Business
QuidelOrtho Reports Second Quarter 2023 Financial Results
Highlights Second quarter revenue of $665.1 million increased by 8% as reported with non-respiratory revenue up 3% on a supplemental combined basis (up 4% in
About this update from Quidelortho Corporation
[{"type":"text","content":"\nHighlights\n\n\n\nSecond quarter revenue of $665.1 million increased by 8% as reported with non-respiratory revenue up 3% on a supplemental combined basis (up 4% in constant currency) and respiratory revenue down 74% on a supplemental combined basis\n\n\n\nNon-respiratory revenue driven by 9% constant currency growth in Labs business unit\n\n\n\nSecond quarter GAAP loss per share of $(0.80); adjusted EPS of $0.26, an 88% decrease from prior year on a supplemental combined basis, largely reflecting the strength of respiratory revenue in the second quarter of 2022\n\n\n\nPaid down $72 million on Term Loan ($20 million more than contractually required) and completed the final $40 million payment for the 2017 acquisition of the Alere Cardiometabolic assets\n\n\n\nCompleted the Savanna® Emergency Use Authorization (“EUA”) and 510(k) FDA submissions as planned\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 second quarter ended July 2, 2023.\n\n\nThe Company reported total revenue for the second quarter of 2023 of $665.1 million, compared to $613.4 million for the second quarter of 2022. GAAP diluted loss per share (LPS) for the second quarter of 2023 decreased to $(0.80), compared to diluted EPS of $0.36 for the second quarter of 2022. GAAP operating loss for the second quarter of 2023 was $(26.9) million, compared to operating income of $79.7 million for the second quarter of 2022, and GAAP operating margin was (4)% and 13% for the second quarters of 2023 and 2022, respectively. The second quarter 2023 results include significant one-time charges related to the integration.\n\n\nIn addition to the Company’s GAAP results, the Company is providing supplemental combined second quarter 2022 revenues and adjusted operating results as if Quidel Corporation (“Quidel”) and Ortho Clinical Diagnostics Holdings plc (“Ortho”) had been combined for the applicable periods. The following discussion of financial results is based on supplemental combined information:\n\n\nSecond quarter 2023 total revenue of $665.1 million decreased by 26% in constant currency, compared to $898.5 million for the second qu...