Strong finish to 2024 with continued progress
in cost-savings initiatives to drive adjusted EBITDA margin
expansion in 2025 and beyond
Company issues full-year 2025 financial
guidance
Fourth Quarter and Full-Year 2024 Results (all
comparisons are to the prior year period)
Fourth quarter 2024 revenue was $708 million, as reported
- Non-respiratory revenue was $565 million, which was flat
compared to the prior year period due to a decline in U.S. Donor
Screening revenue, a business the Company is exiting; Labs revenue
grew 4%, as reported and in constant currency, excluding COVID-19
and non-core revenues1
- Respiratory revenue was $143 million, a decrease of 18%, as
reported and in constant currency, due to the anticipated
year-over-year decline in COVID-19 and influenza revenues
Full-year 2024 revenue was $2.8 billion, as reported
- Non-respiratory revenue was $2.3 billion, which was flat
compared to the prior year due to a decline in U.S. Donor Screening
revenue; Labs revenue grew 3% as reported and 4% in constant
currency, excluding COVID-19 and non-core revenues1
- Respiratory revenue was $504 million, a decrease of 30% as
reported and in constant currency, due to the anticipated
year-over-year decline in COVID-19 revenue; excluding COVID-19
revenue, respiratory revenue increased by 4% as reported and in
constant currency
QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or
“QuidelOrtho”), a global provider of innovative in-vitro diagnostic
technologies designed for point-of-care settings, clinical labs and
transfusion medicine, today announced financial results for the
fourth quarter and full-year ended December 29, 2024.
“We are pleased with our 2024 business performance and ended the
year with positive momentum leading into 2025,” said Brian J.
Blaser, President and Chief Executive Officer, QuidelOrtho. “The
growth of our underlying business with its recurring revenue
business model continued to perform well. In addition, we made
excellent progress on implementing our cost-savings initiatives
that were defined in 2024, and we are targeting additional cost
savings across the business. We expect that these initiatives will
help us operate more effectively and deliver incremental margin
improvement in 2025 and beyond.”
Fourth Quarter 2024 Financial Results
The Company reported fourth quarter 2024 total revenue of $708
million, compared to $743 million in the prior year period. The
year-over-year decrease was due to lower COVID-19 and influenza
revenue. Foreign currency translation did not significantly impact
the Company’s fourth quarter 2024 revenue.
GAAP diluted loss per share for the fourth quarter of 2024 was
$2.28, compared to diluted earnings per share (“EPS”) of $0.10 in
the prior year period. GAAP net loss for the fourth quarter of 2024
was $153 million, compared to net income of $7 million in the prior
year period. GAAP operating loss for the fourth quarter of 2024 was
$100 million, compared to an operating income of $40 million in the
prior year period, and GAAP operating margin was (14)% in the
fourth quarter of 2024, compared to 5% in the prior year period.
Fourth quarter 2024 results included $37 million in
integration-related charges.
Adjusted diluted EPS for the fourth quarter of 2024 was $0.63,
compared to $1.17 in the prior year period. Adjusted EBITDA for the
fourth quarter of 2024 was $150 million, compared to $195 million
in the prior year period. Adjusted EBITDA margin for the fourth
quarter of 2024 was 21%, compared to 26% in the prior year period.
The changes in adjusted diluted EPS and adjusted EBITDA were
primarily related to the anticipated year-over-year decline in
COVID-19 and influenza revenues.
1
Fourth quarter and full-year 2024
non-core revenue includes revenue from contract manufacturing.
Full-Year 2024 Financial Results
The Company reported total revenue for the full-year 2024 of
$2.78 billion, compared to $3.00 billion in the prior year. The
year-over-year decrease was due to lower COVID-19 revenue. Foreign
currency translation had an unfavorable impact of approximately 60
basis points on the Company’s full-year 2024 results.
GAAP diluted loss per share for the full-year 2024 was $30.16,
compared to $0.15 in the prior year. GAAP net loss for the
full-year 2024 was $2.03 billion, compared to $10 million in the
prior year. GAAP operating loss for the full-year 2024 was $1.96
billion, which included a non-cash goodwill impairment charge of
approximately $1.82 billion, compared to operating income of $139
million in the prior year. GAAP operating margin was (70)% for the
full-year 2024, compared to 5% in the prior year. Full-year 2024
results included $127 million in integration-related charges.
