QuidelOrtho Reports Second Quarter 2024 Financial Results
—
— Strong progress on business review and refocusing R&D investments on core growth areas —
Second quarter 2024 revenue was
-
Total recurring revenue1 grew 3% as reported and 5% in constant currency compared to the prior year period, excluding COVID-19 revenue and
U.S. Donor Screening revenue
YTD 2024 revenue was
-
Total recurring revenue1 grew 6% as reported and 7% in constant currency compared to the prior year period, excluding COVID-19 revenue, a one-time third-party collaboration settlement and
U.S. Donor Screening revenue
“During the second quarter we performed in line with our expectations across all segments and geographies while concurrently undertaking a significant review of our assets, operations, and opportunities for further company-wide savings,” said
Second Quarter 2024
The Company reported total revenue for the second quarter of 2024 of
GAAP operating loss for the second quarter of 2024 was
Adjusted diluted loss per share for the second quarter of 2024 was (
1 |
Recurring revenue means revenues from sales of our assays, reagents, consumables and services, and excludes instruments. |
Outlook and Near-Term Priorities
Blaser concluded, “During the second quarter, I had the opportunity to engage with many of our customers, employees, and investors, reinforcing my belief in QuidelOrtho’s long-term opportunity. We evaluated our business and made progress on aligning operating expenses with revenue expectations and focusing our R&D efforts on key priorities. As we enter the second half of the year, our strategic priorities remain clear: operate our business to provide exceptional customer satisfaction and patient care at the highest levels of quality and compliance; improve our cost structure, focus on the areas of our product portfolio with the highest growth potential and strengthen our position as a leading in vitro diagnostic company.”
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,
For more information, please visit www.quidelortho.com.
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, transformation and other strategic goals, 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: 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, including but not limited to “constant currency” revenue and revenue changes, “constant currency” recurring revenue and revenue changes, “constant currency, ex-COVID-19” revenue and revenue changes, “adjusted net (loss) income,” “adjusted diluted (loss) earnings per share,” “adjusted EBITDA” and “adjusted EBITDA margin,” 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
|
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In millions except per share data) |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenues |
$ |
637.0 |
|
|
$ |
665.1 |
|
|
$ |
1,348.0 |
|
|
$ |
1,511.2 |
|
|
Cost of sales, excluding amortization of intangibles |
|
361.0 |
|
|
|
368.6 |
|
|
|
739.9 |
|
|
|
766.1 |
|
|
Selling, marketing and administrative |
|
188.2 |
|
|
|
179.1 |
|
|
|
392.9 |
|
|
|
381.5 |
|
|
Research and development |
|
56.3 |
|
|
|
62.4 |
|
|
|
115.5 |
|
|
|
124.2 |
|
|
Amortization of intangible assets |
|
51.9 |
|
|
|
51.4 |
|
|
