Business
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
About this update from Quidelortho Corporation
[{"type":"text","content":"\nStrong momentum in Labs business, with solid non-respiratory business growth and market share gains in industry-leading respiratory point-of-care portfolio\n\n\nFourth Quarter 2023 Results and Highlights\n\n\n\nRevenue was $743 million, as reported:\n\n\nNon-respiratory revenue increased by 9% as reported and in constant currency\n\n\n\nRespiratory revenue decreased by 49% as reported and in constant currency\n\n\n\n\n\n\nGAAP net cash provided by operating activities was $80 million; adjusted free cash flow was $89 million\n\n\n\nReceived 510(k) clearance for Savanna multiplex molecular platform and HSV/VZV PCR assay\n\n\n\nReceived CLIA waiver for Sofia® 2 SARS Antigen+ FIA\n\n\n\nFull-Year 2023 Results and Highlights\n\n\n\nRevenue was $3.0 billion, as reported:\n\n\nNon-respiratory revenue increased by 61% as reported (largely driven by the Combinations); supplemental combined non-respiratory revenue increased by 5% in constant currency\n\n\n\nRespiratory revenue decreased by 61% as reported; supplemental combined respiratory revenue decreased by 62% in constant currency\n\n\n\n\n\n\nGAAP net cash provided by operating activities was $280 million; adjusted free cash flow was $270 million\n\n\n\nPaid down $227 million in term loan debt and completed $7 million in share repurchases\n\n\n\nReceived more than 700 regulatory clearances in U.S., EMEA and China\n\n\n\n \n\n\n SAN DIEGO--(BUSINESS WIRE)--\n\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 fourth quarter and full-year ended December 31, 2023.\n\n\n“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 U.S. launch of our Savanna molecular platform. Our competitive positions are strong across the globe, and we believe our pipeline of innovative new products and menu expansions will continue to strengthen pull-through across our growing installed base,” said Douglas Bryant, President and Chief Executive Officer of...