QuidelOrtho to report first quarter 2023
financial results on May 3, 2023
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 preliminary revenue results
for the first quarter ended April 2, 2023.
The Company expects total revenues in the first quarter of 2023
to be in the range of $840 million to $850 million. Respiratory
product revenue is expected to be in the range of $262 million to
$267 million, including COVID-19 product revenue of $212 million to
$217 million. Non-respiratory product revenue is expected to be in
the range of $578 million to $583 million, representing 5% growth
on a supplemental combined basis and 7% growth on a constant
currency basis at the midpoint. The increase in first quarter
revenue results was driven by our Labs business unit, including an
approximate $21 million settlement related to one of our
collaboration agreements.
The preliminary revenue results described herein are based on
management’s initial analysis for the first quarter ended April 2,
2023 and are subject to adjustments based on the Company’s
completion of its quarter-end financial close process.
“After an exceptional fourth quarter of 2022, I am very pleased
with our sustained momentum in the first quarter of 2023, which was
ahead of expectations. This strong start to the year was supported
by delivering more instruments driving strong results in our Labs
business as well as better-than-expected results in the Point of
Care business,” said Douglas Bryant, President and Chief Executive
Officer of QuidelOrtho. “Our team delivered solid non-respiratory
revenue growth across all major geographic regions, with notable
strength in China, demonstrating the power of our newly created
scale and breadth of offerings across the diagnostics continuum, as
well as the durability of our business model. As we look ahead, our
supply chain is improving, we are focused on our key growth drivers
and we are confident in our ability to deliver sustainable
high-single-digit growth over the coming years.”
Quarterly Conference Call Information
QuidelOrtho will report financial results for its first quarter
2023 after the market close on Wednesday, May 3, 2023. Following
the release of the 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 833-470-1428 (domestic) or
404-975-4839 (international) and entering Conference ID number
036290.
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,
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. These statements include any statements contained herein that
are not strictly historical, including, but not limited to,
QuidelOrtho's preliminary revenue results for the quarter ended
April 2, 2023, commercial, integration and other strategic goals,
future financial and operating results, and future plans,
objectives, strategies, expectations and intentions. These
statements in this press release may be identified by words such as
“may,” “will,” “would,” “should,” “might,” “expect,” “anticipate,”
“believe,” “estimate,” “plan,” “intend,” “goal,” “project,”
“strategy,” “future,” “continue” or similar words, expressions or
the negative of such terms or other comparable terminology. 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 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: 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 Annual Report on Form 10-K filed with the Securities
and Exchange Commission (the “Commission”) on February 23, 2023,
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
(In millions)
April 2, 2023
April 3, 2022 (1)
% Change (2)
Currency Impact
Constant Currency (2)
(3)
Revenues, excluding respiratory
products
$578 - $583
$ 555
5%
(2%)
7%
(1)
Revenues presented for the three months
ended April 3, 2022 include Ortho revenues on a supplemental
combined basis as if the acquisition had occurred on January 3,
2022, and are in accordance with Regulation S-X Article 11 and
Accounting Standards Codification 805, Business Combinations. The
components of supplemental combined revenues are as follows:
April 3, 2022
(In millions)
Revenue (as
reported)
Respiratory product
revenue
Revenue, excluding respiratory
products
Quidel
$
1,002
$
935
$
67
Ortho
500
12
488
Total
$
1,502
$
947
$
555
(2)
Percent change is calculated using the
midpoint of the provided range.
(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/20230413005803/en/
Investor Contact: Bryan Brokmeier, CFA
IR@QuidelOrtho.com
Media: media@QuidelOrtho.com
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