Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — William Blair 43rd Annual Growth Stock Conference (June 2023)
29 slides from Quidelortho's conference presentation, Jun 6, 2023
Slide 1: QuidelOrtho William Blair 43rd Annual Growth Stock Conference
June 06, 2023 QuidelOrtho William Blair 43rd Annual Growth Stock Conference Douglas Bryant Joseph Busky President & Chief Financial Officer Chief Executive Officer
Slide 2: Forward-Looking Statements
© 2023. 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 inclu
Slide 3: Supplemental Combined Financial Measures and Non-GAAP Financial Measures
© 2023. 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: Key Messages
© 2023. All Rights Reserved. 4 Key Messages • Strong Business in Large and Growing Markets: We are an in vitro diagnostics leader with growth opportunities in our Point of Care, Molecular Diagnostics, Labs and Transfusion Medicine businesses • Executing on Integration Ahead of Expectations: Integrat
Slide 5: QuidelOrtho: The Largest Pure-Play Diagnostics Company
© 2023. All Rights Reserved. 5 QuidelOrtho: The Largest Pure-Play Diagnostics Company Broad portfolio spanning the diagnostics continuum from Labs, TM, and MDx to POC customers in more than approximately approximately 130+ 330 Products $3.0B 28% Adjusted Countries and across instruments Total Revenu
Slide 6: Highly Experienced Management Team
© 2023. All Rights Reserved. 6 Highly Experienced Management Team Proven track record in creating transformational change and accelerating growth Doug Bryant President and Chief Executive Officer Rob Bujarski Michael Iskra Joe Busky Pat Klein Louise Brandy Michelle Hodges Werner Kroll, PhD Chief Ope
Slide 7: Large and Growing Markets
© 2023. All Rights Reserved. 7 Large and Growing Markets1 Clinical Immunoassay Molecular Transfusion Point-of-Care Chemistry (Central Lab) Diagnostics Medicine Total Addressable $8.1B $9.0B $19.0B $9.3B $2.3B Market1 Steady State 6-8% 3-5% 6-8% 8-10% 2-4% Growth Expected Drivers • Expanded access •
Slide 8: The convergence of several healthcare trends is expected to create multiple opportunities for QDEL growth
© 2023. All Rights Reserved. 8 The convergence of several healthcare trends is expected to create multiple opportunities for QDEL growth over the next decade Mega Trends IVD Trends Customer Trends1 • Aging populations • Miniaturization & • Declining supply of Positioned to take advantage Consumeriza
Slide 9: QuidelOrtho is Poised to Meet The Challenges of an Evolving Dx Landscape
© 2023. All Rights Reserved. 9 QuidelOrtho is Poised to Meet The Challenges of an Evolving Dx Landscape DECENTRALIZED CENTRALIZED HOME RETAIL AMBULATORY CLINICS & SPECIALTY SETTINGS HOSPITALS REFERENCE LABS OTC Consumer-Oriented Physician Urgent Surgical Micro- Free Sexual Small-Medium Large Donor N
Slide 10: A Clear Path to Meaningful Growth over the Next Few Years
© 2023. All Rights Reserved. 10 A Clear Path to Meaningful Growth over the Next Few Years Three near-term initiatives that we are acutely focused on are Vitros, Sofia, and Savanna Vitros® System Sofia® Platform Savanna® MDx Installed base is fueled by the placement Sophisticated yet easy-to-use Poin
Slide 11: Innovating at the Speed of Light
© 2023. All Rights Reserved. 11 Innovating at the Speed of Light New Products Driving Growth Trajectory Near-Term Mid-Term Long-Term Refresh VITROS IA Menu Expansion Including Low-Cost, Low-Volume Platforms Systems & Novel and Specialty Markers: Software; 20-25 New/Refreshed Assays IA Menu Expansion
Slide 12: Achieving Key Integration Milestones Ahead of Plan
© 2023. All Rights Reserved. 12 Achieving Key Integration Milestones Ahead of Plan Completed “interim state” integration; now focused on long-term integration activities Commercial People & Culture Processes & Systems ▪ Launched single instances of ▪ Commercial harmonization in North ▪ Activated enh
Slide 13: Actions Implemented In Response to Employee Engagement Survey
