Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — Q3 2022 Earnings Presentation
18 slides from Quidelortho's earnings presentation, Nov 2, 2022
Slide 1: Financial Results 3Q 2022
Forging the Future of Diagnostics Financial Results 3Q 2022 November 2, 2022
Slide 2: Forward-Looking Statements
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. You can identify these statements and other forward-l
Slide 3: Supplemental Combined Financial Measures and Non-GAAP Financial Measures
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 Combinations as if Quidel and Ortho had b
Slide 4: Highlights
3Q 2022 Total Revenue Adjusted EBITDA Adjusted EPS Highlights1 $784M $227M2 $1.852 (22%) y/y1 28.9% Margin1 (54)% y/y1 •Supplemental combined revenue growth, ex-COVID-19 sales, up 3% y/y and excluding the Beckman BNP Business Unit Geography Category assay transition, the underlying base business was
Slide 5: Strategic Priorities
Strategic Priorities INTEGRATION & CULTURE: Unite the people, processes and products of Quidel and Ortho to accelerate innovation, expand commercial reach and improve patient outcomes across the healthcare continuum, within a culture of speed, happiness, and engagement PRODUCT INNOVATION: Invest in
Slide 6: Flu Positivity Rates Continue to Increase
Flu Positivity Rates Continue to Increase © QuidelOrtho 2022
Slide 7: Operational Excellence Manufacturing Capacity
Operational Excellence Manufacturing Capacity VITROS® XT 7600 Sofia® QuickVue® Savanna® • Rochester site has manufacturing • McKellar site has manufacturing • Rutherford site has manufacturing • Low volume line is now operational and capacity of up to 53 million capacity of up to 4 million Sofia cap
Slide 8: Financial Results
FINANCIAL RESULTS © QuidelOrtho 2022 8
Slide 9: 3Q 2022 Supplemental Combined Revenue Results
3Q 2022 Supplemental Combined Revenue Results1 Revenue Revenue Revenue by Business Unit by Geography by Category POC (39%) [+29% ex-COVID-19] North America (29%) [+6% ex-COVID-19] Recurring (26%) [+4% ex-COVID-19] Labs2 (5%) [(3%) ex-COVID-19] EMEA +1% [+2% ex-COVID-19] QuickVue 0% [+42% ex-COVID-19
Slide 10: 3Q 2022 Highlights
Supplemental Combined Operating Results Summary1 Solid Results Demonstrate Resiliency of the Combined Business Model 3Q 2022 Fiscal Quarter Ended Highlights 3Q222 3Q211 Total Revenue $783.8 $1,032.3 ▪ Adjusted Gross Profit Margin of 56.9% is Constant Currency Growth (21.8%) - down (540bps), largely
Slide 11: Strong Cash Flow and Balance Sheet
Strong Cash Flow and Balance Sheet1 3Q22 cash flow affected by seasonality of cash flows, but we expect 2H22 adjusted free cash flow to be $130 million to $150 million 3Q22 Cash Flow 3Q22 Balance Sheet $(10)M $284M Operating Cash Flow2 Cash & $(10)M Marketable Securities ~1.4x Net Debt to Recurring
Slide 12: FY 2022 Supplemental Combined Guidance
FY 2022 Supplemental Combined Guidance $2.48 – 2.53 Billion (+7% – 9% constant currency) Total Revenue, Ex-COVID-19 $3.88 – 3.96 Billion (+6% – 8% constant currency) $1.40 – 1.43 Billion Total Revenue COVID-19 Revenue 200 bps - 250 bps Currency Translation Headwind to Sales $230 – 270 Million Flu an
Slide 13: Summary
Summary We are achieving critical integration milestones, actively pursuing exciting new cross-selling opportunities, and hitting our synergy targets FY 2022 revenue growth, ex-COVID-19 revenue guidance is narrowed to the high end of the prior range at 7% - 9%, and we're raising our total constant c
Slide 14: Appendix
APPENDIX © QuidelOrtho 2022 14
Slide 15: Q3 2022 Non-GAAP Reconciliation
Q3 2022 Non-GAAP Reconciliation Selling, marketing and Research and Operating Operating Interest Other Provision for Gross profit adiministrative development income income margin expense, net income, net income taxes Net income GAAP $ 390.6 $ 237.8 $ 65.6 $ 56.8 7.2 % $ 29.7 $ (4.2) $ 12.1 $ 19.2 Ad
Slide 16: Pro Forma Revenue by Region, Business Unit, and Category
Pro Forma Revenue by Region, Business Unit, and Category Three Months Ended Currency Less: COVID-19 Constant Currency (a) Segment revenue October 2, 2022 October 3, 2021 Percent Change Impact Constant Currency (a) revenue impact ex COVID-19 revenue North America $517.6 $730.3 (29.1)% —% (29.1)% 34.8
Slide 17: Supplemental Combined Adjusted EBITDA Reconciliation
Supplemental Combined Adjusted EBITDA Reconciliation Three Months Ended $ millions Q3 2022 Q3 2021 Supplemental combined net income $19.2 $ 230.5 Interest expense, net 29.7 37.4 Provision for income taxes 12.1 71.8 Depreciation and amortization 104.2 93.5 Pre-IPO legacy stock-based compensation — 5.
Slide 18: Thank You
THANK YOU