Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — Q4 2023 Earnings Presentation
19 slides from Quidelortho's earnings presentation, Feb 13, 2024
Slide 1: Fourth Quarter and Full Year 2023 Financial Results
February 13, 2024 (slide 9 has been corrected as of February 16, 2024) QuidelOrtho Fourth Quarter and Full Year 2023 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: Supplemental Combined Financial Measures and Non-GAAP Financial Measures
© 2024. All Rights Reserved. 3 Supplemental Combined Financial Measures and Non-GAAP Financial Measures Supplemental Combined Financial Measures: This presentation contains unaudited supplemental combined financial information (“Supplemental Combined Information”) that gives effect to the Combinatio
Slide 4: FY 2023 Highlights
© 2024. All Rights Reserved. 4 FY 2023 Highlights1 Total Revenue Adjusted Adjusted EBITDA Diluted EPS 2 $3.0B First full year as a combined 2 company yielded several key accomplishments: (26%) y/y1 $723M $4.13 • Optimized manufacturing 24% Margin1 (70%) y/y1 capacity to meet customer needs Business
Slide 5: Q4 2023 Highlights
© 2024. All Rights Reserved. 5 Q4 2023 Highlights1 Total Revenue Adjusted Adjusted • Non-respiratory revenue EBITDA Diluted EPS 2 increased by 9%, as reported and in constant currency $743M $195M 2 $1.17 ◦ Driven by Labs strength in (14%) y/y1 26% Margin1 (34%) y/y1 clinical chemistry and immunoassa
Slide 6: A Clear Path to Meaningful Near-term Growth
© 2024. All Rights Reserved. 6 A Clear Path to Meaningful Near-term Growth Labs Portfolio Sofia Platform Savanna MDx Installed base is fueled by the placement Sophisticated yet easy-to-use Point-of-Care device Revolutionary new molecular platform utilizing of integrated analyzers for multiple types
Slide 7: Q4 and FY 2023 Operating Results Summary
© 2024. All Rights Reserved. 7 Q4 and FY 2023 Operating Results Summary1 Fiscal Quarter Ended Fiscal Year Ended Q4 2023 Q4 2022 2023 20222 Total Revenue $742.6 $866.5 $2,997.8 $4,051.2 Constant Currency3 Growth (14.3%) (25.9%) Adjusted Gross Profit 2023 $388.9 $472.7 $1,523.2 $2,394.3 Adjusted Gross
Slide 8: Strong Cash Flow and Balance Sheet Provide Flexibility and Stability
© 2024. All Rights Reserved. 8 Strong Cash Flow and Balance Sheet Provide Flexibility and Stability Balance Sheet Q4 and FY 2023 Cash Flow1 as of December 31, 2023 $89M Q4 2023 Adjusted $270M FY 2023 Adjusted $175M Cash & Free Cash Flow2 Free Cash Flow3 ~3.2x Marketable Securities Net Debt to Adjust
Slide 9: FY 2024 Financial Guidance
© 2024. All Rights Reserved. 9 FY 2024 Financial Guidance FY 2024 Financial Outlook As of 2/13/24 Non-respiratory Revenue $2.30B – $2.34B Constant currency growth +4% – +6% Respiratory Revenue $460M – $730M Total Revenue $2.76B – $3.07B Constant currency growth -7% – +3% Adjusted EBITDA $565M – $720
Slide 10: Appendix
@® QuidelOrtho
Slide 11: Q4 2023 Non-GAAP Reconciliation
© 2024. All Rights Reserved. 11 Q4 2023 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other (Benefit from) Gross profit marketing and development income margin expense, net expense provision for Net income administrative (income), net income taxes GAAP $ 365.0 $ 222.5 $
Slide 12: Q4 2022 Non-GAAP Reconciliation
© 2024. All Rights Reserved. 12 Q4 2022 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other Provision for Gross profit marketing and development income margin expense, net expense, net income taxes Net income administrative GAAP $ 432.2 $ 250.7 $ 64.3 $ 86.5 10.0 % $ 34.
Slide 13: FY 2023 Non-GAAP Reconciliation
© 2024. All Rights Reserved. 13 FY 2023 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other (Benefit from) Net (loss) Gross profit marketing and development income margin expense, net expense, net provision for income administrative income taxes GAAP $ 1,429.4 $ 903.0 $
Slide 14: FY 2022 Non-GAAP Reconciliation
© 2024. All Rights Reserved. 14 FY 2022 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other Provision for Gross profit marketing and development income margin expense, net expense income taxes Net income administrative (income), net GAAP $ 1,893.3 $ 710.8 $ 190.5 $ 843.7
Slide 15: QTD Pro Forma Revenue by Region, Business Unit, and Category
© 2024. All Rights Reserved. 15 QTD Pro Forma Revenue by Region, Business Unit, and Category Three Months Ended Segment revenue December 31, 2023 January 1, 2023 Percent Change Currency Impact Respiratory Constant Currency (a) Revenue Impact Constant Currency (a) Non-Respiratory Revenue North Americ
Slide 16: YTD Pro Forma Revenue by Region, Business Unit, and Category
© 2024. All Rights Reserved. 16 YTD Pro Forma Revenue by Region, Business Unit, and Category Fiscal Year Ended Segment revenue December 31, 2023 January 1, 2023 Percent Change Currency Impact Respiratory Constant Currency (a) Revenue Impact Constant Currency (a) Non-Respiratory Revenue North America
Slide 17: Pro Forma Revenue Respiratory vs Non-Respiratory
© 2024. All Rights Reserved. 17 Pro Forma Revenue Respiratory vs Non-Respiratory Three Months Ended December 31, 2023 January 1, 2023 Percent Change Currency Impact Constant Currency (a) Respiratory Revenue $174.6 $344.0 (49.2)% 0.1% (49.3)% Non-Respiratory Revenue 568.0 522.5 8.7% (0.3)% 9.0% Total
Slide 18: Non-GAAP Reconciliations – Adjusted EBITDA
© 2024. All Rights Reserved. 18 Non-GAAP Reconciliations – Adjusted EBITDA Fiscal Quarter Year to date In millions Q4 2023 Q4 2022 FY 2023 FY 2022 Net income (loss) $ 7.0 $ 30.3 $ (10.1) $ 548.7 Pre-combination Ortho net loss (a) — — — (45.9) Supplemental combined net income (loss) 7.0 30.3 (10.1) 5
Slide 19: quidelortho.com
quidelortho.com