Quidel Corporation (NASDAQ: QDEL), a provider of rapid
diagnostic testing solutions, cellular-based virology assays and
molecular diagnostic systems, announced today financial results for
the fourth quarter and year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Signed definitive agreement to acquire Ortho Clinical
Diagnostics Holdings plc ("Ortho"), funded through a combination of
cash and newly issued shares in the combined company.
- Total revenue was $636.9 million, from $809.2 million in the
fourth quarter of 2020.
- Revenue for COVID-19 products was $511.8 million, versus $405.3
million in the fourth quarter of 2020.
- Total Influenza revenue was $40.5 million (inclusive of our
Sofia® 2 Flu + SARS antigen FIA).
- Reported GAAP EPS of $6.85 per diluted share in the fourth
quarter of 2021, compared to $10.78 per diluted share in the fourth
quarter of 2020.
- Reported non-GAAP EPS of $7.29 per diluted share in the fourth
quarter of 2021, compared to $11.07 per diluted share in the fourth
quarter of 2020.
- Launched Savanna® MDx instrumented system in select ex-U.S.
markets.
Full Year 2021 Highlights
- Total revenue for 2021 increased to $1,698.6 million, a 2%
increase from $1,661.7 million in 2020.
- Revenue for COVID-19 products in 2021 increased 42% to $1,267.0
million, from $891.0 million in 2020.
- Total Influenza revenue was $72.4 million.
- Reported GAAP EPS of $16.43 per diluted share in 2021, compared
to $18.60 per diluted share in 2020.
- Reported non-GAAP EPS of $17.72 per diluted share in 2021,
compared to $19.92 per diluted share in 2020.
- Entered retail and at-home testing markets with QuickVue
At-Home OTC COVID-19 test by creating partnerships with CVS,
Walgreens, McKesson, and National Institutes of Health (NIH).
- Secured 12-month agreement with U.S. government worth over $500
million to supply QuickVue At-Home OTC COVID-19 tests.
- Resolved ongoing litigation with Beckman Coulter; substantially
completed transition of the BNP business to Beckman Coulter for
cash payments to Quidel of between $70.0 million and $75.0 million
per year from 2022 through 2029.
- Opened new highly automated QuickVue manufacturing facility in
Carlsbad, California.
Fourth Quarter 2021 Results
Total revenue for the fourth quarter of 2021 was $636.9 million,
versus $809.2 million for the fourth quarter of 2020. The change in
sales from the fourth quarter of 2020 was mostly driven by a $249
million revenue decline of the Sofia 2 Flu + SARS antigen FIA in
the quarter versus 2020. Also impacting revenue was a shift in
product mix for our Rapid Immunoassay COVID-19 products from
higher-priced Sofia products sold in the professional market to
lower-priced QuickVue products sold in the retail, pharmacy and
employer testing markets. Additionally, Molecular Diagnostics
Solutions revenue decreased due to lower volumes and selling prices
for our COVID-19 PCR products. Cardiometabolic Immunoassay revenue
in the fourth quarter of 2021 were lower compared to the fourth
quarter of 2020 driven primarily by Beckman BNP products, due to
the transition and settlement agreements with Beckman Coulter for
the BNP business. Currency exchange had a favorable impact of $2.0
million.
Rapid Immunoassay product revenue in the fourth quarter of 2021
was $521.0 million. Sofia sales were $92.8 million in the quarter,
compared to $620.4 million in the fourth quarter of 2020. This
decline was due to the lower Sofia 2 Flu + SARS Antigen FIA
revenue, as well as customer shift to the QuickVue At-Home COVID-19
test. This change was offset by an increase in QuickVue At-Home OTC
COVID-19 test sales, which were $427.0 million in the quarter,
compared to $9.8 million in the fourth quarter of 2020.
Cardiometabolic Immunoassay revenue totaled $52.8 million in the
fourth quarter of 2021. The decrease from the fourth quarter of
2020 was primarily due to the impact of the transition and
settlement agreements with Beckman Coulter for the BNP business.
Molecular Diagnostic Solutions revenue decreased $45.5 million from
the fourth quarter of 2020 to $50.9 million due to a decrease in
Lyra® SARS-CoV-2 assay revenue, partially offset by an increase in
Solana® product revenue. Specialized Diagnostic Solutions revenue
increased 6% from the fourth quarter of 2020 to $12.2 million.
“Quidel entered 2021 with considerable momentum, and throughout
a transformational year, we leveraged that energy to open new
channels for sustainable, long-term growth on a global scale,” said
Douglas Bryant, President and Chief Executive Officer of Quidel.
