― Company reinstates 2024 financial guidance
―
― Drives cost-savings and growth initiatives
―
― Strengthens leadership team and aligns
organization for improved effectiveness ―
Third Quarter 2024 Results and Recent Developments
(all comparisons are to the prior year period)
- Reported revenue was $727 million
- Recurring revenue1 was $598 million as reported with no
significant change in constant currency, excluding COVID-19 and
U.S. Donor Screening revenue
- Labs revenue grew 4% as reported and 5% in constant
currency
- GAAP operating expenses2 of $242 million decreased by $13
million; non-GAAP operating expenses of $232 million decreased by
$17 million, reflecting ongoing implementation of cost
efficiencies
- GAAP net loss margin was (3%); GAAP operating margin was 2%;
adjusted EBITDA margin was 23.5%, an increase of 80 basis
points
- GAAP net cash provided by operating activities was $118
million; adjusted free cash flow was $120 million
- Strengthened leadership team with the addition of a new Chief
Technology Officer and Chief Human Resources Officer
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
third quarter ended September 29, 2024.
“We delivered solid third quarter results, giving us confidence
that our strategic priorities and focus on our customers, business
growth and margin improvement are gaining traction,” said Brian J.
Blaser, President and Chief Executive Officer, QuidelOrtho. “We
remain focused on our top business-critical priorities, including
delivering on our customer commitments with the highest levels of
quality and compliance, as well as executing on company-wide
cost-savings and business efficiency initiatives. Further, we
continue to reinforce the strength of our leadership team with key
talent hires, while also aligning our organization to be more
agile, reducing complexity and increasing customer focus.”
Third Quarter 2024
The Company reported total revenue for the third quarter of 2024
of $727 million, compared to $744 million in the prior year period.
The decrease in total revenue was primarily due to higher COVID-19
and influenza revenue in the prior year period. Foreign currency
translation impacted the Company’s Labs business by 100 basis
points but did not significantly impact the Company’s overall third
quarter 2024 revenue.
GAAP diluted loss per share for the third quarter of 2024 was
($0.30), compared to diluted loss per share of ($0.19) in the prior
year period. GAAP net loss for the third quarter of 2024 was $20
million, compared to $13 million in the prior year period. GAAP
operating income for the third quarter of 2024 was $15 million,
compared to an operating income of $26 million in the prior year
period, and GAAP operating margin was 2%, compared to 4% in the
prior year period. Third quarter 2024 results included $37 million
in integration-related charges.
Adjusted diluted earnings per share (“EPS”) for the third
quarter of 2024 was $0.85, compared to adjusted diluted EPS of
$0.90 in the prior year period. Adjusted EBITDA for the third
quarter of 2024 was $171 million, compared to $169 million in the
prior year period. Adjusted EBITDA margin for the third quarter of
2024 was 23.5%, compared to 22.7% in the prior year period.
_____________________________
1
Recurring revenue, a non-GAAP measure,
means revenues from sales of our assays, reagents, consumables and
services, and excludes instruments. See “Non-GAAP Financial
Measures” for an explanation of our non-GAAP financial
measures.
2
Operating expenses includes Selling,
Marketing and Administrative and Research and Development
expenses.
Full-year 2024 Financial Guidance
The Company reinstated its full year 2024 financial guidance as
of November 7, 2024, as follows:
Total revenues (reported)
$2.75 - $2.80 billion
Adjusted EBITDA
$530 – $550 million
Adjusted EBITDA margin
19.3% - 19.6%
Adjusted diluted EPS
$1.69 - $1.91
Please see the Third Quarter 2024
Financial Results presentation on the “Investor Relations” page of
the Company’s website for the assumptions on which the Company’s
2024 financial guidance is based.
Joseph Busky, Chief Financial Officer of QuidelOrtho remarked,
“Our decision to reinstate our full year financial guidance
reflects our solid performance in the first nine months of the
year, and more importantly, increased visibility into the impact of
our cost-savings initiatives. This 2024 financial guidance is in
line with the commentary we shared earlier this year. Looking
forward, the cost-savings initiatives support our previously
announced plan to achieve $100 million in annualized cost-savings
and position us to realize incremental cost-savings in the
future.”
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 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 117739.
