QuidelOrtho Reports Fourth Quarter and Full-Year 2023 Financial Results
Strong momentum in Labs business, with solid non-respiratory business growth and market share gains in industry-leading respiratory point-of-care portfolio
Fourth Quarter 2023 Results and Highlights
-
Revenue was
$743 million , as reported:- Non-respiratory revenue increased by 9% as reported and in constant currency
- Respiratory revenue decreased by 49% as reported and in constant currency
-
GAAP net cash provided by operating activities was
$80 million ; adjusted free cash flow was$89 million - Received 510(k) clearance for Savanna multiplex molecular platform and HSV/VZV PCR assay
- Received CLIA waiver for Sofia® 2 SARS Antigen+ FIA
Full-Year 2023 Results and Highlights
-
Revenue was
$3.0 billion , as reported:- Non-respiratory revenue increased by 61% as reported (largely driven by the Combinations); supplemental combined non-respiratory revenue increased by 5% in constant currency
- Respiratory revenue decreased by 61% as reported; supplemental combined respiratory revenue decreased by 62% in constant currency
-
GAAP net cash provided by operating activities was
$280 million ; adjusted free cash flow was$270 million -
Paid down
$227 million in term loan debt and completed$7 million in share repurchases -
Received more than 700 regulatory clearances in
U.S. , EMEA andChina
“In our first full year operating as a combined company, we successfully laid the foundation for building a broader-based diagnostics company poised for future growth. We are encouraged by the growth in our non-respiratory business, the market share gains we are seeing in our respiratory portfolios, and the
"We identified substantially greater synergies, while investing in the business and paying down debt. For example, we completed significant manufacturing upgrades to address instrument backlogs and meet market demand in our Labs business. In our Transfusion Medicine business, we are determined to continue investing in our Immunohematology portfolio and will begin winding down the
“We have taken measures to reduce costs across the Company to lessen the impact of macro factors, such as inflation, the variability of the respiratory season and global supply chain constraints. Finally, we are accelerating our business efficiency initiatives, including our capital allocation strategy and portfolio management processes, to support durable long-term growth and generate shareholder value,” Bryant concluded.
Fourth Quarter 2023
The Company reported total revenue for the fourth quarter of 2023 of
Adjusted diluted EPS for the fourth quarter of 2023 was
Full-Year 2023
The Company reported total revenue for the full-year 2023 of
To facilitate a year-over-year comparison of the Company’s operating performance, all growth rates referenced below are presented on a supplemental combined basis as if
Adjusted diluted EPS for the full-year 2023 was
Fiscal Year 2024 Financial Guidance
Based on its current business outlook, the Company is providing fiscal year 2024 financial guidance, as follows:
Total revenues (reported) |
|
Non-respiratory revenue |
|
Respiratory revenue |
|
Adjusted EBITDA |
|
Adjusted EBITDA % |
21% - 24% |
Adjusted diluted EPS |
|
Please see Slide 9 of the QuidelOrtho Q4-FY23 earnings presentation for more information about 2024 financial guidance assumptions.
Conference Call Information
A replay of the conference call will be available shortly after the event on the “Investor Relations” page of the Company’s website, under the “Events & Presentations” section.
About
Offering industry-leading expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine, bringing fast, accurate and reliable diagnostics when and where they are needed – from home to hospital, lab to clinic. So that patients, clinicians and health officials can spot trends sooner, respond quicker and chart the course ahead with accuracy and confidence.
Building upon its many years of groundbreaking innovation,
For more information, please visit www.quidelortho.com.