“Our performance was exceptional across the board ─ from shipping a
record number of QuickVue COVID-19 and Sofia SARS antigen tests, to
the successful launch of our Savanna MDx instrumented system in
select ex-U.S. markets, to our definitive agreement to acquire
Ortho ─ the Quidel team overcame obstacles and seized opportunities
to dramatically broaden the range of patients, partners and
providers we serve.
“Moving beyond the fourth quarter, demand for COVID-19 testing
remains elevated, and despite ebbs and flows, we continue our
previously announced work to accelerate development and production
of tests to help meet demand from government, institutions and
individuals,” Mr. Bryant said. “These efforts have helped to expand
our footprint at the point of care, with the additional benefit of
introducing our full portfolio of rapid diagnostic assays to
engaged customer groups.”
Mr. Bryant noted, “While the year’s headlines were mostly about
COVID-19, we remained focused on developing the growth drivers that
will shape our future when COVID-19 ultimately reaches the endemic
stage. Our key near-term opportunity is the anticipated U.S. launch
of our revolutionary Savanna multiplex molecular platform, which
allows for testing of up to 12 pathogens from a single sample in
less than 25 minutes. Based on customer reviews in Europe, we
believe Savanna will be a major growth driver, both in the U.S. and
globally, for years to come.
“The timing of the Savanna launch, paired with our definitive
agreement to acquire Ortho is fortuitous and makes our long-term
growth story so compelling,” Mr. Bryant continued. “We believe that
the portfolios and customer base of the combined company will prove
to be powerfully complementary, and that the addition of Ortho’s
global commercial operations will provide opportunities to
significantly accelerate market penetration of Savanna as well as
our full range of diagnostics worldwide. These transformational
opportunities more than double our addressable market and fuel our
excitement for 2022 and beyond.”
Mr. Bryant concluded, “As we close the books on 2021, I want to
thank our Quidel team for the courage, creativity and resilience
they showed personally and collectively in driving our business
forward amid all the challenges of a second pandemic year. Their
steadfast commitment to our mission of advancing diagnostics to
improve human health is responsible for our success as a company
and as a corporate citizen.”
Gross profit in the fourth quarter of 2021 was $489.3 million, a
decrease of $212.2 million, driven by lower revenue, and product
mix shift from high margin Sofia SARS products to lower margin
QuickVue COVID-19 products, partially offset by increased
absorption driven by the higher volumes produced in the current
quarter. Gross margin was 77%, compared to 87% in the fourth
quarter of 2020, due to the same factors. R&D expense increased
by $0.6 million in the fourth quarter of 2021 as compared to the
same period last year, mainly due to increased spending on
third-party services and clinical trials for QuickVue and
TriageTrue products and increased compensation costs. Sales and
marketing expense increased by $18.0 million in the fourth quarter
of 2021, as compared to the same period in 2020, primarily due to
increased freight and promotional spending driven by OTC marketing,
corporate sponsorships, higher travel and meeting costs, as well as
higher labor costs associated with additional headcount, partially
offset by lower bad debt expense. G&A expense increased by $2.3
million in the quarter due to the higher compensation costs and
increased charitable contributions, partially offset by lower legal
fees. Acquisition and integration costs of $7.8 million for the
three months ended December 31, 2021 were primarily related to due
diligence and other costs mostly associated with the pending Ortho
transaction.
In the fourth quarter of 2021, Quidel recorded an income tax
expense of $84.1 million, as compared to $145.4 million in the same
quarter last year. The lower tax expense for the three months ended
December 31, 2021 as compared to the same period in the prior year
is a result of lower pre-tax profits.
Net income for the fourth quarter of 2021 was $291.3 million, or
$6.85 per diluted share, as compared to net income of $470.1
million, or $10.78 per diluted share, for the fourth quarter of
2020. On a non-GAAP basis, net income for the fourth quarter of
2021 was $309.8 million, or $7.29 per diluted share, as compared to
net income of $482.8 million, or $11.07 per diluted share, for the
same period in 2020.
Results for the Twelve Months Ended December 31, 2021
Total revenue for the twelve months ended December 31, 2021
increased 2% to $1,698.6 million, from $1,661.7 million in 2020.
The 2% increase in revenue was driven primarily by incremental
COVID-19 Rapid Immunoassay product sales, and to a lesser extent,
by increased sales of Cardiometabolic Immunoassay products. This
growth was partially offset by declines in revenue for Molecular
Diagnostic Solutions and Specialized Diagnostic Solutions products.