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 other future financial condition and
operating results, including results of cost-savings initiatives,
and other 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: 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
“recurring revenue, excluding COVID-19 and U.S. Donor Screening
revenue,” “constant currency, recurring revenue and revenue
changes, excluding COVID-19 and U.S. Donor Screening revenue,”
“constant currency, Labs revenue and revenue changes,” “non-GAAP
operating expenses,” “adjusted diluted EPS,” “adjusted EBITDA,”
“adjusted EBITDA margin,” “adjusted free cash flow” 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
Nine Months Ended
September 29, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Total revenues
$
727.1
$
744.0
$
2,075.1
$
2,255.2
Cost of sales, excluding amortization of
intangibles
374.8
374.6
1,114.7
1,140.7
Selling, marketing and administrative
186.4
194.1
579.3
575.6
Research and development
55.9
61.5
171.4
185.7
Amortization of intangible assets
51.9
51.4
155.5
153.6
Integration related costs
36.8
26.5
90.3
80.4
Goodwill impairment charge
—
—
1,743.9
—
Asset impairment charge
—
2.2
56.9
3.2
Other operating expenses
6.3
7.4
23.6
17.0
Operating income (loss)
15.0
26.3
(1,860.5
)
99.0
Interest expense, net
42.9
37.7
122.9
110.9
Other expense, net
0.9
4.1
7.2
8.0
Loss before income taxes
(28.8
)
(15.5
)
(1,990.6
)
(19.9
)
Benefit from income taxes
(8.9
)
(2.8
)
(117.0
)
(2.8
)
Net loss
$
(19.9
)
$
(12.7
)
$
(1,873.6
)
$
(17.1
)
Basic loss per share
$
(0.30
)
$
(0.19
)
$
(27.92
)
$
(0.26
)
Diluted loss per share
$
(0.30
)
$
(0.19
)
$
(27.92
)
$
(0.26
)
Weighted-average shares outstanding -
basic
67.3
66.9
67.1
66.8
Weighted-average shares outstanding -
diluted
67.3
66.9
67.1
66.8
QuidelOrtho
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions)
September 29, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
143.7
$
118.9
Marketable securities
—
48.4
Accounts receivable, net
294.9
303.3
Inventories
577.0
577.8
Prepaid expenses and other current
assets
344.2
262.1
Assets held for sale
52.8
—
Total current assets
1,412.6
1,310.5
Property, plant and equipment, net
1,363.9
1,443.8
Marketable securities
—
7.4
Right-of-use assets
175.3
169.6
Goodwill
770.6
2,492.0
Intangible assets, net
2,795.9
2,934.3
Deferred tax assets
25.7
25.9
Other assets
257.1
179.6
Total assets
$
6,801.1
$
8,563.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
247.2
$
294.8
Accrued payroll and related expenses
113.0
84.8
Income tax payable
1.9
11.1
Current portion of borrowings
373.8
139.8
Other current liabilities
291.4
303.3
Total current liabilities
1,027.3
833.8
Operating lease liabilities
174.0
172.8
Long-term borrowings
2,176.6
2,274.8
Deferred tax liability
117.2
192.2
Other liabilities
119.3
83.6
Total liabilities
3,614.4
3,557.2
Total stockholders’ equity
3,186.7
5,005.9
Total liabilities and stockholders’
equity
$
6,801.1
$
8,563.1
QuidelOrtho
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In millions)
Nine Months Ended
September 29, 2024
October 1, 2023
Cash provided by operating activities
$
19.3
$
199.8
Cash used for investing activities
(112.0
)
(132.5
)
Cash provided by (used for) financing
activities
117.7
(208.0
)
Effect of exchange rates on cash
(0.5
)
(3.3
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
24.5
(144.0
)
Cash, cash equivalents and restricted cash
at beginning of period
119.5
293.9
Cash, cash equivalents and restricted cash
at end of period
$
144.0
$
149.9
Reconciliation to amounts within the
consolidated balance sheets:
Cash and cash equivalents
$
143.7
$
149.3
Restricted cash in Other assets
0.3
0.6
Cash, cash equivalents and restricted
cash
$
144.0
$
149.9
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Net Income
(In millions, except per share
data; unaudited)
Three Months Ended
Nine Months Ended
September 29, 2024
Diluted EPS
October 1, 2023
Diluted EPS
September 29, 2024
