Business
QuidelOrtho Reports First Quarter 2024 Financial Results
- Global year-over-year revenue growth of 5% as reported and 6% in constant currency, excluding COVID-19 revenue - - Cost reduction initiatives well
About this update from Quidelortho Corporation
[{"type":"text","content":"\n- Global year-over-year revenue growth of 5% as reported and 6% in constant currency, excluding COVID-19 revenue -\n- Cost reduction initiatives well underway, headcount reductions expected to deliver approximately $100 million in annualized savings -\n- Company suspends 2024 financial guidance while it assesses business under new President and Chief Executive Officer -\n\n\nFirst Quarter 2024 Results and Recent Highlights\n\n\n\nRevenue was $711 million, as reported:\n\n\nNon-respiratory revenue was flat at $574 million compared to the prior year period, as reported and in constant currency\n\n\nExcluding the one-time third-party settlement of $21 million in the prior year period, non-respiratory revenue grew 3% as reported and 4% on a constant currency basis\n\n\n\n\n\n\nRespiratory revenue was $137 million, a 48% decrease as reported and in constant currency, primarily due to lower COVID-19 revenue in the first quarter of 2024 compared to the prior year period\n\n\nExcluding COVID-19-related government orders of $143 million in Q1 2023 and $7 million in Q1 2024, which are not expected to recur, respiratory revenue grew 6% as reported and in constant currency\n\n\n\n\n\n\n\n\n\nSecured credit agreement amendment to provide additional flexibility through 2027\n\n\n\nAppointed Brian J. Blaser as President and Chief Executive Officer, effective May 6, 2024\n\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nQuidelOrtho 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 March 31, 2024.\n\n\n“During the first quarter, we achieved solid business performance with 6% top-line constant currency revenue growth across our global regions, excluding COVID-19 revenue,” said Michael S. Iskra, EVP and Chief Commercial Officer, QuidelOrtho. “Additionally, we have been steadfast in implementing company-wide cost initiatives, including margin restoration, which includes headcount reductions that are expected to deliver approximately $100 million in annualized savings. While these actions are never easy, they are a necessary step in positioning the Company for durable long-term growth.”\n\n\nFirst Quarter 2024\n\n\nThe Company reported total reven...