Foreign exchange had a positive impact of $7.9 million for the
twelve months ended December 31, 2021.
Rapid Immunoassay product revenue increased 5% in the twelve
months ended December 31, 2021 to $1,197.5 million. This was driven
by QuickVue sales, which increased by $563.2 million from 2020 to
$611.5 million, partially offset by a 47% decline in Sofia revenue
to $582.2 million. Cardiometabolic Immunoassay revenue totaled
$255.8 million in the twelve months ended December 31, 2021,
representing a 5% increase from 2020. Molecular Diagnostic
Solutions revenue decreased $22.5 million to $200.5 million,
primarily due to an anticipated decrease in revenue from Lyra
COVID-19 products. Specialized Diagnostic Solutions revenue for the
twelve months ended December 31, 2021 was $44.8 million, down 12%
from the prior year, driven by lower sales of our Cell Culture
products, primarily due to the lack of a respiratory season in
early 2021.
Gross profit in the twelve months ended December 31, 2021 was
$1,270.9 million, a decrease from 2020, driven by product mix shift
from higher margin Sofia SARS products to lower margin QuickVue
COVID-19 products and lower selling prices for SARS products. Gross
margin was 75% in 2021, down from 81% in 2020 due to the same
factors. R&D expense increased by $11.4 million in the twelve
months ended December 31, 2021 as compared to the same period last
year, primarily due to increased spending on Savanna and QuickVue
OTC projects, partially offset by decreased spending on Sofia
development projects. Sales and marketing expense increased by
$41.4 million in the twelve months ended December 31, 2021, as
compared to the same period in 2020, due to increased freight
expense, increased promotional spending associated with the launch
of the QuickVue At-Home OTC COVID-19 test, corporate sponsorships,
higher labor costs and higher travel and meeting costs, partially
offset by lower bad debt expense. G&A expense increased by
$17.7 million in 2021, primarily due to increased compensation
costs, increased charitable contributions, higher stock
compensation expense and increased costs for third-party services.
Acquisition and integration costs of $9.6 million for the twelve
months ended December 31, 2021 were primarily related to due
diligence and other costs mostly associated with the pending Ortho
transaction.
Net income for the twelve months ended December 31, 2021 was
$704.2 million, or $16.43 per diluted share, as compared to net
income of $810.3 million, or $18.60 per diluted share, for the same
period in 2020. On a non-GAAP basis, net income for the twelve
months ended December 31, 2021 was $759.7 million, or $17.72 per
diluted share, as compared to net income of $868.4 million, or
$19.92 per diluted share, for the same period in 2020.
Non-GAAP Financial Information
Quidel is providing non-GAAP financial information to exclude
the effect of stock-based compensation, amortization of
intangibles, non-cash interest expense, foreign exchange gains and
losses and certain non-recurring items on net income and earnings
per share as a supplement to its consolidated financial statements,
which are presented in accordance with generally accepted
accounting principles in the U.S., or GAAP.
Quidel is providing the adjusted gross profit, adjusted
operating income, adjusted net income, adjusted net earnings per
share, and constant currency revenue information for the periods
presented because it believes these non-GAAP financial measures
enhance the comparison of Quidel’s financial results from
period-to-period and to that of its competitors. Constant currency
revenue is calculated by (i) translating current period revenues
using prior period exchange rates and (ii) excluding any hedging
effect recognized in the current period. The related constant
currency fluctuation rate (expressed as a percentage) is calculated
by determining the change in current period constant currency
revenue compared to prior period revenue. This press release is not
meant to be considered in isolation, or as a substitute for results
prepared in accordance with GAAP. A reconciliation of the non-GAAP
financial measures to the comparable GAAP measures is included in
this press release as part of the attached financial tables.
Conference Call Information
Quidel management will host a conference call to discuss the
fourth quarter and full year 2021 results, as well as other
business matters, today beginning at 5:00 p.m. Eastern Time (2:00
p.m. Pacific Time). During the conference call, management may
answer questions concerning business and financial developments and
trends. Quidel’s responses to these questions, as well as other
matters discussed during the conference call, may contain or
constitute material information that has not been previously
disclosed.
Investors may join the live call either by telephone or via
webcast:
- To participate in the live call by telephone from the U.S.,
dial 844-200-6205, or from outside the U.S., dial 929-526-1599, and
enter access code 636452.
- To join the live webcast, participants may click the following
link directly: https://events.q4inc.com/attendee/599258989 or
access the event via the Investor Relations section of the Quidel
website (http://ir.quidel.com).
