
4.5
2.8
EU medical device regulation transition
costs
0.6
0.5
2.5
1.5
Unwind inventory fair value adjustment
—
14.0
—
60.6
Employee compensation charges
—
1.7
—
3.2
Noncash interest expense for deferred
consideration
—
0.6
0.7
2.9
Loss on extinguishment of debt
—
—
—
24.0
Derivative mark-to-market gain
—
—
—
(4.4
)
Other adjustments
(0.9
)
0.2
1.7
0.6
Income tax impact of adjustments
(30.0
)
(30.3
)
(87.5
)
(76.8
)
Discrete tax items
(10.3
)
1.8
(11.2
)
2.4
Adjusted net income
$
78.6
$
1.17
$
117.6
$
1.76
$
277.7
$
4.13
$
855.7
$
14.91
Ortho pre-combination adjusted net
income
—
—
—
77.2
Supplemental combined adjusted net
income
$
78.6
$
1.17
$
117.6
$
1.76
$
277.7
$
4.13
$
932.9
$
13.80
Weighted-average shares outstanding -
diluted
67.3
66.9
67.3
57.4
Weighted-average shares outstanding -
diluted - supplemental combined
67.3
66.9
67.3
67.6
(a)
Adjusted net income includes Ortho
activities for the three months ended and fiscal year ended
December 31, 2023.
(b)
Adjusted net income includes Ortho
activities for the three months ended January 1, 2023 and from May
27, 2022 through January 1, 2023 for the fiscal year ended January
1, 2023.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted EBITDA
(In millions, unaudited)
Three Months Ended
Fiscal Year Ended
December 31, 2023 (a)
January 1, 2023 (b)
December 31, 2023 (a)
January 1, 2023 (b)
Net income (loss)
$
7.0
$
30.3
$
(10.1
)
$
548.7
Depreciation and amortization
115.4
116.6
457.2
283.6
Interest expense, net
36.7
34.7
147.6
75.7
(Benefit from) provision for income
taxes
(16.2
)
10.8
(19.0
)
187.2
Acquisition and integration costs
33.0
26.4
113.4
136.0
Tax indemnification expense
12.8
0.6
12.6
0.3
Amortization of deferred cloud computing
implementation costs
3.3
1.5
9.2
5.4
Loss on investments
2.4
5.0
3.6
5.8
Impairment of long-lived assets
1.3
2.8
4.5
2.8
EU medical device regulation transition
costs
0.6
0.5
2.5
1.5
Unwind inventory fair value adjustment
—
14.0
—
60.6
Employee compensation charges
—
1.7
—
3.2
Loss on extinguishment of debt
—
—
—
24.0
Derivative mark-to-market gain
—
—
—
(4.4
)
Other adjustments
(0.9
)
0.2
1.7
0.6
Adjusted EBITDA
$
195.4
$
245.1
$
723.2
$
1,331.0
Ortho pre-combination Adjusted EBITDA
—
—
—
212.5
Supplemental combined Adjusted EBITDA
$
195.4
$
245.1
$
723.2
$
1,543.5
(a)
Adjusted EBITDA includes Ortho activities
for the three months ended and fiscal year ended December 31,
2023.
(b)
Adjusted EBITDA includes Ortho activities
for the three months ended January 1, 2023 and from May 27, 2022
through January 1, 2023 for the fiscal year ended January 1,
2023.