|
103.6 |
|
|
|
102.2 |
|
|
Integration related costs |
|
30.9 |
|
|
|
24.2 |
|
|
|
53.5 |
|
|
|
53.9 |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,743.9 |
|
|
|
— |
|
|
Asset impairment charge |
|
56.9 |
|
|
|
0.5 |
|
|
|
56.9 |
|
|
|
1.0 |
|
|
Other operating expenses |
|
9.3 |
|
|
|
5.8 |
|
|
|
17.3 |
|
|
|
9.6 |
|
|
Operating (loss) income |
|
(117.5 |
) |
|
|
(26.9 |
) |
|
|
(1,875.5 |
) |
|
|
72.7 |
|
|
Interest expense, net |
|
41.0 |
|
|
|
36.5 |
|
|
|
80.0 |
|
|
|
73.2 |
|
|
Other expense, net |
|
4.4 |
|
|
|
1.0 |
|
|
|
6.3 |
|
|
|
3.9 |
|
|
Loss before income taxes |
|
(162.9 |
) |
|
|
(64.4 |
) |
|
|
(1,961.8 |
) |
|
|
(4.4 |
) |
|
Benefit from income taxes |
|
(15.2 |
) |
|
|
(11.2 |
) |
|
|
(108.1 |
) |
|
|
— |
|
|
Net loss |
$ |
(147.7 |
) |
|
$ |
(53.2 |
) |
|
$ |
(1,853.7 |
) |
|
$ |
(4.4 |
) |
|
Basic loss per share |
$ |
(2.20 |
) |
|
$ |
(0.80 |
) |
|
$ |
(27.67 |
) |
|
$ |
(0.07 |
) |
|
Diluted loss per share |
$ |
(2.20 |
) |
|
$ |
(0.80 |
) |
|
$ |
(27.67 |
) |
|
$ |
(0.07 |
) |
|
Weighted-average shares outstanding - basic |
|
67.1 |
|
|
|
66.8 |
|
|
|
67.0 |
|
|
|
66.7 |
|
|
Weighted-average shares outstanding - diluted |
|
67.1 |
|
|
|
66.8 |
|
|
|
67.0 |
|
|
|
66.7 |
|
|
||||||
Condensed Consolidated Balance Sheets |
||||||
(Unaudited) |
||||||
(In millions) |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
ASSETS |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
107.0 |
|
$ |
118.9 |
|
Marketable securities |
|
— |
|
|
48.4 |
|
Accounts receivable, net |
|
269.5 |
|
|
303.3 |
|
Inventories |
|
602.0 |
|
|
577.8 |
|
Prepaid expenses and other current assets |
|
310.0 |
|
|
262.1 |
|
Assets held for sale |
|
52.8 |
|
|
— |
|
Total current assets |
|
1,341.3 |
|
|
1,310.5 |
|
Property, plant and equipment, net |
|
1,326.7 |
|
|
1,443.8 |
|
Marketable securities |
|
— |
|
|
7.4 |
|
Right-of-use assets |
|
177.2 |
|
|
169.6 |
|
|
|
732.5 |
|
|
2,492.0 |
|
Intangible assets, net |
|
2,836.0 |
|
|
2,934.3 |
|
Deferred tax asset |
|
24.7 |
|
|
25.9 |
|
Other assets |
|
250.8 |
|
|
179.6 |
|
Total assets |
$ |
6,689.2 |
|
$ |
8,563.1 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
237.4 |
|
$ |
294.8 |
|
Accrued payroll and related expenses |
|
86.0 |
|
|
84.8 |
|
Income tax payable |
|
3.5 |
|
|
11.1 |
|
Current portion of borrowings |
|
356.4 |
|
|
139.8 |
|
Other current liabilities |
|
249.1 |
|
|
303.3 |
|
Total current liabilities |
|
932.4 |
|
|
833.8 |
|
Operating lease liabilities |
|
177.7 |
|
|
172.8 |
|
Long-term borrowings |
|
2,207.2 |
|
|
2,274.8 |
|
Deferred tax liability |
|
127.9 |
|
|
192.2 |
|
Other liabilities |
|
70.5 |
|
|
83.6 |
|
Total liabilities |
|
3,515.7 |
|
|
3,557.2 |
|
Total stockholders’ equity |
|
3,173.5 |
|
|
5,005.9 |
|
Total liabilities and stockholders’ equity |
$ |
6,689.2 |
|
$ |
8,563.1 |
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
(In millions) |
||||||||
|
|
|
||||||
|
|
Six Months Ended |
||||||
|
|
|
|
|
||||
Cash (used for) provided by operating activities |
$ |
(98.6 |
) |
|
$ |
158.3 |
|
|
Cash used for investing activities |
|
(55.5 |
) |
|
|
(111.2 |
) |
|
Cash provided by (used for) financing activities |
|
144.0 |
|
|
|
(159.3 |
) |
|