The website replay will be available for one year. The telephone
replay will be available for 14 days beginning at 8:00 p.m. Eastern
Time (5:00 p.m. Pacific Time) on February 17, 2022 by dialing
866-813-9403 from the U.S., or +44 204-525-0658 for international
callers, and entering access code 885823.
About Quidel Corporation
Quidel Corporation (Nasdaq: QDEL) is a leading manufacturer of
diagnostic solutions at the point of care, delivering a continuum
of rapid testing technologies that further improve the quality of
health care throughout the globe. An innovator for over 40 years in
the medical device industry, Quidel pioneered the first FDA-cleared
point-of-care test for influenza in 1999 and was the first to
market a rapid SARS-CoV-2 antigen test in the U.S. Under trusted
brand names Sofia, Solana, Lyra, Triage® and QuickVue, Quidel’s
comprehensive product portfolio includes tests for a wide range of
infectious diseases, cardiac and autoimmune biomarkers, as well as
a host of products to detect COVID-19. Quidel’s mission is to
provide patients with immediate and frequent access to highly
accurate, affordable testing for the good of our families, our
communities and the world. For more information about Quidel, visit
quidel.com.
View our story told by our people at
www.quidel.com/ourstory.
Where You Can Find Additional Information
In connection with the proposed business combination transaction
among Quidel, Ortho and Coronado Topco, Inc. (“Topco”), Topco has
filed a registration statement on Form S-4 with the Securities and
Exchange Commission (the “Commission”) that contains a joint proxy
statement/prospectus and other relevant documents concerning the
proposed transaction. YOU ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS AND THE OTHER RELEVANT DOCUMENTS FILED WITH
THE COMMISSION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO)
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT QUIDEL, ORTHO AND
THE PROPOSED TRANSACTION. The joint proxy statement/prospectus will
be mailed to Quidel’s stockholders and Ortho’s shareholders when
available. The joint proxy statement/prospectus and the other
documents filed with the Commission may also be obtained free of
charge at the Commission’s website, www.sec.gov. In addition, you
may obtain free copies of the joint proxy statement/prospectus and
the other documents filed by Quidel and Ortho with the Commission
by requesting them in writing from Quidel Corporation, 9975 Summers
Ridge Road, San Diego, California 92121, Attention: Investor
Relations, or by telephone at 858-646-8023, or from Ortho Clinical
Diagnostics Holdings plc, 1001 Route 202, Raritan, New Jersey
08869, Attention: Investor Relations, or by directing a written
request to SVC Ortho-SVC@SARDVERB.com.
Quidel and Ortho and their respective directors and executive
officers may be deemed under the rules of the Commission to be
participants in the solicitation of proxies. Information about
Quidel’s directors and executive officers and their ownership of
Quidel’s common stock is set forth in the joint proxy
statement/prospectus. Information about Ortho’s directors and
executive officers and their ownership of Ortho’s ordinary shares
is also set forth in the joint proxy statement/prospectus. The
joint proxy statement/prospectus may be obtained free of charge
from the sources indicated above. Information regarding the
identity of the potential participants, and their direct or
indirect interests in the transaction, by security holdings or
otherwise, is included in the joint proxy statement/prospectus,
which constitutes a part of the registration statement on Form S-4
filed by Topco with the Commission, as amended from time to time.
Stockholders may obtain additional information about the interests
of the directors and executive officers in the proposed transaction
by reading the joint proxy statement/prospectus and other relevant
materials filed with the Commission.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify these statements and other forward-looking
statements in this press release by words such as “may,” “will,”
“would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,”
“intend,” “continue,” or similar words, expressions or the negative
of such terms or other comparable terminology. These statements
include, but are not limited to, the benefits of the business
combination transaction involving Quidel, Ortho and Topco,
including the combined company’s future financial and operating
results, plans, objectives, expectations and intentions and other
statements that are not historical facts. Such statements are based
upon the current beliefs and expectations of Quidel’s and Ortho’s
management and are subject to significant risks and uncertainties.