Diluted EPS
October 1, 2023
Diluted EPS
Net loss
$
(19.9
)
$
(0.30
)
$
(12.7
)
$
(0.19
)
$
(1,873.6
)
$
(27.92
)
$
(17.1
)
$
(0.26
)
Adjustments:
Amortization of intangibles
51.9
51.4
155.5
153.6
Integration related costs
36.8
26.5
90.3
80.4
Goodwill impairment charge
—
—
1,743.9
—
Asset impairment charge
—
2.2
56.9
3.2
Incremental depreciation on PP&E fair
value adjustment
8.6
8.2
26.8
25.3
Amortization of deferred cloud computing
implementation costs
4.7
2.8
10.6
5.9
EU medical device regulation transition
costs
0.4
0.4
1.5
1.9
Loss on investments
—
1.0
—
1.2
Employee compensation charges
—
—
5.6
—
Credit Agreement amendment fees
—
—
4.0
—
Non-cash interest expense for deferred
consideration
—
—
—
0.7
Other adjustments
1.6
1.1
3.4
2.6
Income tax impact of adjustments
(23.4
)
(20.2
)
(136.0
)
(57.5
)
Discrete tax items
(3.3
)
—
(6.5
)
(1.1
)
Adjusted net income
$
57.4
$
0.85
$
60.7
$
0.90
$
82.4
$
1.22
$
199.1
$
2.96
Weighted-average shares outstanding -
diluted
67.5
67.3
67.4
67.3
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Non-GAAP Operating Expenses
(In millions, unaudited)
Three Months Ended September
29, 2024
Three Months Ended October 1,
2023
GAAP
Adjustments(a)
Non-GAAP
GAAP
Adjustments(a)
Non-GAAP
Selling, marketing and administrative
$
186.4
$
(9.5
)
$
176.9
$
194.1
$
(5.9
)
$
188.2
Research and development
55.9
(0.7
)
55.2
61.5
(0.3
)
61.2
Operating expenses
$
242.3
$
(10.2
)
$
232.1
$
255.6
$
(6.2
)
$
249.4
(a)
Includes the following non-GAAP
adjustments: incremental depreciation on PP&E fair value
adjustment, amortization of deferred cloud computing implementation
costs, EU medical device regulation transition costs and other
adjustments.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted EBITDA
(In millions, unaudited)
Three Months Ended
Nine Months Ended
September 29, 2024
October 1, 2023
September 29, 2024
October 1, 2023
Net loss
$
(19.9
)
$
(12.7
)
$
(1,873.6
)
$
(17.1
)
Depreciation and amortization
113.1
113.1
344.1
341.8
Interest expense, net
42.9
37.7
122.9
110.9
Benefit from income taxes
(8.9
)
(2.8
)
(117.0
)
(2.8
)
Integration related costs
36.8
26.5
90.3
80.4
Goodwill impairment charge
—
—
1,743.9
—
Asset impairment charge
—
2.2
56.9
3.2
Amortization of deferred cloud computing
implementation costs
4.7
2.8
10.6
5.9
EU medical device regulation transition
costs
0.4
0.4
1.5
1.9
Loss on investments
—
1.0
—
1.2
Employee compensation charges
—
—
5.6
—
Credit Agreement amendment fees
—
—
4.0
—
Tax indemnification income
—
(0.1
)
—
(0.2
)
Other adjustments
1.6
1.1
3.4
2.6
Adjusted EBITDA
$
170.7
$
169.2
$
392.6
$
527.8
Total revenues
$
727.1
$
744.0
$
2,075.1
$
2,255.2
Adjusted EBITDA margin
23.5
%
22.7
%
18.9
%
23.4
%
QuidelOrtho
Revenues by Business Unit and
Region
(In millions, unaudited)
Three Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
165.4
$
185.4
(10.8
)%
—
%
(10.8
)%
Non-Respiratory revenues
561.7
558.6
0.6
%
(0.6
)%
1.2
%
Total revenues
$
727.1
$
744.0
(2.3
)%
(0.5
)%
(1.8
)%
Three Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Less: COVID-19 revenue
impact
Constant Currency (a)
ex COVID-19 Revenue
Labs
$
355.9
$
341.4
4.2
%
(1.0
)%
5.2
%
(0.2
)%
5.4
%
Immunohematology
132.0
128.9
2.4
%
(0.7
)%
3.1
%
—
%
3.1
%
Donor Screening
28.0
35.0
(20.0
)%
—
%
(20.0
)%
—
%
(20.0
)%
Point of Care
205.6
233.1
(11.8
)%
0.1
%
(11.9
)%
0.3
%
(12.2
)%
Molecular Diagnostics
5.6
5.6
—
%
0.6
%
(0.6
)%
(7.8
)%
7.2
%
Total revenues
$
727.1
$
744.0
(2.3
)%
(0.5
)%
(1.8
)%
(1.3
)%
(0.5
)%
Three Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Less: COVID-19 revenue
impact
Constant Currency (a)
ex COVID-19 Revenue
North America
$
436.2
$
465.2
(6.2
)%
0.3
%
(6.5
)%
(1.0
)%
(5.5
)%
EMEA
84.0
74.5
12.8
%
1.0
%
11.8
%
(0.4
)%
12.2
%
China
80.4
81.1
(0.9
)%
0.3
%
(1.2
)%
—
%
(1.2
)%
Other
126.5
123.2
2.7
%
(5.3
)%
8.0
%
(0.6
)%
8.6
%
Total revenues
$
727.1
$
744.0
(2.3
)%
(0.5
)%
(1.8
)%
(1.3
)%
(0.5
)%
(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.