Effect of exchange rates on cash |
|
(1.9 |
) |
|
|
(2.1 |
) |
|
Net decrease in cash, cash equivalents and restricted cash |
|
(12.0 |
) |
|
|
(114.3 |
) |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
119.5 |
|
|
|
293.9 |
|
|
Cash, cash equivalents and restricted cash at end of period |
$ |
107.5 |
|
|
$ |
179.6 |
|
|
|
|
|
|
|||||
Reconciliation to amounts within the consolidated balance sheets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
107.0 |
|
|
$ |
178.6 |
|
|
Restricted cash in Other assets |
|
0.5 |
|
|
|
1.0 |
|
|
Cash, cash equivalents and restricted cash |
$ |
107.5 |
|
|
$ |
179.6 |
|
|
||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Information - Adjusted Net (Loss) Income |
||||||||||||||||||||||||||||||||
(In millions, except per share data; unaudited) |
||||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||||||||||||||||||
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|||||||||||||||||
Net loss |
$ |
(147.7 |
) |
|
$ |
(2.20 |
) |
|
$ |
(53.2 |
) |
|
$ |
(0.80 |
) |
|
$ |
(1,853.7 |
) |
|
$ |
(27.67 |
) |
|
$ |
(4.4 |
) |
|
$ |
(0.07 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amortization of intangibles |
|
51.9 |
|
|
|
|
|
51.4 |
|
|
|
|
|
103.6 |
|
|
|
|
|
102.2 |
|
|
|
|||||||||
Integration related costs |
|
30.9 |
|
|
|
|
|
24.2 |
|
|
|
|
|
53.5 |
|
|
|
|
|
53.9 |
|
|
|
|||||||||
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
1,743.9 |
|
|
|
|
|
— |
|
|
|
|||||||||
Asset impairment charge |
|
56.9 |
|
|
|
|
|
0.5 |
|
|
|
|
|
56.9 |
|
|
|
|
|
1.0 |
|
|
|
|||||||||
Incremental depreciation on PP&E fair value adjustment |
|
9.1 |
|
|
|
|
|
8.5 |
|
|
|
|
|
18.2 |
|
|
|
|
|
17.1 |
|
|
|
|||||||||
Credit Agreement amendment fees |
|
4.0 |
|
|
|
|
|
— |
|
|
|
|
|
4.0 |
|
|
|
|
|
— |
|
|
|
|||||||||
Amortization of deferred cloud computing implementation costs |
|
3.0 |
|
|
|
|
|
1.5 |
|
|
|
|
|
5.9 |
|
|
|
|
|
3.1 |
|
|
|
|||||||||
EU medical device regulation transition costs |
|
0.5 |
|
|
|
|
|
0.7 |
|
|
|
|
|
1.1 |
|
|
|
|
|
1.5 |
|
|
|
|||||||||
Non-cash interest expense for deferred consideration |
|
— |
|
|
|
|
|
0.1 |
|
|
|
|
|
— |
|
|
|
|
|
0.7 |
|
|
|
|||||||||
Employee compensation charges |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
5.6 |
|
|
|
|
|
— |
|
|
|
|||||||||
(Gain) loss on investments |
|
(0.7 |
) |
|
|
|
|
0.2 |
|
|
|
|
|
— |
|
|
|
|
|
0.2 |
|
|
|
|||||||||
Other adjustments |
|
1.1 |
|
|
|
|
|
— |
|
|
|
|
|
1.8 |
|
|
|
|
|
1.5 |
|
|
|
|||||||||
Income tax impact of adjustments |
|
(11.2 |
) |
|
|
|
|
(15.2 |
) |
|
|
|
|
(112.6 |
) |
|
|
|
|
(37.3 |
) |
|
|
|||||||||
Discrete tax items |
|
(2.6 |
) |
|
|
|
|
(1.3 |
) |
|
|
|
|
(3.2 |
) |
|
|
|
|
(1.1 |
) |
|
|
|||||||||
Adjusted net (loss) income |
$ |
(4.8 |
) |
|
$ |
(0.07 |
) |
|
$ |
17.4 |
|
|
$ |
0.26 |
|
|
$ |
25.0 |
|
|
$ |
0.37 |
|
|
$ |
138.4 |
|
|
$ |
2.06 |
|
|
Weighted-average shares outstanding - diluted |
|
|
|
67.1 |
|
|
|
|
|
67.2 |
|
|
|
|
|
67.3 |
|
|
|
|
|
67.2 |
|
|
||||||||||||||||
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA |
||||||||||||||||
(In millions, unaudited) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(147.7 |
) |
|
$ |
(53.2 |
) |
|
$ |
(1,853.7 |
) |
|
