QuidelOrtho Reports Preliminary Revenue Results for Third Quarter 2022
October 12 2022 - 4:05PM
Business Wire
QuidelOrtho to Report Third Quarter 2022
Financial Results on November 2, 2022
QuidelOrtho Corporation (NASDAQ: QDEL) (the “Company” or
“QuidelOrtho”), a global provider of innovative in vitro
diagnostics technologies designed for point-of-care settings,
clinical labs and transfusion medicine, today announced preliminary
revenue results for the third quarter ended October 2, 2022.
The Company expects total revenues in the third quarter of 2022
to be in the range of $782 million to $785 million. COVID-19
product revenue is expected to be approximately $171 million and
non-COVID-19 product revenue is expected to be in the range of $611
million to $614 million. COVID-19 product revenue included both
shipments of an unanticipated government order and strong retail
demand. While details on profits are not yet available, the Company
expects COVID-19 product revenue to come through at or above
overall Company margins. The preliminary revenue results described
herein are based on management’s initial analysis for the third
quarter ended October 2, 2022 and are subject to adjustments based
on the Company’s completion of its quarter end financial close
process.
“In our first full quarter as a combined company, we delivered
outstanding topline results. We are particularly pleased with the
strong performance of our Transfusion Medicine business, as well as
our Sofia® platform, which saw portfolio gains on top of increased
COVID-19 product revenue,” said Douglas Bryant, Chairman and Chief
Executive Officer of QuidelOrtho. “Our Labs business performed well
while overcoming challenges in China and with global supply chains,
and we made further progress on the ramp of our Savanna® molecular
system. Thanks to the extraordinary dedication and
cross-organizational collaboration of our people, we are achieving
critical integration milestones, creating exciting new
cross-selling opportunities, and realizing our synergy targets for
both costs and revenue at this time.”
Quarterly Conference Call Information
QuidelOrtho will report financial results for its third quarter
2022 after the market close on Wednesday, November 2, 2022.
Following the release of financial results, QuidelOrtho will hold a
conference call beginning at 2:00 p.m. PDT / 5:00 p.m. EDT to
discuss the financial results. Interested parties can access the
conference call on the “Events & Presentations” section of the
“Investor Relations” page of QuidelOrtho’s website at
https://ir.quidelortho.com/. Those unable to access the webcast may
join the call via phone by dialing 844-200-6205 (domestic) or
929-526-1599 (international) and entering Conference ID number
968016.
A replay of the conference call will be available shortly after
the event on the “Investor Relations” page of QuidelOrtho’s
website, under the “Events & Presentations” section.
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,
integration 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221012005996/en/
Investor Contact: Bryan Brokmeier, CFA IR@Quidel.com
Media Contact: media@Quidel.com
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