QuidelOrtho Reports Second Quarter 2025 Financial Results

Original from: QuidelOrtho

Second Quarter 2025 Results

(all comparisons are to the prior year period)

· Total revenue was $614 million, as reported

 - Non-respiratory revenue was $567 million, a decrease of 2% both as reported and in constant currency; excluding Donor Screening, non-respiratory revenue grew 1% in constant currency

  · Labs revenue grew 4% as reported and 5% in constant currency

  · Immunohematology revenue grew 4% as reported and 3% in constant currency

 - Respiratory revenue was $47 million, a 20% decrease primarily driven by lower COVID-19 revenue

· GAAP and non-GAAP operating expenses1 decreased 9%, driven by the Company's cost-savings initiatives

· GAAP net loss margin was (42%); GAAP operating margin was (29%); adjusted EBITDA margin was 17%, a 330 basis point improvement

· GAAP diluted loss per share was $3.77; adjusted diluted earnings per share ("EPS") was $0.12

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 second quarter ended June 29, 2025.

"Our second quarter results demonstrate our continuing commitment to commercial and operational execution," said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. "Our team delivered solid top and bottom-line results while also navigating a challenging global environment. We achieved several of our key priorities during the second quarter, including realizing our previously announced $100 million in annualized cost-savings; announcing our intention to acquire LEX Diagnostics; and initiating a major manufacturing site consolidation. Based on our year-to-date results, we believe we are well positioned to deliver sustainable value over time for our shareholders, customers, and employees."

Second Quarter 2025 

The Company reported total revenue for the second quarter of 2025 of $614 million, compared to $637 million in the prior year period. The decrease in total revenue was primarily due to lower COVID-19 and Donor Screening revenue compared to the prior year period. Foreign currency translation had a favorable impact of 20 basis points on the Company's second quarter 2025 revenue.

GAAP diluted loss per share for the second quarter of 2025 was $3.77, compared to diluted loss per share of $2.20in the prior year period. GAAP net loss for the second quarter of 2025 was $255 million, compared to $148 millionin the prior year period. GAAP operating loss for the second quarter of 2025 was $181 million, compared to an operating loss of $118 million in the prior year period. GAAP net loss margin was (42%) compared to (23%) in the prior year period. Second quarter 2025 results included $179 million in primarily non-cash restructuring, integration and other charges, including $150 million related to the discontinuation of the Savanna platform; $23 million of integration costs, primarily related to systems consolidation; and $6 million in planned headcount reductions related to manufacturing site consolidation.

Adjusted diluted EPS for the second quarter of 2025 was $0.12, compared to adjusted diluted loss per share of ($0.07) in the prior year period. Adjusted EBITDA for the second quarter of 2025 was $107 million, compared to $90 million in the prior year period. Adjusted EBITDA margin for the second quarter of 2025 was 17%, compared to 14% in the prior year period, a 330 basis point improvement. The year-over-year increase was driven by the Company's cost-savings initiatives.

Full-year 2025 Financial Guidance

Based on its current business outlook, the Company is reiterating its fiscal 2025 financial guidance provided on February 12, 2025, as follows:

A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits, employee compensation costs and other adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."

Source: QuidelOrtho Reports Second Quarter 2025 Financial Results