Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — Q2 2024 Earnings Presentation
18 slides from Quidelortho's earnings presentation, Jul 31, 2024
Slide 1: QuidelOrtho Second Quarter 2024 Financial Results
July 31, 2024 QuidelOrtho Second Quarter 2024 Financial Results
Slide 2: Forward-Looking Statements
© 2024. All Rights Reserved. 2 Forward-Looking Statements Forward-Looking Statements: This presentation of QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are a
Slide 3: Non-GAAP Financial Measures
© 2024. All Rights Reserved. 3 Non-GAAP Financial Measures Non-GAAP Financial Measures: This presentation contains financial measures, including but not limited to “constant currency” revenue and revenue changes, “constant currency” recurring revenue and revenue changes, “constant currency, ex-COVID
Slide 4: Q2 2024 Highlights
© 2024. All Rights Reserved. 4 Q2 2024 Highlights Adjusted Adjusted Diluted Total Revenue • Second quarter 2024 revenue was EBITDA EPS $637M $637 million, as reported 2 3 • Total recurring revenue4 grew 3% as reported and 5% in constant (3 %) y/y1 $90M $(0.07) currency11 compared to the prior year 1
Slide 5: YTD 2024 Highlights
© 2024. All Rights Reserved. 5 YTD 2024 Highlights Adjusted Adjusted Total Revenue EBITDA Diluted EPS 3 $1.35B • YTD 2024 revenue was $1.35 2 $222M $0.37 billion, as reported • Total recurring revenue4 grew 6% as reported and 7% in constant (10)% y/y1 16% Margin2 (82)% y/y3 currency1 compared to the
Slide 6: Q2 2024 Operating Results Summary
© 2024. All Rights Reserved. 6 Q2 2024 Operating Results Summary Fiscal Quarter Year to date Q2 2024 Q2 2023 Q2 2024 Q2 2023 Total Revenue $637.0 $665.1 $1,348.0 $1,511.2 Constant Currency2 Growth (3.3%) (10.1%) 2023 Adjusted Gross Profit $281.5 $303.2 $619.4 $758.6 Adjusted Gross Profit Margin 44.2
Slide 7: Q2 2024 Cash Flow and Balance Sheet
© 2024. All Rights Reserved. 7 Q2 2024 Cash Flow and Balance Sheet Q2 2024 Cash Flow1 Balance Sheet as of June 30, 2024 $(66)M $(79)M QTD Adjusted YTD Adjusted $107M Cash Free Cash Flow2 Free Cash Flow3 ~3.4x Consolidated Leverage Ratio under Credit Agreement4 $34M $98M $2.6B QTD Capital Expenditure
Slide 8: Appendix
@® QuidelOrtho
Slide 9: Non-GAAP Adjustments
© 2024. All Rights Reserved. 9 Non-GAAP Adjustments Fiscal Quarter Year to date In millions Q2 2024 Q2 2023 Q2 2024 Q2 2023 Incremental depreciation on PP&E fair value adjustment $ 5.4 $ 6.4 $ 10.9 $ 12.9 Amortization of deferred cloud computing implementation costs 0.1 0.3 0.3 0.6 Other adjustments
Slide 10: QTD Non-GAAP Reconciliation
© 2024. All Rights Reserved. 10 QTD Non-GAAP Reconciliation Fiscal Quarter Q2 2024 Fiscal Quarter Q2 2023 In millions GAAP Adjustments (a) Non-GAAP GAAP Adjustments (a) Non-GAAP Gross profit $ 276.0 $ 5.5 $ 281.5 $ 296.5 $ 6.7 $ 303.2 Selling, marketing and administrative 188.2 (7.4) 180.8 179.1 (3.
Slide 11: YTD Non-GAAP Reconciliation
© 2024. All Rights Reserved. 11 YTD Non-GAAP Reconciliation Year to date Q2 2024 Year to date Q2 2023 In millions GAAP Adjustments (a) Non-GAAP GAAP Adjustments (a) Non-GAAP Gross profit $ 608.1 $ 11.3 $ 619.4 $ 745.1 $ 13.5 $ 758.6 Selling, marketing and administrative 392.9 (19.7) 373.2 381.5 (6.9
Slide 12: QTD Revenue by Region, Business Unit, and Category
© 2024. All Rights Reserved. 12 QTD Revenue by Region, Business Unit, and Category Three Months Ended Segment revenue June 30, 2024 July 2, 2023 Percent Change Currency Impact Constant Currency(a) Less: COVID-19 Constant Currency (a) revenue impact ex COVID-19 Revenue North America $350.1 $378.8 (7.
Slide 13: YTD Revenue by Region, Business Unit, and Category
© 2024. All Rights Reserved. 13 YTD Revenue by Region, Business Unit, and Category Six Months Ended Segment revenue June 30, 2024 July 2, 2023 Percent Change Currency Impact Constant Currency (a) Less: COVID-19 Constant Currency (a) revenue impact ex COVID-19 Revenue North America $784.0 $961.6 (18.
Slide 14: Revenue Respiratory vs Non-Respiratory
© 2024. All Rights Reserved. 14 Revenue Respiratory vs Non-Respiratory Three Months Ended June 30, 2024 July 2, 2023 Percent Change Currency Impact Constant Currency (a) Respiratory Revenue $58.0 $89.0 (34.8)% —% (34.8)% Non-Respiratory Revenue 579.0 576.1 0.5% (1.1)% 1.6% Total Revenue $637.0 $665.
Slide 15: Revenues Reconciliation to Non-GAAP Measures
© 2024. All Rights Reserved. 15 Revenues Reconciliation to Non-GAAP Measures Three Months Ended June 30, 2024 July 2, 2023 Percent Change Currency Impact Constant Currency (a) Total Revenue $637.0 $665.1 (4.2)% (0.9)% (3.3)% COVID-19 revenue $(18.9) $(55.9) Instrument revenue (35.0) (43.0) U.S. Dono
Slide 16: Revenues Reconciliation to Non-GAAP Measures (cont.)
© 2024. All Rights Reserved. 16 Revenues Reconciliation to Non-GAAP Measures (cont.) Three Months Ended June 30, 2024 July 2, 2023 Percent Change Currency Impact Constant Currency (a) Total Labs Revenue $354.2 $361.4 (2.0)% (1.0)% (1.0)% COVID-19 revenue (0.2) (2.2) Instrument revenue (24.9) (29.7)
Slide 17: Non-GAAP Reconciliations – Adjusted EBITDA
© 2024. All Rights Reserved. 17 Non-GAAP Reconciliations – Adjusted EBITDA Fiscal Quarter Year to date In millions Q2 2024 Q2 2023 Q2 2024 Q2 2023 Net loss $ (147.7) $ (53.2) $ (1,853.7) $ (4.4) Depreciation and amortization 116.1 114.5 231.0 228.7 Interest expense, net 41.0 36.5 80.0 73.2 Benefit f
Slide 18: quidelortho.com
quidelortho.com