QuidelOrtho Reports First Quarter 2023 Financial Results

Original from: businesswire

Highlights

- First quarter revenue of $846.1 million decreased by 16% as reported with non-respiratory revenue up 5% on a supplemental combined basis (up 7% in constant currency) and respiratory revenue down 72% on a supplemental combined basis

- Growth in non-respiratory revenue for the first quarter was driven by the Labs business unit, primarily due to heightened instrument delivery and testing demand

- First quarter GAAP EPS of $0.73; adjusted EPS of $1.80, a 78% decrease from prior year on a supplemental combined basis, largely reflecting the strength of respiratory revenue in the first quarter of 2022

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 financial results for the first quarter ended April 2, 2023.

The Company reported total revenue for the first quarter of 2023 of $846.1 million, compared to $1,002.3 million for the first quarter of 2022. GAAP diluted earnings per share (EPS) for the first quarter of 2023 decreased to $0.73, compared to $11.31 for the first quarter of 2022. GAAP operating income for the first quarter of 2023 was $99.6 million, compared to $620.7 million for the first quarter of 2022, and GAAP operating margin was 12% and 62% for the first quarters of 2023 and 2022, respectively. The first quarter 2023 results include significant one-time charges related to the integration.

In addition to the Company’s GAAP results, the Company is providing supplemental combined first quarter 2022 revenues and adjusted operating results as if Quidel Corporation (“Quidel”) and Ortho Clinical Diagnostics Holdings plc (“Ortho”) had been combined for the applicable periods. The following discussion of financial results is based on supplemental combined information:

First quarter 2023 total revenue of $846.1 million decreased by 44% in constant currency, compared to $1,502.4 million for the first quarter of 2022. Foreign currency translation negatively impacted sales growth by approximately 10 basis points for the first quarter of 2023. Adjusted diluted EPS for the first quarter of 2023 decreased to $1.80, compared to $8.03 for the first quarter of 2022. Adjusted EBITDA for the first quarter of 2023 was $245.3 million, compared to $780.8 million in the first quarter of 2022. Adjusted EBITDA margin for the first quarter of 2023 was 29.0%, compared to 52.0% for the first quarter of 2022.

“We’re off to an excellent start to the year with strong results across all geographic regions, double-digit growth in our Labs business, and better-than-expected Point of Care sales, demonstrating the power of our newly created scale and breadth of offerings across the diagnostics continuum,” said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. “The strength of our Labs business was particularly notable, with solid demand for both consumables and instruments, including standalone and integrated, as well as automation, setting us up for a stronger second half of the year.”

“With the integration on track and now entering the final phase, our macro headwinds dissipating, and demand across all geographies reaching normalized post-pandemic levels, we are focused on the execution of our key growth drivers and confident in our ability to deliver sustainable high-single-digit growth over the coming years,” Mr. Bryant concluded.

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Source: QuidelOrtho Reports First Quarter 2023 Financial Results