Actual results may differ from those set forth in the
forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth in the forward-looking statements:
the evolution of the COVID-19 pandemic and its impact; competition;
our development of new technologies, products, and markets; our
reliance on sales of our COVID-19 and influenza diagnostic tests;
our reliance on a limited number of key distributors; acceptance of
our products among physicians, healthcare providers, or other
customers; the impact of third-party reimbursement policies; our
ability to meet demand for our products; interruptions in our
supply of raw materials and other product and production
components; costs and disruptions from failures in our information
technology and storage systems; international risks, including
compliance with product registration requirements and legal
requirements, tariffs, currency exchange fluctuations, reduced
protection of intellectual property rights, and taxes; worldwide
economic, political, and social uncertainty; our development,
acquisition, and protection of proprietary technology rights;
intellectual property risks and third-party claims of infringement;
loss of our Emergency Use Authorization from the U.S. Food and Drug
Administration for our COVID-19 products; failures or delays in
receiving regulatory approvals, clearances, or authorizations, the
loss of previously received approvals, or other adverse actions by
regulatory authorities; performance, timing, funding and compliance
risks relating to government contracts; product defects; compliance
with government regulations relating to the handling, storage, and
disposal of hazardous substances; our ability to identify and
successfully acquire and integrate potential acquisition targets;
our need for additional funds to finance our capital or operating
needs; failure to complete the proposed business combination
transaction on the proposed terms or on the anticipated timeline,
or at all, including risks and uncertainties related to securing
the necessary regulatory and stockholder approvals, the sanction of
the High Court of Justice of England and Wales and satisfaction of
other closing conditions to consummate the proposed transaction;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the definitive transaction
agreement relating to the proposed business combination
transaction; the challenges and costs of closing, integrating,
restructuring and achieving anticipated synergies; the ability to
retain key employees; and other economic, business, competitive,
and/or regulatory factors affecting the businesses of Quidel and
Ortho generally. Additional risks and factors are identified under
“Risk Factors” in the joint proxy statement/prospectus and Quidel's
Annual Report on Form 10-K filed on February 19, 2021 and
subsequent reports filed with the Commission.
You should not rely upon 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. Neither Quidel nor Ortho undertakes an obligation to update
any of the forward-looking information included in this press
release, whether as a result of new information, future events,
changed expectations or otherwise, except as required by law.
The City Code on Takeovers and Mergers
The City Code on Takeovers and Mergers does not apply to the
proposed business combination.
QUIDEL CORPORATION
(In thousands, except per share
data; unaudited)
Three months ended December
31,
Consolidated Statements of
Operations:
2021
2020
Total revenues
$
636,867
$
809,203
Cost of sales
147,525
107,709
Gross profit
489,342
701,494
Research and development
26,107
25,495
Sales and marketing
56,214
38,239
General and administrative
22,489
20,165
Acquisition and integration costs
7,803
519
Total operating expenses
112,613
84,418
Operating income
376,729
617,076
Other expense, net
Interest and other expense, net
(1,354
)
(1,552
)
Total other expense, net
(1,354
)
(1,552
)
Income before income taxes
375,375
615,524
Provision for income taxes
84,058
145,394
Net income
$
291,317
$
470,130
Basic earnings per share
$
6.98
$
11.14
Diluted earnings per share
$
6.85
$
10.78
Shares used in basic per share
calculation
41,758
42,211
Shares used in diluted per share
calculation
42,500
43,622
Gross profit as a % of total revenues
77
%
87
%
Research and development as a % of total
revenues
4
%
3
%
Sales and marketing as a % of total
revenues
9
%
5
%
General and administrative as a % of total
revenues
4
%
2
%
Consolidated net revenues by product
category are as follows:
Rapid Immunoassay
$
520,998
$
631,253
Cardiometabolic Immunoassay
52,780
70,031
Molecular Diagnostic Solutions
50,934
96,431
Specialized Diagnostic Solutions
12,155
11,488
Total revenues
$
636,867
$
809,203
Condensed balance sheet data:
12/31/2021
12/31/2020
