Business
QuidelOrtho Reports Second Quarter 2024 Financial Results
— $100 million in annualized cost-savings initiatives will benefit second half 2024 and first half 2025 — — Strong progress on business review and refocusing
About this update from Quidelortho Corporation
[{"type":"text","content":"\n— $100 million in annualized cost-savings initiatives will benefit second half 2024 and first half 2025 —\n\n\n— Strong progress on business review and refocusing R&D investments on core growth areas — \n\n\nSecond quarter 2024 revenue was $637 million, as reported:\n\n\n\nTotal recurring revenue1 grew 3% as reported and 5% in constant currency compared to the prior year period, excluding COVID-19 revenue and U.S. Donor Screening revenue\n\n\n\nYTD 2024 revenue was $1.35 billion, as reported:\n\n\n\nTotal recurring revenue1 grew 6% as reported and 7% in constant currency compared to the prior year period, excluding COVID-19 revenue, a one-time third-party collaboration settlement and U.S. Donor Screening revenue\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 June 30, 2024.\n\n\n“During the second quarter we performed in line with our expectations across all segments and geographies while concurrently undertaking a significant review of our assets, operations, and opportunities for further company-wide savings,” said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. “The findings of our internal review will serve as the foundation for our long-range plan to drive growth and improve margins, as well as focusing our R&D efforts and investments on the areas where we see the greatest opportunity and return.”\n\n\nSecond Quarter 2024\n\n\nThe Company reported total revenue for the second quarter of 2024 of $637 million, compared to $665 million in the prior year period. The decrease in total revenue was primarily due to lower COVID-19 revenue in the second quarter of 2024 compared to the prior year period. Foreign currency translation negatively impacted second quarter 2024 results by 100 basis points. GAAP diluted loss per share for the second quarter of 2024 was ($2.20), compared to diluted loss per share of ($0.80) in the prior year period.\n\n\nGAAP operating loss for the second quarter of 2024 was ($118) million, compared to an operating loss of ($27) million in the prior year period, and GAAP operating margin was (18%) compared to (4%) in the ...