Business
QuidelOrtho Reports Fourth Quarter and Full-Year 2024 Financial Results
Strong finish to 2024 with continued progress in cost-savings initiatives to drive adjusted EBITDA margin expansion in 2025 and beyond Company issues
About this update from Quidelortho Corporation
[{"type":"text","content":"\nStrong finish to 2024 with continued progress in cost-savings initiatives to drive adjusted EBITDA margin expansion in 2025 and beyond\n\n\nCompany issues full-year 2025 financial guidance\n\n\nFourth Quarter and Full-Year 2024 Results\n(all comparisons are to the prior year period)\n\n\nFourth quarter 2024 revenue was $708 million, as reported\n\n\n\nNon-respiratory revenue was $565 million, which was flat compared to the prior year period due to a decline in U.S. Donor Screening revenue, a business the Company is exiting; Labs revenue grew 4%, as reported and in constant currency, excluding COVID-19 and non-core revenues1\n\n\n\nRespiratory revenue was $143 million, a decrease of 18%, as reported and in constant currency, due to the anticipated year-over-year decline in COVID-19 and influenza revenues\n\n\n\nFull-year 2024 revenue was $2.8 billion, as reported\n\n\n\nNon-respiratory revenue was $2.3 billion, which was flat compared to the prior year due to a decline in U.S. Donor Screening revenue; Labs revenue grew 3% as reported and 4% in constant currency, excluding COVID-19 and non-core revenues1\n\n\n\nRespiratory revenue was $504 million, a decrease of 30% as reported and in constant currency, due to the anticipated year-over-year decline in COVID-19 revenue; excluding COVID-19 revenue, respiratory revenue increased by 4% as reported and in constant currency\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 fourth quarter and full-year ended December 29, 2024.\n\n\n“We are pleased with our 2024 business performance and ended the year with positive momentum leading into 2025,” said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. “The growth of our underlying business with its recurring revenue business model continued to perform well. In addition, we made excellent progress on implementing our cost-savings initiatives that were defined in 2024, and we are targeting additional cost savings across the business. We expect that these initiatives will help us operate more effectively and deliver incremental margin improvement in 2025 and beyond.”\n\n\nFourth Quart...