Source:
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho’s commercial, integration, transformation and other strategic goals, financial guidance and other future financial condition and operating results, and future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words “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 are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho’s management as of today and are subject to significant known and unknown 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: supply chain, production, logistics, distribution and labor disruptions and challenges; the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the business combination (the “Combinations”) of
Supplemental Combined Financial Measures
This press release contains unaudited supplemental combined financial information (“Supplemental Combined Information”) that gives effect to the Combinations as if Quidel and Ortho had been combined for the applicable periods. Certain Supplemental Combined Information presented is based on the historical financial statements of Quidel and Ortho with reclassification adjustments only and do not include all of the pro forma adjustments required under Regulation S-X Article 11 or Accounting Standards Codification 805, Business Combinations (“ASC 805”). The Supplemental Combined Information is provided for illustrative purposes only, may be updated in the future, and is not necessarily, and should not be assumed to be, indicative of the Company’s expected results of operations or financial position that would have been achieved had the Combinations been completed as of the dates indicated or that may be achieved in any future period. The Supplemental Combined Information should be considered supplemental to, and not as a substitute for, pro forma financial information prepared in accordance with Regulation S-X Article 11 or ASC 805 and should be read in conjunction with the information contained in the sections entitled “The Combinations,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Ortho” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Quidel” in QuidelOrtho’s joint proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”) filed with the Commission on
Non-GAAP Financial Measures
This press release contains financial measures, including but not limited to “constant currency” revenue changes, “adjusted net income,” “adjusted diluted EPS,” “adjusted EBITDA,” “adjusted EBITDA margin,” “adjusted free cash flow,” “supplemental combined adjusted net income,” “supplemental combined adjusted diluted EPS,” “supplemental combined adjusted EBITDA,” “supplemental combined adjusted EBITDA margin” and “supplemental combined revenues by business unit and region,” which are considered non-GAAP financial measures under applicable rules and regulations of the Commission. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with
Consolidated Statements of Operations (Unaudited) (In millions except per share data) |
|||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||
|
|
|
|
|
|
|
|
||||||
Total revenues |
$ |
742.6 |
|
|
$ |
866.5 |
|
$ |
2,997.8 |
|
|
$ |
3,266.0 |
Cost of sales, excluding amortization of intangibles |
|
361.3 |
|
|
|
417.5 |
|
|
1,503.4 |
|
|
|
1,330.0 |