Nine Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
360.7
$
540.0
(33.2
)%
—
%
(33.2
)%
Non-Respiratory revenues
1,714.4
1,715.2
—
%
(0.9
)%
0.9
%
Total revenues (b)
$
2,075.1
$
2,255.2
(8.0
)%
(0.6
)%
(7.4
)%
Nine Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Less: COVID-19 revenue
impact
Constant Currency (a)
ex COVID-19 Revenue
Labs (b)
$
1,067.0
$
1,073.5
(0.6
)%
(0.9
)%
0.3
%
(0.5
)%
0.8
%
Immunohematology
385.9
380.1
1.5
%
(1.5
)%
3.0
%
—
%
3.0
%
Donor Screening
95.7
103.0
(7.1
)%
—
%
(7.1
)%
—
%
(7.1
)%
Point of Care
509.3
675.4
(24.6
)%
—
%
(24.6
)%
(35.2
)%
10.6
%
Molecular Diagnostics
17.2
23.2
(25.9
)%
0.1
%
(26.0
)%
(29.5
)%
3.5
%
Total revenues (b)
$
2,075.1
$
2,255.2
(8.0
)%
(0.6
)%
(7.4
)%
(10.0
)%
2.6
%
Nine Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Less: COVID-19 revenue
impact
Constant Currency (a)
ex COVID-19 Revenue
North America
$
1,220.2
$
1,426.8
(14.5
)%
—
%
(14.5
)%
(14.8
)%
0.3
%
EMEA
249.9
236.4
5.7
%
0.3
%
5.4
%
(1.0
)%
6.4
%
China
238.1
233.0
2.2
%
(2.4
)%
4.6
%
—
%
4.6
%
Other
366.9
359.0
2.2
%
(3.4
)%
5.6
%
(0.2
)%
5.8
%
Total revenues (b)
$
2,075.1
$
2,255.2
(8.0
)%
(0.6
)%
(7.4
)%
(10.0
)%
2.6
%
(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 substitute for financial
information prepared in accordance with GAAP.
(b)
The nine months ended October 1, 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 - Recurring Revenue
(In millions, unaudited)
Three Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Total revenues
$
727.1
$
744.0
(2.3
)%
(0.5
)%
(1.8
)%
COVID-19 revenue
(72.3
)
(82.2
)
Instrument revenue
(30.1
)
(33.8
)
U.S. Donor Screening revenue
(26.8
)
(32.3
)
Total recurring revenue(b), ex-COVID-19
and U.S. Donor Screening revenue
$
597.9
$
595.7
0.4
%
(0.5
)%
0.9
%
Nine Months Ended
September 29, 2024
October 1, 2023
% Change
Currency Impact
Constant Currency (a)
Total revenues
$
2,075.1
$
2,255.2
(8.0
)%
(0.6
)%
(7.4
)%
COVID-19 revenue
(141.4
)
(354.2
)
Instrument revenue
(105.9
)
(114.7
)
U.S. Donor Screening revenue
(92.2
)
(97.5
)
One-time third-party settlement
—
(19.2
)
Total recurring revenue(b), ex-COVID-19,
U.S. Donor Screening revenue, and one-time third-party
settlement
$
1,735.6
$
1,669.6
4.0
%
(0.9
)%
4.9
%
(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)
Recurring revenue, a non-GAAP measure,
means revenues from sales of our assays, reagents, consumables and
services, and excludes instruments. See “Non-GAAP Financial
Measures” for an explanation of our non-GAAP financial
measures.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Free Cash Flow
(In millions, unaudited)
Three Months Ended
September 29, 2024
Net cash provided by operating
activities
$
117.9
Adjustments:
Capital expenditures (including
investments)
(46.5
)
Less: Payments for investments
(0.6
)
Capital expenditures
(45.9
)
Other payments (a)
47.8
Adjusted free cash flow (b)
$
119.8
(a)
For the three months ended September 29,
2024, other payments include $25.7 million related to acquisition,
integration and other costs, $20.3 million of integration-related
cloud computing implementation costs and $1.8 million of other
integration-related capital expenditures.
(b)
Adjusted free cash flow does not represent
the residual cash flow available for discretionary expenditures.
For example, adjusted free cash flow does not incorporate the
portion of payments representing principal reductions of debt or
cash payments for business acquisitions. Therefore, we believe it
is important to view free cash flow only as a complement to our
Condensed Consolidated Statements of Cash Flows.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107504430/en/
Investor Contact: Juliet Cunningham Vice President,
Investor Relations IR@quidelortho.com
Media Contact: D. Nikki Wheeler Senior Director,
Corporate Communications media@quidelortho.com
Grafico Azioni QuidelOrtho (NASDAQ:QDEL)
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Da Nov 2024 a Dic 2024
Grafico Azioni QuidelOrtho (NASDAQ:QDEL)
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Da Dic 2023 a Dic 2024