QuidelOrtho
Supplemental Combined Revenues by
Business Unit and Region
(In millions, unaudited)
Three Months Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
174.6
$
344.0
(49.2
) %
0.1
%
(49.3
) %
Non-Respiratory revenues
568.0
522.5
8.7
%
(0.3
) %
9.0
%
Total revenues
$
742.6
$
866.5
(14.3
) %
—
%
(14.3
) %
Three Months Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
Labs
$
351.9
$
314.7
11.8
%
(0.5
) %
12.3
%
(1.0
) %
13.3
%
Transfusion Medicine
165.4
162.5
1.8
%
(0.4
) %
2.2
%
—
%
2.2
%
Point of Care
216.8
374.7
(42.1
) %
0.1
%
(42.2
) %
(48.2
) %
6.0
%
Molecular Diagnostics
8.5
14.6
(41.8
) %
—
%
(41.8
) %
(31.3
) %
(10.5
) %
Total revenues
$
742.6
$
866.5
(14.3
) %
—
%
(14.3
) %
(23.3
) %
9.0
%
Three Months Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
North America
$
450.3
$
619.2
(27.3
) %
(0.5
) %
(26.8
) %
(26.7
) %
(0.1
) %
EMEA
90.9
75.8
19.9
%
1.8
%
18.1
%
(4.9
) %
23.0
%
China
77.1
56.9
35.5
%
(2.4
) %
37.9
%
0.7
%
37.2
%
Other
124.3
114.6
8.5
%
1.6
%
6.9
%
(3.4
) %
10.3
%
Total revenues
$
742.6
$
866.5
(14.3
) %
—
%
(14.3
) %
(23.3
) %
9.0
%
(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.
Fiscal Year Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
714.6
$
1,866.5
(61.7
) %
—
%
(61.7
) %
Non-Respiratory revenues
2,283.2
2,184.7
4.5
%
(0.9
) %
5.4
%
Total supplemental combined revenues
(b)
$
2,997.8
$
4,051.2
(26.0
) %
(0.1
) %
(25.9
) %
Fiscal Year Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
Labs (b)
$
1,425.4
$
1,331.2
7.1
%
(1.0
) %
8.1
%
(1.9
) %
10.0
%
Transfusion Medicine
648.5
668.1
(2.9
) %
(0.9
) %
(2.0
) %
—
%
(2.0
) %
Point of Care
892.2
1,955.2
(54.4
) %
(0.1
) %
(54.3
) %
(56.1
) %
1.8
%
Molecular Diagnostics
31.7
96.7
(67.2
) %
0.1
%
(67.3
) %
(54.0
) %
(13.3
) %
Total supplemental combined revenues
(b)
$
2,997.8
$
4,051.2
(26.0
) %
(0.1
) %
(25.9
) %
(31.3
) %
5.4
%
Fiscal Year Ended
December 31, 2023
January 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
North America
$
1,877.1
$
2,970.3
(36.8
) %
(0.3
) %
(36.5
) %
(37.0
) %
0.5
%
EMEA
327.3
316.4
3.4
%
0.1
%
3.3
%
(4.8
) %
8.1
%
China
310.1
297.1
4.4
%
(4.4
) %
8.8
%
(12.1
) %
20.9
%
Other
483.3
467.4
3.4
%
—
%
3.4
%
(5.3
) %
8.7
%
Total supplemental combined revenues
(b)
$
2,997.8
$
4,051.2
(26.0
) %
(0.1
) %
(25.9
) %
(31.3
) %
5.4
%
Supplemental combined revenues for the
prior period in the tables above include Ortho revenues as if the
acquisition had occurred on January 2, 2022.
(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 - Adjusted Free Cash Flow
(In millions, unaudited)
Three Months Ended
Fiscal Year Ended
December 31, 2023
December 31, 2023
Net cash provided by operating
activities
$
80.4
$
280.2
Adjustments:
Capital expenditures
(45.1
)
(191.4
)
Other payments (a)
53.3
180.8
Adjusted free cash flow
$
88.6
$
269.6
(a)
For the three months ended December 31,
2023, other payments include $29 million related to acquisition,
integration and other costs, $17 million of integration-related
cloud computing implementation costs and $7 million of other
integration-related capital expenditures. For the fiscal year ended
December 31, 2023, other payments include $116 million related to
acquisition, integration and other costs, $47 million of
integration-related cloud computing implementation costs and $18
million of other integration-related capital
expenditures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240213148542/en/
Investor Contact: Juliet Cunningham Vice President,
Investor Relations IR@quidelortho.com
Media Contact: Stephanie Kleewein Communications Manager
media@quidelortho.com
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