Adjusted diluted EPS for the full-year 2024 was $1.85, compared
to $4.13 in the prior year. Adjusted EBITDA for the full-year 2024
was $543 million, compared to $723 million in the prior year.
Adjusted EBITDA margin for the full-year 2024 was 19.5%, compared
to 24% in the prior year. The changes in adjusted diluted EPS and
adjusted EBITDA were primarily related to the anticipated
year-over-year decline in COVID-19 revenue.
Fiscal Year 2025 Financial Guidance
Based on its current business outlook, the Company is issuing
its fiscal year 2025 financial guidance, as follows:
Total revenues (reported)
$2.60 - $2.81 billion*
Adjusted EBITDA
$575 – $615 million
Adjusted EBITDA margin
22%
Adjusted diluted EPS
$2.07 - $2.57
* Full-year revenue is expected to be
negatively impacted by foreign currency exchange of $55 million
based on currency rates as of January 31, 2025. Please see page 7
of the Fourth Quarter and Full-year 2024 Financial Results
presentation on the “Investor Relations” page of the Company’s
website for the full list of assumptions on which the Company’s
2025 financial guidance is based.
A reconciliation of forward-looking non-GAAP measures, including
adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS,
to the most directly comparable GAAP measures is not provided
because comparable GAAP measures for such measures are not
reasonably accessible or reliable due to the inherent difficulty in
forecasting and quantifying measures that would be necessary for
such reconciliation. We are not, without unreasonable effort, able
to reliably predict the impact of impairment charges and related
tax benefits, employee compensation costs and other adjustments.
These items are uncertain, depend on various factors and may have a
material impact on our future GAAP results. In addition, the
Company believes any such reconciliation would imply a degree of
precision and certainty that could be confusing to investors. See
"Forward-Looking Statements" and "Non-GAAP Financial Measures."
Conference Call Information
QuidelOrtho will hold a conference call today beginning at 2:00
p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested
parties can access the call on the “Events & Presentations”
section of the “Investor Relations” page of the Company’s website
at https://ir.quidelortho.com. Presentation materials will also be
posted to the “Events & Presentations” section of the “Investor
Relations” page of the Company’s website at the time of the call.
Those unable to access the webcast may join the call via phone by
dialing 833-470-1428 (domestic) or +1 929-526-1599 (international)
and entering Conference ID number 356254.
A replay of the conference call will be available shortly after
the event on the “Investor Relations” page of the Company’s website
under the “Events & Presentations” section.
QuidelOrtho is dedicated to advancing diagnostics to power a
healthier future. For more information, please visit
quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and
X.
About QuidelOrtho Corporation
QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in
in-vitro diagnostics, developing and manufacturing intelligent
solutions that transform data into understanding and action for
more people in more places every day.
Offering industry-leading expertise in immunoassay and molecular
testing, clinical chemistry, and transfusion medicine, bringing
fast, accurate and reliable diagnostics when and where they are
needed – from home to hospital, lab to clinic. So that patients,
clinicians and health officials can spot trends sooner, respond
quicker and chart the course ahead with accuracy and
confidence.
Building upon its many years of groundbreaking innovation,
QuidelOrtho continues to partner with customers across the
healthcare continuum and around the globe to forge a new diagnostic
frontier. One where insights and solutions know no bounds,
expertise seamlessly connects and a more informed path is
illuminated for each of us.