$ |
(4.4 |
) |
|
Depreciation and amortization |
|
116.1 |
|
|
|
114.5 |
|
|
|
231.0 |
|
|
|
228.7 |
|
|
Interest expense, net |
|
41.0 |
|
|
|
36.5 |
|
|
|
80.0 |
|
|
|
73.2 |
|
|
Benefit from income taxes |
|
(15.2 |
) |
|
|
(11.2 |
) |
|
|
(108.1 |
) |
|
|
— |
|
|
Integration related costs |
|
30.9 |
|
|
|
24.2 |
|
|
|
53.5 |
|
|
|
53.9 |
|
|
|
|
— |
|
|
|
— |
|
|
|
1,743.9 |
|
|
|
— |
|
|
Asset impairment charge |
|
56.9 |
|
|
|
0.5 |
|
|
|
56.9 |
|
|
|
1.0 |
|
|
Credit Agreement amendment fees |
|
4.0 |
|
|
|
— |
|
|
|
4.0 |
|
|
|
— |
|
|
Amortization of deferred cloud computing implementation costs |
|
3.0 |
|
|
|
1.5 |
|
|
|
5.9 |
|
|
|
3.1 |
|
|
EU medical device regulation transition costs |
|
0.5 |
|
|
|
0.7 |
|
|
|
1.1 |
|
|
|
1.5 |
|
|
Employee compensation charges |
|
— |
|
|
|
— |
|
|
|
5.6 |
|
|
|
— |
|
|
Tax indemnification income |
|
— |
|
|
|
(0.4 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
(Gain) loss on investments |
|
(0.7 |
) |
|
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
Other adjustments |
|
1.1 |
|
|
|
— |
|
|
|
1.8 |
|
|
|
1.5 |
|
|
Adjusted EBITDA |
$ |
89.9 |
|
|
$ |
113.3 |
|
|
$ |
221.9 |
|
|
$ |
358.6 |
|
|
|||||||||||||||
Revenues by Business Unit and Region |
|||||||||||||||
(In millions, unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
|
|
|
|
|
|||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
||||||
Respiratory revenues |
$ |
58.0 |
|
$ |
89.0 |
|
(34.8 |
)% |
|
— |
% |
|
(34.8 |
)% |
|
Non-Respiratory revenues |
|
579.0 |
|
|
576.1 |
|
0.5 |
% |
|
(1.1 |
)% |
|
1.6 |
% |
|
Total revenues |
$ |
637.0 |
|
$ |
665.1 |
|
(4.2 |
)% |
|
(0.9 |
)% |
|
(3.3 |
)% |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
||||||||
Labs |
$ |
354.2 |
|
$ |
361.4 |
|
(2.0 |
)% |
|
(1.0 |
)% |
|
(1.0 |
)% |
|
(0.5 |
)% |
|
(0.5 |
)% |
|
Transfusion Medicine |
|
161.3 |
|
|
163.3 |
|
(1.2 |
)% |
|
(1.7 |
)% |
|
0.5 |
% |
|
— |
% |
|
0.5 |
% |
|
Point of Care |
|
117.1 |
|
|
134.2 |
|
(12.7 |
)% |
|
0.1 |
% |
|
(12.8 |
)% |
|
(33.1 |
)% |
|
20.3 |
% |
|
|
|
4.4 |
|
|
6.2 |
|
(29.0 |
)% |
|
0.4 |
% |
|
(29.4 |
)% |
|
(15.0 |
)% |
|
(14.4 |
)% |
|
Total revenues |
$ |
637.0 |
|
$ |
665.1 |
|
(4.2 |
)% |
|
(0.9 |
)% |
|
(3.3 |
)% |
|
(5.8 |
)% |
|
2.5 |
% |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
||||||||
|
$ |
350.1 |
|
$ |
378.8 |
|
(7.6 |
)% |
|
0.1 |
% |
|
(7.7 |
)% |
|
(9.7 |
)% |
|
2.0 |
% |
|
EMEA |
|
81.1 |
|
|
80.6 |
|
0.6 |
% |
|
(0.4 |
)% |
|
1.0 |
% |
|
(0.7 |
)% |
|
1.7 |
% |
|
|
|
81.6 |
|
|
81.3 |
|
0.4 |
% |
|
(3.7 |
)% |
|
4.1 |
% |
|
— |
% |
|
4.1 |
% |
|
Other |
|
124.2 |
|
|
124.4 |
|
(0.2 |
)% |
|
(3.1 |
)% |
|
2.9 |
% |
|
(0.4 |
)% |
|
3.3 |
% |
|
Total revenues |
$ |
637.0 |
|
$ |
665.1 |
|
(4.2 |
)% |
|
(0.9 |
)% |
|
(3.3 |
)% |
|
(5.8 |
)% |
|
2.5 |
% |
(a) |
The term “constant currency” means we have translated local currency revenues for all reporting periods to |
|
Six Months Ended |
|
|
|
|
|
|
||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
||||||
Respiratory revenues |
$ |
195.3 |
|
$ |
354.6 |
|
(44.9 |
)% |
|
— |
% |
|
(44.9 |
)% |
|
Non-Respiratory revenues |
|
1,152.7 |
|
|
1,156.6 |
|
(0.3 |
)% |
|
(1.0 |
)% |
|
0.7 |
% |
|
Total revenues |
$ |