Selling, marketing and administrative |
|
187.6 |
|
|
|
213.6 |
|
|
763.2 |
|
|
|
621.0 |
Research and development |
|
59.3 |
|
|
|
64.3 |
|
|
246.8 |
|
|
|
190.5 |
Amortization of intangible assets |
|
51.2 |
|
|
|
53.9 |
|
|
204.8 |
|
|
|
132.5 |
Acquisition and integration costs |
|
33.0 |
|
|
|
26.4 |
|
|
113.4 |
|
|
|
136.0 |
Other operating expenses |
|
10.1 |
|
|
|
4.3 |
|
|
27.1 |
|
|
|
12.3 |
Operating income |
|
40.1 |
|
|
|
86.5 |
|
|
139.1 |
|
|
|
843.7 |
Interest expense, net |
|
36.7 |
|
|
|
34.7 |
|
|
147.6 |
|
|
|
75.7 |
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
— |
|
|
|
24.0 |
Other expense, net |
|
12.6 |
|
|
|
10.7 |
|
|
20.6 |
|
|
|
8.1 |
(Loss) income before provision for income taxes |
|
(9.2 |
) |
|
|
41.1 |
|
|
(29.1 |
) |
|
|
735.9 |
(Benefit from) provision for income taxes |
|
(16.2 |
) |
|
|
10.8 |
|
|
(19.0 |
) |
|
|
187.2 |
Net income (loss) |
$ |
7.0 |
|
|
$ |
30.3 |
|
$ |
(10.1 |
) |
|
$ |
548.7 |
Basic earnings (loss) per share |
$ |
0.10 |
|
|
$ |
0.46 |
|
$ |
(0.15 |
) |
|
$ |
9.66 |
Diluted earnings (loss) per share |
$ |
0.10 |
|
|
$ |
0.45 |
|
$ |
(0.15 |
) |
|
$ |
9.56 |
Weighted-average shares outstanding - basic |
|
66.9 |
|
|
|
66.3 |
|
|
66.8 |
|
|
|
56.8 |
Weighted-average shares outstanding - diluted |
|
67.3 |
|
|
|
66.9 |
|
|
66.8 |
|
|
|
57.4 |
(a) |
Includes Ortho results of operations for the three months ended and fiscal year ended |
|
(b) |
Includes Ortho results of operations for the three months ended |
Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
|||||
|
|
|
|
||
Cash and cash equivalents |
$ |
118.9 |
|
$ |
292.9 |
Marketable securities |
|
48.4 |
|
|
52.1 |
Accounts receivable, net |
|
303.3 |
|
|
453.9 |
Inventories |
|
577.8 |
|
|
524.1 |
Prepaid expenses and other current assets |
|
262.1 |
|
|
252.1 |
Property, plant and equipment, net |
|
1,443.8 |
|
|
1,339.0 |
Marketable securities |
|
7.4 |
|
|
21.0 |
Right-of-use assets |
|
169.6 |
|
|
181.0 |
|
|
2,492.0 |
|
|
2,476.8 |
Intangible assets, net |
|
2,934.3 |
|
|
3,123.8 |
Deferred tax asset |
|
25.9 |
|
|
16.4 |
Other assets |
|
179.6 |
|
|
122.7 |
Total assets |
$ |
8,563.1 |
|
$ |
8,855.8 |
|
|
|
|
||
Accounts payable |
$ |
294.8 |
|
$ |
283.3 |
Accrued payroll and related expenses |
|
84.8 |
|
|
139.2 |
Income tax payable |
|
11.1 |
|
|
51.6 |
Current portion of borrowings |
|
139.8 |
|
|
207.5 |
Other current liabilities |
|
303.3 |
|
|
325.4 |
Operating lease liabilities |
|
172.8 |
|
|
186.4 |
Long-term borrowings |
|
2,274.8 |
|
|
2,430.8 |
Deferred tax liability |
|
192.2 |
|
|
213.2 |
Other liabilities |
|
83.6 |
|
|
83.8 |
Total liabilities |
|
3,557.2 |
|
|
3,921.2 |
Total stockholders’ equity |
|
5,005.9 |
|
|
4,934.6 |
Total liabilities and stockholders’ equity |
$ |
8,563.1 |
|
$ |
8,855.8 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||||||
|
Fiscal Year Ended |
||||||
|
|
|
|
||||
Cash provided by operating activities |
$ |
280.2 |
|
|
$ |
885.3 |
|
Cash used for investing activities |
|
(187.6 |
) |
|
|
(1,644.2 |
) |
Cash (used for) provided by financing activities |
|
(265.8 |
) |
|
|
252.0 |
|
Effect of exchange rate changes on cash |
|
(1.2 |
) |
|
|
(2.0 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(174.4 |
) |
|
|
(508.9 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