Source: QuidelOrtho Corporation
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are any statement contained herein that is
not strictly historical, including, but not limited to,
QuidelOrtho’s commercial, integration and other strategic goals,
financial guidance and related assumptions and other future
financial condition and operating results, including expected
results of cost-savings initiatives, and other future plans,
objectives, strategies, expectations and intentions. Without
limiting the foregoing, the words “may,” “will,” “could,” “would,”
“should,” “might,” “expect,” “anticipate,” “believe,” “estimate,”
“plan,” “intend,” “goal,” “project,” “strategy,” “future,”
“continue,” “aim,” “strive,” “seek,” or similar words, expressions
or the negative of such terms or other comparable terminology are
intended to identify forward-looking statements. Such statements
are based on the beliefs and expectations of QuidelOrtho’s
management as of today and are subject to significant known and
unknown risks and uncertainties. Actual results or outcomes may
differ significantly from those set forth or implied in the
forward-looking statements. The following factors, among others,
could cause actual results to differ from those set forth or
implied in the forward-looking statements: fluctuations in demand
for QuidelOrtho’s non-respiratory and respiratory products; supply
chain, production, logistics, distribution and labor disruptions
and challenges; the challenges and costs of integrating,
restructuring and achieving anticipated synergies as a result of
the business combination of Quidel Corporation and Ortho Clinical
Diagnostics Holdings plc; and other macroeconomic, geopolitical,
market, business, competitive and/or regulatory factors affecting
the business of QuidelOrtho generally, including those discussed in
QuidelOrtho’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2023 and subsequent reports filed with the Securities
and Exchange Commission (the “Commission”), including under Part I,
Item 1A, “Risk Factors” of the Form 10-K. You should not rely on
forward-looking statements as predictions of future events because
these statements are based on assumptions that may not come true
and are speculative by their nature. All forward-looking statements
are based on information currently available to QuidelOrtho and
speak only as of the date hereof. QuidelOrtho undertakes no
obligation to update any of the forward-looking information or
time-sensitive information included in this press release, whether
as a result of new information, future events, changed expectations
or otherwise, except as required by law.
Non-GAAP Financial Measures
This press release contains financial measures that are
considered non-GAAP financial measures under applicable rules and
regulations of the Commission, including but not limited to
“constant currency Labs revenue changes, excluding COVID-19 and
non-core revenues,” “constant currency respiratory revenue
changes,” “constant currency respiratory revenue changes, excluding
COVID-19 revenue,” “adjusted diluted EPS,” “adjusted EBITDA,”
“adjusted EBITDA margin,” and other non-GAAP financial measures
included in the reconciliation tables accompanying this press
release. These non-GAAP financial measures should be considered
supplemental to, and not a substitute for, financial information
prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”). These non-GAAP financial measures eliminate
impacts of certain non-cash, unusual or other items that the
Company does not consider indicative of its ongoing operating
performance, and the Company generally uses these non-GAAP
financial measures to facilitate management’s financial and
operational decision-making, including evaluation of the Company’s
historical operating results and comparison to competitors’
operating results. The Company’s definitions of these non-GAAP
measures may differ from similarly titled measures used by others.
These non-GAAP financial measures reflect an additional way of
viewing aspects of the Company’s operations that, when viewed with
GAAP results and the reconciliations to corresponding GAAP
financial measures, may provide a more complete understanding of
factors and trends affecting the Company’s business. Because
non-GAAP financial measures exclude the effect of items that will
increase or decrease the Company’s reported results of operations,
management strongly encourages investors to review the Company’s
consolidated financial statements and reports filed with the
Commission in their entirety. Reconciliations of the non-GAAP
financial measures to the most directly comparable GAAP financial
measures are included in the tables accompanying this press
release.
