QuidelOrtho to Report Fourth Quarter and Full
Year 2022 Financial Results on February 15, 2023
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
unaudited revenue results for the fourth quarter and full year
ended January 1, 2023.
The Company expects total revenues in the fourth quarter of 2022
to be in the range of $853 million to $868 million. COVID-19
product revenue is expected to be in the range of $124 million to
$134 million and non-COVID-19 product revenue is expected to be in
the range of $729 million to $734 million, representing 485% growth
on a GAAP basis and 18% growth on a proforma constant currency
basis at the midpoint.
The Company expects total revenues in the full year of 2022 to
be in the range of $4,038 million to $4,053 million. COVID-19
product revenue is expected to be in the range of $1,441 million to
$1,451 million and non-COVID-19 product revenue is expected to be
in the range of $2,597 million to $2,602 million, representing 502%
growth on a GAAP basis and 11% growth on a proforma constant
currency basis at the midpoint.
The preliminary unaudited revenue results described herein are
based on management’s initial analysis for the fourth quarter and
full year ended January 1, 2023 and are subject to adjustments
based on the Company’s completion of its year-end financial close
process.
“We delivered exceptional results in the fourth quarter to close
out a transformative year, supported by growth across our Molecular
Diagnostics, Transfusion Medicine, and Point of Care business
units. Notably, our strong positioning in the point-of-care market
with both the Sofia® platform and QuickVue® Flu Test enabled us to
serve patients in a strong respiratory season, which drove
substantial revenue growth,” said Douglas Bryant, President and
Chief Executive Officer of QuidelOrtho. “Thanks to the hard work,
dedication and collaboration exhibited by our people, we have
continued to achieve critical integration milestones while
maintaining commercial and operational excellence across the
organization, as highlighted by our impressive financial
performance in the fourth quarter. We look forward to maintaining
our growth trajectory as we move our global business forward in
2023 and beyond.”
Quarterly Conference Call Information
QuidelOrtho will report financial results for its fourth quarter
and full year 2022 after the market close on Wednesday, February
15, 2023. Following the release of financial results, QuidelOrtho
will hold a conference call beginning at 2:00 p.m. PST / 5:00 p.m.
EST 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
649357.
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.
The 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,
QuidelOrtho 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.
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. You can identify these 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 preliminary unaudited revenue results for
the quarter and year ended January 1, 2023, 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 beliefs and expectations of QuidelOrtho’s
management as of today and are subject to significant risks and
uncertainties. Actual results 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: 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 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. All forward-looking statements are based
on information currently available to QuidelOrtho and speak only as
of the date hereof.
Non-GAAP Financial Measures
This press release contains “constant currency revenue growth,”
which is considered a non-GAAP financial measure under applicable
rules and regulations of the Commission. This non-GAAP financial
measure should be considered supplemental to, and not a substitute
for, financial information prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”). The Company’s
definition of this non-GAAP measure may differ from similarly
titled measures used by others. This non-GAAP financial measure
reflects an additional way of viewing aspects of the Company’s
operations that, when viewed with GAAP results and the
reconciliation to the corresponding GAAP financial measure, may
provide a more complete understanding of factors and trends
affecting the Company’s business. Because this non-GAAP financial
measure excludes 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.
Reconciliation of this non-GAAP financial measure to the most
directly comparable GAAP financial measure is included in the
tables accompanying this press release.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information
(Unaudited)
Three Months Ended QuidelHistorical GAAP
OrthoHistorical GAAP Pro FormaHistorical As
Reported Pro forma Currency Constant
(in millions) January 1, 2023 January 2, 2022
January 2, 2022 January 2, 2022 % Change (1)
% Change (2) impact Currency (2) (3) Revenues,
excluding COVID-19 products $729 - $734
$
125
$
511
$
637
485%
15%
(3%)
18%
Fiscal Year Ended QuidelHistorical GAAP
OrthoHistorical GAAP Pro FormaHistorical As
Reported Pro forma Currency Constant
(in millions) January 1, 2023 January 2, 2022
January 2, 2022 January 2, 2022 % Change (1)
% Change (2) impact Currency (2) (3) Revenues,
excluding COVID-19 products $2,597 - $2,602
$
432
$
1,976
$
2,407
502%
8%
(3%)
11%
(1)
As reported percent change is calculated
using the midpoint of the provided range and Quidel historical
revenues.
(2)
Pro forma percent change is calculated
using the midpoint of the provided range and pro forma historical
revenues.
(3)
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
year. This additional non-GAAP financial information is not meant
to be considered in isolation from or as substitute for financial
information prepared in accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20230106005438/en/
Investor Contact: Bryan Brokmeier, CFA IR@Quidel.com
Media Contact: media@Quidel.com
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