Cash and cash equivalents
$
802,751
$
489,941
Accounts receivable, net
$
377,969
$
497,688
Inventories
$
198,765
$
113,798
Total assets
$
2,430,374
$
1,871,164
Short-term debt
$
275
$
238
Long-term debt
$
361
$
4,100
Stockholders’ equity
$
1,929,362
$
1,332,703
QUIDEL CORPORATION
(In thousands, except per share
data; unaudited)
Twelve months ended December
31,
Consolidated Statements of
Operations:
2021
2020
Total revenues
$
1,698,551
$
1,661,668
Cost of sales
427,656
312,813
Gross profit
1,270,895
1,348,855
Research and development
95,701
84,292
Sales and marketing
175,325
133,957
General and administrative
84,247
66,586
Acquisition and integration costs
9,557
3,694
Total operating expenses
364,830
288,529
Operating income
906,065
1,060,326
Other expense, net
Interest and other expense, net
(5,706
)
(9,623
)
Loss on extinguishment of debt
—
(10,384
)
Total other expense, net
(5,706
)
(20,007
)
Income before income taxes
900,359
1,040,319
Provision for income taxes
196,133
230,032
Net income
$
704,226
$
810,287
Basic earnings per share
$
16.74
$
19.24
Diluted earnings per share
$
16.43
$
18.60
Shares used in basic per share
calculation
42,078
42,124
Shares used in diluted per share
calculation
42,874
43,591
Gross profit as a % of total revenues
75
%
81
%
Research and development as a % of total
revenues
6
%
5
%
Sales and marketing as a % of total
revenues
10
%
8
%
General and administrative as a % of total
revenues
5
%
4
%
Consolidated net revenues by product
category are as follows:
Rapid Immunoassay
$
1,197,459
$
1,144,831
Cardiometabolic Immunoassay
255,788
242,933
Molecular Diagnostic Solutions
200,487
222,964
Specialized Diagnostic Solutions
44,817
50,940
Total revenues
$
1,698,551
$
1,661,668
QUIDEL CORPORATION
Reconciliation of Non-GAAP
Financial Information
(In thousands, except per share
data; unaudited)
Three months ended December
31,
Gross Profit
Operating Income
Net Income
Diluted EPS
2021
2020
2021
2020
2021
2020
2021
2020
GAAP Financial Results
$
489,342
$
701,494
$
376,729
$
617,076
$
291,317
$
470,130
Interest expense on Convertible Senior
Notes, net of tax
—
(13
)
Net income used for diluted earnings per
share, if-converted method
291,317
470,117
$
6.85
$
10.78
Adjustments:
Non-cash stock compensation expense
597
780
6,727
6,458
6,727
6,458
Amortization of intangibles
2,126
1,901
7,738
7,166
7,738
7,166
Amortization of debt issuance costs on
credit facility
100
100
Non-cash interest expense for deferred
consideration
970
1,543
Gain on other investments
(247
)
—
Change in fair value of acquisition
contingencies
117
557
117
557
Acquisition and integration costs
7,803
519
7,803
519
Foreign exchange (gain) loss
490
(307
)
Income tax impact of adjustments (a)
(5,214
)
(3,368
)
Adjusted
$
492,065
$
704,175
$
399,114
$
631,776
$
309,801
$
482,785
$
7.29
$
11.07
_______________
(a)
Income tax impact of adjustments
represents the tax impact related to the non-GAAP adjustments
listed above and reflects an effective tax rate of 22% for 2021 and
24% for 2020.
QUIDEL CORPORATION
Reconciliation of Non-GAAP
Financial Information
(In thousands, except per share
data; unaudited)
Twelve months ended December
31,
Gross Profit
Operating Income
Net Income
Diluted EPS
2021
2020
2021
2020
2021
2020
2021
2020
GAAP Financial Results
$
1,270,895
$
1,348,855
$
906,065
$
1,060,326
$
704,226
$
810,287
Interest expense on Convertible Senior
Notes, net of tax
—
445
Net income used for diluted earnings per
share, if-converted method
704,226
810,732
$
16.43
$
18.60
Adjustments:
Non-cash stock compensation expense
2,665
2,012
25,406
21,019
25,406
21,019
Amortization of intangibles
8,247
7,665
31,175
28,398
31,175
28,398
Amortization of debt issuance costs on
credit facility
403
403
Non-cash interest expense for deferred
consideration
4,485
6,569
Loss on extinguishment of Convertible
Senior Notes
—
10,384
Gain on other investments
(1,411
)
—
Change in fair value of acquisition
contingencies
218
1,405
218
1,405
Change in fair value of derivative
liabilities - Convertible Senior Note
—
1,084
Acquisition and integration costs
9,557
3,694
9,557
3,694
Foreign exchange loss
1,288
40
Income tax impact of adjustments (a)
(15,647
)
(15,329
)
Adjusted
$
1,281,807
$
1,358,532
$
972,421
$
1,114,842
$
759,700
$
868,399
$
17.72
$
19.92
_______________
(a)
Income tax impact of adjustments
represents the tax impact related to the non-GAAP adjustments
listed above and reflects an effective tax rate of 22% for 2021 and
22% for 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220217005897/en/
Quidel Contact: Quidel Corporation Randy Steward Chief Financial
Officer 858.552.7931
Media and Investors Contact: Quidel Corporation Ruben Argueta
858.646.8023 rargueta@quidel.com
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