QuidelOrtho
Consolidated Statements of
Operations
(Unaudited)
(In millions except per share
data)
Three Months Ended
Fiscal Year Ended
December 29, 2024
December 31, 2023
December 29, 2024
December 31, 2023
Total revenues
$
707.8
$
742.6
$
2,782.9
$
2,997.8
Cost of sales, excluding amortization of
intangibles
381.7
360.0
1,496.4
1,500.7
Selling, marketing and administrative
187.5
187.6
766.8
763.2
Research and development
47.3
59.3
218.7
245.0
Amortization of intangible assets
47.9
51.2
203.4
204.8
Acquisition and integration costs
36.9
33.0
127.2
113.4
Goodwill impairment charge
78.7
—
1,822.6
—
Asset impairment charge
—
1.3
56.9
4.5
Other operating expenses
28.2
10.1
51.8
27.1
Operating (loss) income
(100.4
)
40.1
(1,960.9
)
139.1
Interest expense, net
40.6
36.7
163.5
147.6
Other expense, net
(0.1
)
12.6
7.1
20.6
Loss before income taxes
(140.9
)
(9.2
)
(2,131.5
)
(29.1
)
Provision for (benefit from) income
taxes
12.5
(16.2
)
(104.5
)
(19.0
)
Net (loss) income
$
(153.4
)
$
7.0
$
(2,027.0
)
$
(10.1
)
Basic (loss) earnings per share
$
(2.28
)
$
0.10
$
(30.16
)
$
(0.15
)
Diluted (loss) earnings per share
$
(2.28
)
$
0.10
$
(30.16
)
$
(0.15
)
Weighted-average shares outstanding -
basic
67.3
66.9
67.2
66.8
Weighted-average shares outstanding -
diluted
67.3
67.3
67.2
66.8
QuidelOrtho
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions)
December 29, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
98.3
$
118.9
Marketable securities
—
48.4
Accounts receivable, net
282.4
303.3
Inventories
533.7
577.8
Prepaid expenses and other current
assets
262.4
262.1
Assets held for sale
42.1
—
Total current assets
1,218.9
1,310.5
Property, plant and equipment, net
1,380.2
1,443.8
Marketable securities
—
7.4
Right-of-use assets
168.7
169.6
Goodwill
649.5
2,492.0
Intangible assets, net
2,735.6
2,934.3
Deferred tax assets
25.0
25.9
Other assets
270.7
179.6
Total assets
$
6,448.6
$
8,563.1
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
246.0
$
294.8
Accrued payroll and related expenses
116.9
84.8
Income tax payable
5.4
11.1
Current portion of borrowings
341.8
139.8
Other current liabilities
288.7
303.3
Total current liabilities
998.8
833.8
Operating lease liabilities
167.2
172.8
Long-term borrowings
2,141.3
2,274.8
Deferred tax liabilities
76.5
192.2
Other liabilities
55.3
83.6
Total liabilities
3,439.1
3,557.2
Total stockholders’ equity
3,009.5
5,005.9
Total liabilities and stockholders’
equity
$
6,448.6
$
8,563.1
QuidelOrtho
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In millions)
Fiscal Year Ended
December 29, 2024
December 31, 2023
Cash provided by operating activities
$
83.0
$
280.2
Cash used for investing activities
(149.9
)
(187.6
)
Cash provided by (used for) financing
activities
48.8
(265.8
)
Effect of exchange rates on cash
(2.9
)
(1.2
)
Net decrease in cash, cash equivalents and
restricted cash
(21.0
)
(174.4
)
Cash, cash equivalents and restricted cash
at beginning of period
119.5
293.9
Cash, cash equivalents and restricted cash
at end of period
$
98.5
$
119.5
Reconciliation to amounts within the
consolidated balance sheets:
Cash and cash equivalents
$
98.3
$
118.9
Restricted cash in Other assets
0.2
0.6
Cash, cash equivalents and restricted
cash
$
98.5
$
119.5
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Net Income
(In millions, except per share
data; unaudited)
Three Months Ended
Fiscal Year Ended
December 29, 2024
Diluted EPS
December 31, 2023
Diluted EPS
December 29, 2024
Diluted EPS
December 31, 2023
Diluted EPS
Net (loss) income
$
(153.4
)
$
(2.28
)
$
7.0
$
0.10
$
(2,027.0
)
$
(30.16
)
$
(10.1
)
$
(0.15
)
Adjustments:
Amortization of intangibles
47.9