293.9 |
|
|
|
802.8 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
119.5 |
|
|
$ |
293.9 |
|
|
|
|
|
||||
Reconciliation to amounts within the consolidated balance sheets: |
|
|
|
||||
Cash and cash equivalents |
$ |
118.9 |
|
|
$ |
292.9 |
|
Restricted cash in Other assets |
|
0.6 |
|
|
|
1.0 |
|
Cash, cash equivalents and restricted cash |
$ |
119.5 |
|
|
$ |
293.9 |
|
(a) |
Includes Ortho activities for the fiscal year ended |
|
(b) |
Includes Ortho activities from |
Reconciliation of Non-GAAP Financial Information - Adjusted Net Income (In millions, except per share data; unaudited) |
||||||||||||||||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
|||||||||||||||||||||||||
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|
|
|
Diluted EPS |
|||||||||||||
Net income (loss) |
$ |
7.0 |
|
|
$ |
0.10 |
|
$ |
30.3 |
|
|
$ |
0.45 |
|
$ |
(10.1 |
) |
|
$ |
(0.15 |
) |
|
$ |
548.7 |
|
|
$ |
9.56 |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Amortization of intangibles |
|
51.2 |
|
|
|
|
|
53.9 |
|
|
|
|
|
204.8 |
|
|
|
|
|
132.5 |
|
|
|
|||||
Acquisition and integration costs |
|
33.0 |
|
|
|
|
|
26.4 |
|
|
|
|
|
113.4 |
|
|
|
|
|
136.0 |
|
|
|
|||||
Tax indemnification expense |
|
12.8 |
|
|
|
|
|
— |
|
|
|
|
|
12.6 |
|
|
|
|
|
— |
|
|
|
|||||
Incremental depreciation on PP&E fair value adjustment |
|
8.2 |
|
|
|
|
|
9.2 |
|
|
|
|
|
33.5 |
|
|
|
|
|
10.5 |
|
|
|
|||||
Amortization of deferred cloud computing implementation costs |
|
3.3 |
|
|
|
|
|
1.5 |
|
|
|
|
|
9.2 |
|
|
|
|
|
5.4 |
|
|
|
|||||
Loss on investments |
|
2.4 |
|
|
|
|
|
5.0 |
|
|
|
|
|
3.6 |
|
|
|
|
|
5.8 |
|
|
|
|||||
Impairment of long-lived assets |
|
1.3 |
|
|
|
|
|
2.8 |
|
|
|
|
|
4.5 |
|
|
|
|
|
2.8 |
|
|
|
|||||
EU medical device regulation transition costs |
|
0.6 |
|
|
|
|
|
0.5 |
|
|
|
|
|
2.5 |
|
|
|
|
|
1.5 |
|
|
|
|||||
Unwind inventory fair value adjustment |
|
— |
|
|
|
|
|
14.0 |
|
|
|
|
|
— |
|
|
|
|
|
60.6 |
|
|
|
|||||
Employee compensation charges |
|
— |
|
|
|
|
|
1.7 |
|
|
|
|
|
— |
|
|
|
|
|
3.2 |
|
|
|
|||||
Noncash interest expense for deferred consideration |
|
— |
|
|
|
|
|
0.6 |
|
|
|
|
|
0.7 |
|
|
|
|
|
2.9 |
|
|
|
|||||
Loss on extinguishment of debt |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
24.0 |
|
|
|
|||||
Derivative mark-to-market gain |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
(4.4 |
) |
|
|
|||||
Other adjustments |
|
(0.9 |
) |
|
|
|
|
0.2 |
|
|
|
|
|
1.7 |
|
|
|
|
|
0.6 |
|
|
|
|||||
Income tax impact of adjustments |
|
(30.0 |
) |
|
|
|
|
(30.3 |
) |
|
|
|
|
(87.5 |
) |
|
|
|
|
(76.8 |
) |
|
|
|||||
Discrete tax items |
|
(10.3 |
) |
|
|
|
|
1.8 |
|
|
|
|
|
(11.2 |
) |
|
|
|
|
2.4 |
|
|
|
|||||
Adjusted net income |
$ |
78.6 |
|
|
$ |
1.17 |
|
$ |
117.6 |
|
|
$ |
1.76 |
|
$ |
277.7 |
|
|
$ |
4.13 |
|
|
$ |
855.7 |
|
|
$ |
14.91 |
Ortho pre-combination adjusted net income |
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
77.2 |
|
|
|
|||||
Supplemental combined adjusted net income |
$ |
78.6 |
|
|
$ |
1.17 |
|
$ |
117.6 |
|
|
$ |
1.76 |
|
$ |
277.7 |
|
|
$ |
4.13 |
|
|
$ |
932.9 |
|
|
$ |
13.80 |
Weighted-average shares outstanding - diluted |
|
|
|
67.3 |
|
|
|
|
66.9 |
|
|
|
|
67.3 |
|
|
|
|
|
57.4 |
||||||||
Weighted-average shares outstanding - diluted - supplemental combined |
