QuidelOrtho Reports Third Quarter 2024 Financial Results
― 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 andU.S. Donor Screening revenue - Labs revenue grew 4% as reported and 5% in constant currency
-
Recurring revenue1 was
-
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
“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
Third Quarter 2024
The Company reported total revenue for the third quarter of 2024 of
GAAP diluted loss per share for the third quarter of 2024 was (
Adjusted diluted earnings per share (“EPS”) for the third quarter of 2024 was
| _____________________________ | ||
|
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
|
Total revenues (reported) |
|
|
Adjusted EBITDA |
|
|
Adjusted EBITDA margin |
19.3% - 19.6% |
|
Adjusted diluted EPS |
|
|
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. |
|
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
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
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,
Source:
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
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
|
Consolidated Statements of Operations (Unaudited) (In millions except per share data) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
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 |
|
|
|
|
— |
|
|
|
— |
|
|
|
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 |
|
|
Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
|||||
|
|
|
|
|
||
|
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 |
|
|
|
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 |
|
Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||||||
|
|
Nine Months Ended |
||||||
|
|
|
|
|
||||
|
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 |
|
|
Reconciliation of Non-GAAP Financial Information - Adjusted Net Income (In millions, except per share data; unaudited) |
|||||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||||||||
|
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
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 |
|
|
|
||||||||
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
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 |
|
||||||||
|
Reconciliation of Non-GAAP Financial Information - Non-GAAP Operating Expenses (In millions, unaudited) |
|||||||||||||||||||
|
|
Three Months Ended |
|
Three Months Ended |
||||||||||||||||
|
|
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. |
|
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA (In millions, unaudited) |
|||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
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 |
|
|
|
|
— |
|
|
|
— |
|
|
|
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 |
% |
|
Revenues by Business Unit and Region (In millions, unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
% 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 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% 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 |
)% |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
|||||||
|
|
$ |
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 |
% |
|
|
|
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 |
|
|
Nine Months Ended |
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
% 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 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% 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 |
% |
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
|||||||
|
|
$ |
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 |
% |
|
|
|
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 |
|
|
(b) |
The nine months ended |
|
Reconciliation of Non-GAAP Financial Information - Recurring Revenue (In millions, unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% 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 |
) |
|
|
|
|
|
|
|||
|
|
|
(26.8 |
) |
|
|
(32.3 |
) |
|
|
|
|
|
|
|||
|
Total recurring revenue(b), ex-COVID-19 and |
$ |
597.9 |
|
|
$ |
595.7 |
|
|
0.4 |
% |
|
(0.5 |
)% |
|
0.9 |
% |
|
|
Nine Months Ended |
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% 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 |
) |
|
|
|
|
|
|
|||
|
|
|
(92.2 |
) |
|
|
(97.5 |
) |
|
|
|
|
|
|
|||
|
One-time third-party settlement |
|
— |
|
|
|
(19.2 |
) |
|
|
|
|
|
|
|||
|
Total recurring revenue(b), ex-COVID-19, |
$ |
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 |
|
|
(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. |
|
Reconciliation of Non-GAAP Financial Information - Adjusted Free Cash Flow (In millions, unaudited) |
|||
|
|
Three Months Ended |
||
|
|
|
||
|
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 |
|
|
(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:
Vice President, Investor Relations
IR@quidelortho.com
Media Contact:
Senior Director, Corporate Communications
media@quidelortho.com
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