51.2
203.4
204.8
Acquisition and integration costs
36.9
33.0
127.2
113.4
Goodwill impairment charge
78.7
—
1,822.6
—
Asset impairment charge
—
1.3
56.9
4.5
Asset write off
20.0
—
20.0
—
Incremental depreciation on PP&E fair
value
adjustment
8.3
8.2
35.1
33.5
Amortization of deferred cloud computing
implementation costs
4.1
3.3
14.7
9.2
Loss on disposal
1.2
—
1.2
—
EU medical device regulation transition
costs
0.5
0.6
2.0
2.5
Tax indemnification expense
—
12.8
—
12.6
Employee compensation charges
—
—
5.6
—
Credit Agreement amendment fees
—
—
4.0
—
Non-cash interest expense for deferred
consideration
—
—
—
0.7
(Gain) loss on investments
(0.7
)
2.4
(0.7
)
3.6
Other adjustments
0.6
(0.9
)
4.0
1.7
Income tax impact of adjustments
(38.6
)
(30.0
)
(174.6
)
(87.5
)
Discrete tax items
37.1
(10.3
)
30.6
(11.2
)
Adjusted net income
$
42.6
$
0.63
$
78.6
$
1.17
$
125.0
$
1.85
$
277.7
$
4.13
Weighted-average shares outstanding -
diluted
67.6
67.3
67.4
67.3
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted EBITDA
(In millions, unaudited)
Three Months Ended
Fiscal Year Ended
December 29, 2024
December 31, 2023
December 29, 2024
December 31, 2023
Net (loss) income
$
(153.4
)
$
7.0
$
(2,027.0
)
$
(10.1
)
Depreciation and amortization
109.3
115.4
453.4
457.2
Interest expense, net
40.6
36.7
163.5
147.6
Provision for (benefit from) income
taxes
12.5
(16.2
)
(104.5
)
(19.0
)
Acquisition and integration costs
36.9
33.0
127.2
113.4
Goodwill impairment charge
78.7
—
1,822.6
—
Asset impairment charge
—
1.3
56.9
4.5
Asset write off
20.0
—
20.0
—
Amortization of deferred cloud computing
implementation costs
4.1
3.3
14.7
9.2
Loss on disposal
1.2
—
1.2
—
EU medical device regulation transition
costs
0.5
0.6
2.0
2.5
Tax indemnification expense
—
12.8
—
12.6
Employee compensation charges
—
—
5.6
—
Credit Agreement amendment fees
—
—
4.0
—
(Gain) loss on investments
(0.7
)
2.4
(0.7
)
3.6
Other adjustments
0.6
(0.9
)
4.0
1.7
Adjusted EBITDA
$
150.3
$
195.4
$
542.9
$
723.2
Total revenues
707.8
742.6
2,782.9
2,997.8
Adjusted EBITDA margin
21.2
%
26.3
%
19.5
%
24.1
%
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Revenues by Business Unit and Region
(In millions, unaudited)
Three Months Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
Respiratory revenues
$
143.2
$
174.6
(18.0
)%
—
%
(18.0
)%
(1.2
)%
(16.8
)%
Non-Respiratory revenues
564.6
568.0
(0.6
)%
(0.4
)%
(0.2
)%
—
%
(0.2
)%
Total revenues
$
707.8
$
742.6
(4.7
)%
(0.3
)%
(4.4
)%
(1.3
)%
(3.1
)%
Three Months Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
Labs
$
359.7
$
351.9
2.2
%
(0.6
)%
2.8
%
(0.4
)%
3.2
%
Immunohematology
136.7
132.3
3.3
%
(0.2
)%
3.5
%
—
%
3.5
%
Donor Screening
19.8
33.1
(40.2
)%
(0.1
)%
(40.1
)%
—
%
(40.1
)%
Point of Care
184.8
216.8
(14.8
)%
—
%
(14.8
)%
(1.3
)%
(13.5
)%
Molecular Diagnostics
6.8
8.5
(20.0
)%
1.4
%
(21.4
)%
(2.8
)%
(18.6
)%
Total revenues
$
707.8
$
742.6
(4.7
)%
(0.3
)%
(4.4
)%
(1.3
)%
(3.1
)%
Three Months Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
North America
$
399.6
$
450.3
(11.3
)%
0.1
%
(11.4
)%
(1.1
)%
(10.3
)%
EMEA
85.9
90.9
(5.5
)%
0.6
%
(6.1
)%
(1.0
)%
(5.1
)%
China
86.9
77.1
12.7
%
1.8
%
10.9
%
—
%
10.9
%
Other
135.4
124.3
8.9
%
(4.0
)%
12.9
%
(0.3
)%
13.2
%
Total revenues
$
707.8
$
742.6
(4.7
)%
(0.3
)%
(4.4
)%
(1.3
)%
(3.1
)%
(a)
The term “constant currency”
means we have translated local currency revenues for all reporting
periods to U.S. dollars using currency exchange rates held constant
for each period. This additional non-GAAP financial information is
not meant to be considered in isolation from or as a substitute for
financial information prepared in accordance with GAAP.