|
|
|
67.3 |
|
|
|
|
66.9 |
|
|
|
|
67.3 |
|
|
|
|
|
67.6 |
(a) |
Adjusted net income includes Ortho activities for the three months ended and fiscal year ended |
|
(b) |
Adjusted net income includes Ortho activities for the three months ended |
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA (In millions, unaudited) |
||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
|||||||||||
|
|
|
|
|
|
|
|
|||||||
Net income (loss) |
$ |
7.0 |
|
|
$ |
30.3 |
|
$ |
(10.1 |
) |
|
$ |
548.7 |
|
Depreciation and amortization |
|
115.4 |
|
|
|
116.6 |
|
|
457.2 |
|
|
|
283.6 |
|
Interest expense, net |
|
36.7 |
|
|
|
34.7 |
|
|
147.6 |
|
|
|
75.7 |
|
(Benefit from) provision for income taxes |
|
(16.2 |
) |
|
|
10.8 |
|
|
(19.0 |
) |
|
|
187.2 |
|
Acquisition and integration costs |
|
33.0 |
|
|
|
26.4 |
|
|
113.4 |
|
|
|
136.0 |
|
Tax indemnification expense |
|
12.8 |
|
|
|
0.6 |
|
|
12.6 |
|
|
|
0.3 |
|
Amortization of deferred cloud computing implementation costs |
|
3.3 |
|
|
|
1.5 |
|
|
9.2 |
|
|
|
5.4 |
|
Loss on investments |
|
2.4 |
|
|
|
5.0 |
|
|
3.6 |
|
|
|
5.8 |
|
Impairment of long-lived assets |
|
1.3 |
|
|
|
2.8 |
|
|
4.5 |
|
|
|
2.8 |
|
EU medical device regulation transition costs |
|
0.6 |
|
|
|
0.5 |
|
|
2.5 |
|
|
|
1.5 |
|
Unwind inventory fair value adjustment |
|
— |
|
|
|
14.0 |
|
|
— |
|
|
|
60.6 |
|
Employee compensation charges |
|
— |
|
|
|
1.7 |
|
|
— |
|
|
|
3.2 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
— |
|
|
|
24.0 |
|
Derivative mark-to-market gain |
|
— |
|
|
|
— |
|
|
— |
|
|
|
(4.4 |
) |
Other adjustments |
|
(0.9 |
) |
|
|
0.2 |
|
|
1.7 |
|
|
|
0.6 |
|
Adjusted EBITDA |
$ |
195.4 |
|
|
$ |
245.1 |
|
$ |
723.2 |
|
|
$ |
1,331.0 |
|
Ortho pre-combination Adjusted EBITDA |
|
— |
|
|
|
— |
|
|
— |
|
|
|
212.5 |
|
Supplemental combined Adjusted EBITDA |
$ |
195.4 |
|
|
$ |
245.1 |
|
$ |
723.2 |
|
|
$ |
1,543.5 |
|
(a) |
Adjusted EBITDA includes Ortho activities for the three months ended and fiscal year ended |
|
(b) |
Adjusted EBITDA includes Ortho activities for the three months ended |
Supplemental Combined Revenues by Business Unit and Region (In millions, unaudited) |
||||||||||||||||||||
|
Three Months Ended |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|||||||||||
Respiratory revenues |
$ |
174.6 |
|
$ |
344.0 |
|
(49.2 |
) % |
|
0.1 |
% |
|
(49.3 |
) % |
||||||
Non-Respiratory revenues |
|
568.0 |
|
|
522.5 |
|
8.7 |
% |
|
(0.3 |
) % |
|
9.0 |
% |
||||||
Total revenues |
$ |
742.6 |
|
$ |
866.5 |
|
(14.3 |
) % |
|
— |
% |
|
(14.3 |
) % |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|
Respiratory
|
|
Constant Currency (a)
|
|||||||
Labs |
$ |
351.9 |
|
$ |
314.7 |
|
11.8 |
% |
|
(0.5 |
) % |
|
12.3 |
% |
|
(1.0 |
) % |
|
13.3 |
% |
Transfusion Medicine |
|
165.4 |
|
|
162.5 |
|
1.8 |
% |
|
(0.4 |
) % |
|
2.2 |
% |
|
— |
% |
|
2.2 |
% |
Point of Care |
|
216.8 |
|
|
374.7 |
|
(42.1 |
) % |
|
0.1 |
% |
|
(42.2 |
) % |
|
(48.2 |
) % |
|
6.0 |
% |
|
|
8.5 |
|
|
14.6 |
|
(41.8 |
) % |
|
— |
% |
|
(41.8 |
) % |
|
(31.3 |
) % |
|
(10.5 |
) % |
Total revenues |
$ |
742.6 |
|
$ |
866.5 |
|
(14.3 |
) % |
|
— |
% |
|
(14.3 |
) % |
|
(23.3 |
) % |
|
9.0 |
% |
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|
Respiratory Revenue
|
|
Constant Currency (a)
|
|||||||
|
