Business
QuidelOrtho Reports Fourth Quarter and Full Year 2022 Financial Results
Highlights Fourth quarter revenue of $866.5 million increased by 36% as reported and 19% on a supplemental combined basis, excluding COVID-19 revenue Full
About this update from Quidelortho Corporation
[{"type":"text","content":"\nHighlights\n\n\nFourth quarter revenue of $866.5 million increased by 36% as reported and 19% on a supplemental combined basis, excluding COVID-19 revenue\n\n\nFull year revenue of $3.27 billion increased by 92% as reported; Supplemental combined revenue of $4.05 billion increased by 11%, excluding COVID-19 revenue\n\n\nGrowth in revenue, excluding COVID-19 revenue, for both the fourth quarter and full year, was driven by Point of Care and Molecular Diagnostics, partially offset by weakness in Labs due to China lockdowns and global supply chain challenges\n\n\nFourth quarter GAAP EPS of $0.45; Supplemental combined adjusted EPS of $1.76, a 66% decrease from prior year, largely reflecting the strength of high margin COVID-19 revenue in the fourth quarter of 2021\n\n\nFull year GAAP EPS of $9.56; Supplemental combined adjusted EPS of $13.80, a 1% increase from prior year\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nQuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global provider of innovative in vitro diagnostics technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced financial results for the fourth quarter ended January 1, 2023.\n\nThe Company reported total revenue for the fourth quarter of 2022 of $866.5 million, a 36% increase as reported, compared to $636.9 million for the fourth quarter of 2021. This was largely due to the consummation of the business combination that occurred on May 27, 2022 pursuant to a Business Combination Agreement entered into as of December 22, 2021, by and among Quidel Corporation (“Quidel”), Ortho Clinical Diagnostics Holdings plc (“Ortho”), QuidelOrtho, and the other parties thereto (the “Combinations”). GAAP diluted earnings per share (EPS) for the fourth quarter of 2022 decreased to $0.45, compared to $6.85 for the fourth quarter of 2021. GAAP operating income for the fourth quarter of 2022 was $86.5 million, compared to $376.7 million for the fourth quarter of 2021, and GAAP operating margin was 10% and 59% for the fourth quarters of 2022 and 2021, respectively. The fourth quarter 2022 results include significant one-time charges related to the integration.\n\nIn addition to the Company’s GAAP results, the Company is providing supplemental combined fourth quarter 2022 and 2021 revenues and adjusted operating results as if Quid...