QuidelOrtho Announces $300 Million Share Repurchase Authorization
August 17 2022 - 4:30PM
Business Wire
- Reflects QuidelOrtho’s confidence in its strong balance sheet
and cash generation
- QuidelOrtho continues to prioritize investments in R&D,
manufacturing capacity, and debt paydown
QuidelOrtho Corporation (NASDAQ: QDEL) (“QuidelOrtho”), a global
provider of innovative in vitro diagnostics technologies designed
for point-of-care settings, clinical labs and transfusion medicine,
announced today that its board of directors has authorized the
repurchase of up to $300 million of shares of QuidelOrtho’s common
stock over the next two years.
“This announcement just months after the close of QuidelOrtho’s
formative transaction reflects the substantial synergies already
identified from our integration, as well as our confidence in our
long-term growth strategy, the sustainability of our broad base of
recurring revenues, and the durability of our strong margin
profile,” said Douglas Bryant, Chairman and Chief Executive Officer
of QuidelOrtho. “It also demonstrates our commitment to
strategically return capital to shareholders, while investing in
the long-term growth of the business. We continue to prioritize
investments in R&D and manufacturing capacity expansion, and we
remain committed to maintaining a strong balance sheet with
appropriate levels of leverage.”
The share repurchase authorization permits QuidelOrtho to
repurchase, on a discretionary basis, up to $300 million of its
outstanding shares of common stock in the open market or in
privately negotiated transactions, subject to market conditions and
other factors. This share repurchase authorization does not
obligate QuidelOrtho to repurchase any specific number of shares
and may be suspended, modified, or terminated at any time without
prior notice.
About QuidelOrtho Corporation
QuidelOrtho Corporation (Nasdaq: QDEL) unites the power of
Quidel Corporation and Ortho Clinical Diagnostics behind a shared
mission of developing and manufacturing innovative technologies
that raise the performance of diagnostic testing and create better
patient outcomes across the entire healthcare continuum.
Ranked among the world’s largest in vitro diagnostics (IVD)
providers with more than 120 years of collective experience, we
combine industry-leading expertise in immunoassay and molecular
testing with a global footprint in clinical labs and transfusion
medicine.
Our company’s comprehensive product portfolio delivers accuracy,
speed, automation and access, providing critical information when
and where it is needed most. Inspired by a spirit of service, the
QuidelOrtho family is committed to enhancing the well-being of
people worldwide and happy in the knowledge we are making a
difference. For more information, please visit
www.quidelortho.com.
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, QuidelOrtho’s commercial and other
strategic goals, future financial and operating results, future
plans, objectives, strategies, expectations and intentions, and
other statements that are not historical facts. Such statements are
based on the current beliefs and expectations of QuidelOrtho’s
management and are subject to significant risks and uncertainties.
Actual results may differ significantly 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 challenges and costs of
integrating, restructuring and achieving anticipated synergies as a
result of the business combination; the ability to retain key
employees; and other economic, business, competitive, and/or
regulatory factors affecting the business of QuidelOrtho generally.
Additional risks and factors are identified under “Risk Factors” in
QuidelOrtho’s Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (the “Commission”) on August 5,
2022 and subsequent reports filed with the Commission. 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. QuidelOrtho has
no 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. All forward-looking statements are based
on information currently available to QuidelOrtho and speak only as
of the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220817005723/en/
Investor Contact: Bryan Brokmeier, CFA IR@Quidel.com
Media Contact: media@Quidel.com
QuidelOrtho (NASDAQ:QDEL)
Historical Stock Chart
From May 2024 to Jun 2024
QuidelOrtho (NASDAQ:QDEL)
Historical Stock Chart
From Jun 2023 to Jun 2024