$ |
450.3 |
|
$ |
619.2 |
|
(27.3 |
) % |
|
(0.5 |
) % |
|
(26.8 |
) % |
|
(26.7 |
) % |
|
(0.1 |
) % |
EMEA |
|
90.9 |
|
|
75.8 |
|
19.9 |
% |
|
1.8 |
% |
|
18.1 |
% |
|
(4.9 |
) % |
|
23.0 |
% |
|
|
77.1 |
|
|
56.9 |
|
35.5 |
% |
|
(2.4 |
) % |
|
37.9 |
% |
|
0.7 |
% |
|
37.2 |
% |
Other |
|
124.3 |
|
|
114.6 |
|
8.5 |
% |
|
1.6 |
% |
|
6.9 |
% |
|
(3.4 |
) % |
|
10.3 |
% |
Total revenues |
$ |
742.6 |
|
$ |
866.5 |
|
(14.3 |
) % |
|
— |
% |
|
(14.3 |
) % |
|
(23.3 |
) % |
|
9.0 |
% |
(a) |
The term “constant currency” means we have translated local currency revenues for all reporting periods to |
|
Fiscal Year Ended |
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|||||||||||
Respiratory revenues |
$ |
714.6 |
|
$ |
1,866.5 |
|
(61.7 |
) % |
|
— |
% |
|
(61.7 |
) % |
||||||
Non-Respiratory revenues |
|
2,283.2 |
|
|
2,184.7 |
|
4.5 |
% |
|
(0.9 |
) % |
|
5.4 |
% |
||||||
Total supplemental combined revenues (b) |
$ |
2,997.8 |
|
$ |
4,051.2 |
|
(26.0 |
) % |
|
(0.1 |
) % |
|
(25.9 |
) % |
|
Fiscal Year Ended |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|
Respiratory Revenue
|
|
Constant Currency (a)
|
|||||||
Labs (b) |
$ |
1,425.4 |
|
$ |
1,331.2 |
|
7.1 |
% |
|
(1.0 |
) % |
|
8.1 |
% |
|
(1.9 |
) % |
|
10.0 |
% |
Transfusion Medicine |
|
648.5 |
|
|
668.1 |
|
(2.9 |
) % |
|
(0.9 |
) % |
|
(2.0 |
) % |
|
— |
% |
|
(2.0 |
) % |
Point of Care |
|
892.2 |
|
|
1,955.2 |
|
(54.4 |
) % |
|
(0.1 |
) % |
|
(54.3 |
) % |
|
(56.1 |
) % |
|
1.8 |
% |
|
|
31.7 |
|
|
96.7 |
|
(67.2 |
) % |
|
0.1 |
% |
|
(67.3 |
) % |
|
(54.0 |
) % |
|
(13.3 |
) % |
Total supplemental combined revenues (b) |
$ |
2,997.8 |
|
$ |
4,051.2 |
|
(26.0 |
) % |
|
(0.1 |
) % |
|
(25.9 |
) % |
|
(31.3 |
) % |
|
5.4 |
% |
|
Fiscal Year Ended |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
% Change |
|
Currency
|
|
Constant
|
|
Respiratory Revenue
|
|
Constant Currency (a)
|
|||||||
|
$ |
1,877.1 |
|
$ |
2,970.3 |
|
(36.8 |
) % |
|
(0.3 |
) % |
|
(36.5 |
) % |
|
(37.0 |
) % |
|
0.5 |
% |
EMEA |
|
327.3 |
|
|
316.4 |
|
3.4 |
% |
|
0.1 |
% |
|
3.3 |
% |
|
(4.8 |
) % |
|
8.1 |
% |
|
|
310.1 |
|
|
297.1 |
|
4.4 |
% |
|
(4.4 |
) % |
|
8.8 |
% |
|
(12.1 |
) % |
|
20.9 |
% |
Other |
|
483.3 |
|
|
467.4 |
|
3.4 |
% |
|
— |
% |
|
3.4 |
% |
|
(5.3 |
) % |
|
8.7 |
% |
Total supplemental combined revenues (b) |
$ |
2,997.8 |
|
$ |
4,051.2 |
|
(26.0 |
) % |
|
(0.1 |
) % |
|
(25.9 |
) % |
|
(31.3 |
) % |
|
5.4 |
% |
Supplemental combined revenues for the prior period in the tables above include Ortho revenues as if the acquisition had occurred on |
||
(a) |
The term “constant currency” means we have translated local currency revenues for all reporting periods to |
|
(b) |
The fiscal year ended |
Reconciliation of Non-GAAP Financial Information - Adjusted Free Cash Flow (In millions, unaudited) |
|||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||
|
|
|
|
||||
Net cash provided by operating activities |
$ |
80.4 |
|
|
$ |
280.2 |
|
Adjustments: |
|
|
|
||||
Capital expenditures |
|
(45.1 |
) |
|
|
(191.4 |
) |
Other payments (a) |
|
53.3 |
|
|
|
180.8 |
|
Adjusted free cash flow |
$ |
88.6 |
|
|
$ |
269.6 |
|
(a) |
For the three months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240213148542/en/
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