Fiscal Year Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
Respiratory revenues
$
503.9
$
714.6
(29.5
)%
—
%
(29.5
)%
(33.9
)%
4.4
%
Non-Respiratory revenues
2,279.0
2,283.2
(0.2
)%
(0.8
)%
0.6
%
—
%
0.6
%
Total revenues (b)
$
2,782.9
$
2,997.8
(7.2
)%
(0.6
)%
(6.6
)%
(7.6
)%
1.0
%
Fiscal Year Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
Labs (b)
$
1,426.7
$
1,425.4
0.1
%
(0.9
)%
1.0
%
(0.4
)%
1.4
%
Immunohematology
522.6
512.4
2.0
%
(1.2
)%
3.2
%
—
%
3.2
%
Donor Screening
115.5
136.1
(15.1
)%
—
%
(15.1
)%
—
%
(15.1
)%
Point of Care
694.1
892.2
(22.2
)%
—
%
(22.2
)%
(24.9
)%
2.7
%
Molecular Diagnostics
24.0
31.7
(24.3
)%
0.5
%
(24.8
)%
(20.9
)%
(3.9
)%
Total revenues (b)
$
2,782.9
$
2,997.8
(7.2
)%
(0.6
)%
(6.6
)%
(7.6
)%
1.0
%
Fiscal Year Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Less: COVID-19 revenue
impact
Constant Currency(a)
ex COVID-19 Revenue
North America
$
1,619.8
$
1,877.1
(13.7
)%
—
%
(13.7
)%
(11.1
)%
(2.6
)%
EMEA
335.8
327.3
2.6
%
0.4
%
2.2
%
(1.0
)%
3.2
%
China
325.0
310.1
4.8
%
(1.4
)%
6.2
%
—
%
6.2
%
Other
502.3
483.3
3.9
%
(3.6
)%
7.5
%
(0.3
)%
7.8
%
Total revenues (b)
$
2,782.9
$
2,997.8
(7.2
)%
(0.6
)%
(6.6
)%
(7.6
)%
1.0
%
(a)
The term “constant currency”
means we have translated local currency revenues for all reporting
periods to U.S. dollars using currency exchange rates held constant
for each period. This additional non-GAAP financial information is
not meant to be considered in isolation from or as a substitute for
financial information prepared in accordance with GAAP.
(b)
The fiscal year ended December
31, 2023 includes an approximate $19 million settlement award from
a third party related to one of the Company’s collaboration
agreements.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Labs Revenue
(In millions, unaudited)
Three Months Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Total Labs revenue
$
359.7
$
351.9
2.2
%
(0.6
)%
2.8
%
COVID-19 revenue
(0.7
)
(1.8
)
Non-core revenue (b)
(19.2
)
(22.0
)
Total Labs revenue, ex-COVID-19 and
non-core revenues
$
339.8
$
328.1
3.6
%
(0.6
)%
4.2
%
Fiscal Year Ended
December 29, 2024
December 31, 2023
% Change
Currency Impact
Constant Currency(a)
Total Labs revenue
$
1,426.7
$
1,425.4
0.1
%
(0.9
)%
1.0
%
COVID-19 revenue
(2.5
)
(8.3
)
Non-core revenue (b)
(94.2
)
(125.0
)
Total Labs revenue, ex-COVID-19 and
non-core revenues
$
1,330.0
$
1,292.1
2.9
%
(1.0
)%
3.9
%
(a)
The term “constant currency”
means we have translated local currency revenues for all reporting
periods to U.S. dollars using currency exchange rates held constant
for each period. This additional non-GAAP financial information is
not meant to be considered in isolation from or as a substitute for
financial information prepared in accordance with GAAP.
(b)
Fourth quarter and full-year 2024
non-core revenue includes revenue from contract manufacturing.
Full-year 2023 non-core revenue includes revenue from contract
manufacturing and a third-party settlement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212064272/en/
Investor Contact: Juliet Cunningham Vice President,
Investor Relations IR@quidelortho.com Media Contact: D.
Nikki Wheeler Senior Director, Corporate Communications
media@quidelortho.com
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