Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — Q3 2024 Earnings Presentation
18 slides from Quidelortho's earnings presentation, Nov 7, 2024
Slide 1: QuidelOrtho Third Quarter 2024 Financial Results
November 7, 2024 QuidelOrtho Third Quarter 2024 Financial Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
© 2024. All Rights Reserved. 2 Forward-Looking Statements and Non-GAAP Financial Measures 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
Slide 3: Q3 2024 Highlights
© 2024. All Rights Reserved. 3 Q3 2024 Highlights1 Total Revenue Adjusted Adjusted Third quarter 2024 revenue was $727 million, EBITDA Diluted EPS as reported: • Total recurring revenue4 grew 1% Y-Y to $727M $171M 2 $0.85 33 $598 million as reported with no significant change in constant currency, e
Slide 4: YTD 2024 Highlights
© 2024. All Rights Reserved. 4 YTD 2024 Highlights1 Adjusted Adjusted Total Revenue EBITDA Diluted EPS $2.08B YTD 2024 revenue was $2.08 billion, as 2 3 reported: • Total recurring revenue4 grew 5% (7%) y/y1 $393M $1.22 Y-Y to $1.74 billion as reported with 19% Margin2 (59%) y/y3 no significant chan
Slide 5: Q3 2024 Operating Results Summary
© 2024. All Rights Reserved. 5 Q3 2024 Operating Results Summary1 Fiscal Quarter Year to Date Q3 2024 Q3 2023 Q3 2024 Q3 2023 Total Revenue $727.1 $744.0 $2,075.1 $2,255.2 Constant Currency2 Growth (1.8%) (7.4%) 2023 Recurring Revenue3 $597.9 $595.7 $1,735.6 $1,669.6 Adjusted Gross Profit $357.4 $37
Slide 6: Q3 2024 Cash Flow and Balance Sheet
© 2024. All Rights Reserved. 6 Q3 2024 Cash Flow and Balance Sheet Q3 2024 Cash Flow1 Balance Sheet as of September 29, 2024 $120M $41M $144M ~4.1x QTD Adjusted YTD Adjusted Cash Net Debt to Free Cash Flow2 Free Cash Flow3 Adjusted EBITDA4 QTD Adjusted Free Cash Flow2 $46M $144M $2.6B ~3.3x Consolid
Slide 7: FY 2024 Financial Guidance
© 2024. All Rights Reserved. 7 FY 2024 Financial Guidance1 FY 2024 Assumptions Financial Outlook As of 11/7/24 Non-Respiratory • Assume Q4'24 non-respiratory revenue in line with commentary provided earlier this year ◦ Labs business growth expected in the mid-single-digits ◦ Transfusion Medicine, ex
Slide 8: Appendix
@® QuidelOrtho
Slide 9: Non-GAAP Adjustments
© 2024. All Rights Reserved. 9 Non-GAAP Adjustments Fiscal Quarter Year to Date In millions Q3 2024 Q3 2023 Q3 2024 Q3 2023 Incremental depreciation on PP&E fair value adjustment $ 5.0 $ 6.1 $ 15.9 $ 19.0 Amortization of deferred cloud computing implementation costs 0.1 0.2 0.4 0.8 Other adjustments
Slide 10: QTD Non-GAAP Reconciliation
© 2024. All Rights Reserved. 10 QTD Non-GAAP Reconciliation Fiscal Quarter Q3 2024 Fiscal Quarter Q3 2023 In millions GAAP Adjustments (a) Non-GAAP GAAP Adjustments (a) Non-GAAP Gross profit $ 352.3 $ 5.1 $ 357.4 $ 369.4 $ 6.3 $ 375.7 Selling, marketing and administrative 186.4 (9.5) 176.9 194.1 (5.
Slide 11: YTD Non-GAAP Reconciliation
© 2024. All Rights Reserved. 11 YTD Non-GAAP Reconciliation Year to Date Q3 2024 Year to Date Q3 2023 In millions GAAP Adjustments (a) Non-GAAP GAAP Adjustments (a) Non-GAAP Gross profit $ 960.4 $ 16.4 $ 976.8 $ 1,114.5 $ 19.8 $ 1,134.3 Selling, marketing and administrative 579.3 (29.2) 550.1 575.6
Slide 12: Revenue by Geography
© 2024. All Rights Reserved. 12 Revenue by Geography Three Months Ended 2023 2024 Third Quarter Constant Less: COVID- Currency Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Percent Currency Constant (a) 19 revenue ex COVID-19 Change Impact Currency (a) impact Revenue North America $582.8 $378.8 $465.2 $450.3 $433.9 $350.
Slide 13: Revenue by Business Unit
© 2024. All Rights Reserved. 13 Revenue by Business Unit Three Months Ended 2023 2024 Third Quarter Constant Less: COVID- Currency Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Percent Currency Constant (a) 19 revenue ex COVID-19 Change Impact Currency (a) impact Revenue Labs(b) $370.7 $361.4 $341.4 $351.9 $356.9 $354.2
Slide 14: Non-GAAP Reconciliations - Recurring Revenue
© 2024. All Rights Reserved. 14 Non-GAAP Reconciliations - Recurring Revenue Three Months Ended 2023 2024 Third Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Percent Currency Constant Change Impact Currency (a) Total Revenue $846.1 $665.1 $744.0 $742.6 $711.0 $637.0 $727.1 (2.3)% (0.5)% (1.8)% COVID-19 revenue(b)
Slide 15: Revenue by Respiratory and Non-Respiratory
© 2024. All Rights Reserved. 15 Revenue by Respiratory and Non-Respiratory Three Months Ended 2023 2024 Third Quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Percent Currency Constant Change Impact Currency (a) Respiratory Revenue $265.6 $89.0 $185.4 $174.6 $137.3 $58.0 $165.4 (10.8)% —% (10.8)% Non-Respiratory Rev
Slide 16: Non-GAAP Reconciliations - Labs Revenue
© 2024. All Rights Reserved. 16 Non-GAAP Reconciliations - Labs Revenue Three Months Ended September 29, 2024 October 1, 2023 Percent Change Currency Impact Constant Currency (a) Total Labs Revenue $355.9 $341.4 4.2% (1.0)% 5.2% COVID-19 revenue (0.7) (1.2) Instrument revenue (20.9) (22.4) Non-core
Slide 17: Non-GAAP Reconciliations – Adjusted EBITDA
© 2024. All Rights Reserved. 17 Non-GAAP Reconciliations – Adjusted EBITDA Fiscal Quarter Year to Date In millions Q3 2024 Q3 2023 Q3 2024 Q3 2023 Net loss $ (19.9) $ (12.7) $ (1,873.6) $ (17.1) Depreciation and amortization 113.1 113.1 344.1 341.8 Interest expense, net 42.9 37.7 122.9 110.9 Benefit
Slide 18: quidelortho.com
quidelortho.com