1,348.0 |
|
$ |
1,511.2 |
|
(10.8 |
)% |
|
(0.7 |
)% |
|
(10.1 |
)% |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
||||||||
Labs (b) |
$ |
711.1 |
|
$ |
732.1 |
|
(2.9 |
)% |
|
(0.9 |
)% |
|
(2.0 |
)% |
|
(0.6 |
)% |
|
(1.4 |
)% |
|
Transfusion Medicine |
|
321.6 |
|
|
319.2 |
|
0.8 |
% |
|
(1.5 |
)% |
|
2.3 |
% |
|
— |
% |
|
2.3 |
% |
|
Point of Care |
|
303.7 |
|
|
442.3 |
|
(31.3 |
)% |
|
— |
% |
|
(31.3 |
)% |
|
(61.0 |
)% |
|
29.7 |
% |
|
|
|
11.6 |
|
|
17.6 |
|
(34.1 |
)% |
|
— |
% |
|
(34.1 |
)% |
|
(35.9 |
)% |
|
1.8 |
% |
|
Total revenues (b) |
$ |
1,348.0 |
|
$ |
1,511.2 |
|
(10.8 |
)% |
|
(0.7 |
)% |
|
(10.1 |
)% |
|
(14.3 |
)% |
|
4.2 |
% |
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|
Less: COVID-19 revenue impact |
|
Constant Currency (a) ex COVID-19 Revenue |
||||||||
|
$ |
784.0 |
|
$ |
961.6 |
|
(18.5 |
)% |
|
(0.2 |
)% |
|
(18.3 |
)% |
|
(21.8 |
)% |
|
3.5 |
% |
|
EMEA |
|
165.9 |
|
|
161.9 |
|
2.5 |
% |
|
0.1 |
% |
|
2.4 |
% |
|
(1.4 |
)% |
|
3.8 |
% |
|
|
|
157.7 |
|
|
151.9 |
|
3.8 |
% |
|
(4.0 |
)% |
|
7.8 |
% |
|
— |
% |
|
7.8 |
% |
|
Other |
|
240.4 |
|
|
235.8 |
|
2.0 |
% |
|
(2.3 |
)% |
|
4.3 |
% |
|
(0.1 |
)% |
|
4.4 |
% |
|
Total revenues (b) |
$ |
1,348.0 |
|
$ |
1,511.2 |
|
(10.8 |
)% |
|
(0.7 |
)% |
|
(10.1 |
)% |
|
(14.3 |
)% |
|
4.2 |
% |
(a) |
The term “constant currency” means we have translated local currency revenues for all reporting periods to |
|
(b) |
The six months ended |
|
|||||||||||||||||
Revenues reconciliation to non-GAAP measures |
|||||||||||||||||
(In millions, unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Three Months Ended |
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
|||||||
Total revenues |
$ |
637.0 |
|
|
$ |
665.1 |
|
|
(4.2 |
)% |
|
(0.9 |
)% |
|
(3.3 |
)% |
|
COVID-19 revenue |
|
(18.9 |
) |
|
|
(55.9 |
) |
|
|
|
|
|
|
||||
Instrument revenue |
|
(35.0 |
) |
|
|
(43.0 |
) |
|
|
|
|
|
|
||||
|
|
(32.3 |
) |
|
|
(33.9 |
) |
|
|
|
|
|
|
||||
Total recurring revenue(b), ex-COVID-19 and |
$ |
550.8 |
|
|
$ |
532.3 |
|
|
3.5 |
% |
|
(1.1 |
)% |
|
4.6 |
% |
|
Six Months Ended |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
% Change |
|
Currency Impact |
|
Constant Currency (a) |
||||||||
Total revenues |
$ |
1,348.0 |
|
|
$ |
1,511.2 |
|
|
(10.8 |
)% |
|
(0.7 |
)% |
|
(10.1 |
)% |
|
COVID-19 revenue |
|
(69.1 |
) |
|
|
(272.0 |
) |
|
|
|
|
|
|
||||
Instrument revenue |
|
(75.8 |
) |
|
|
(80.9 |
) |
|
|
|
|
|
|
||||
|
|
(65.4 |
) |
|
|
(65.2 |
) |
|
|
|
|
|
|
||||
One-time third-party settlement |
|
— |
|
|
|
(19.2 |
) |
|
|
|
|
|
|
||||
Total recurring revenue(b), ex-COVID-19, |
$ |
1,137.7 |
|
|
$ |
1,073.9 |
|
|
5.9 |
% |
|
(1.2 |
)% |
|
7.1 |
% |
(a) |
The term “constant currency” means we have translated local currency revenues for all reporting periods to |
|
(b) |
Recurring revenue means revenues from sales of our assays, reagents, consumables and services, and excludes instruments. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731099599/en/
Investor Contact:
Vice President, Investor Relations
IR@quidelortho.com
Media Contact:
Senior Director, Corporate Communications
media@quidelortho.com
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