© 2023. All Rights Reserved. 13 Actions Implemented In Response to Employee Engagement Survey Illustrative examples of targeted actions within functions Decision Making Career Experience Innovation Job Satisfaction Agility reinforced increased with enhanced focus on through process with increased ef
Slide 14: Financials
Financials @® QuidelOrtho”
Slide 15: 1Q 2023 Highlights
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 15 1Q 2023 Adjusted Total Revenue Adjusted EPS Highlights1 EBITDA 2 $846M $245M 22 $1.80 (44%) y/y1 (78)% y/y1 • Sustained momentum from 2022 29.0% Margin1 and exceeded expectations in 1Q 2023 • Non-respiratory revenue up 7% Bu
Slide 16: Strong Cash Flow and Balance Sheet Provide Flexibility and Stability
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 16 Strong Cash Flow and Balance Sheet Provide Flexibility and Stability 1Q 2023 Cash Flow1 1Q 2023 Balance Sheet1 $189M $431M Operating Cash Flow2 Cash & ~2.2x Marketable Securities $1
Slide 17: Ahead of Cost Synergy Target
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 17 Ahead of Cost Synergy Target Identified and started executing on more than $90M in cost synergies Realized Synergies (partial year): Duplicative costs: 2023 Board of directors Executives (CEO, CFO, GC, R&D) Senior management
Slide 18: Capital Deployment: Strong Balance Sheet and Cash Generation Give Us the Flexibility to Allocate
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 18 Capital Deployment: Strong Balance Sheet and Cash Generation Give Us the Flexibility to Allocate Funds Toward Several Capital Deployment Priorities Support menu expansion and development R&D Investment of innovative new inst
Slide 19: FY 2023 Guidance
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 19 FY 2023 Guidance1 FY 2023 FY 2023 Change Financial Outlook As of Q1’23 As of Q4’22 (at Midpoint) 2 Reporting Reporting Non-respiratory Revenue $2.26B – $2.31B $2.21 – $2.25B +$55M Constant currency growth +4.5 – 6.5% +4.0 –
Slide 20: Execution of Strategic Priorities Will Position QuidelOrtho for Strong Revenue and Earnings Growth
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 20 Execution of Strategic Priorities Will Position QuidelOrtho for Strong Revenue and Earnings Growth Assumptions • High end of range driven by strength in 3-Year Outlook (2023-2025) Labs and Savanna • COVID-19 revenue moderate
Slide 21: Closing
Closing @® QuidelOrtho”
Slide 22: Key Messages
QuidelOrtho – Proprietary & Confidential. | © 2023. All Rights Reserved. 22 Key Messages • Strong Business in Large and Growing Markets: We are an in vitro diagnostics leader with growth opportunities in our Point of Care, Molecular Diagnostics, Labs and Transfusion Medicine businesses • Executing o
Slide 23: Appendix
@® QuidelOrtho”
Slide 24: 1Q 2023 Non-GAAP Reconciliation
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 24 1Q 2023 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other Provision for Gross profit marketing and development income income margin expense, net expen
Slide 25: 1Q 2022 Non-GAAP Reconciliation
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 25 1Q 2022 Non-GAAP Reconciliation Selling, Research and Operating Operating Interest Other Provision for Gross profit marketing and development income income margin expense, net incom
Slide 26: QTD Pro Forma Revenue by Region, Business Unit, and Category
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 26 QTD Pro Forma Revenue by Region, Business Unit, and Category Three Months Ended Respiratory Constant Currency (a) Segment revenue April 2, 2023 April 3, 2022 Percent Change Currency
Slide 27: QTD Pro Forma Revenue Respiratory vs Non-Respiratory
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 27 QTD Pro Forma Revenue Respiratory vs Non-Respiratory Three Months Ended April 2, 2023 April 3, 2022 Percent Change Currency Impact Constant Currency (a) Respiratory Revenue $265.6 $
Slide 28: Non-GAAP Reconciliations – Adjusted EBITDA
QuidelOrtho QuidelOrtho – Proprietary – Proprietary & Confidential. | |© 2023. All Rights Reserved. & Confidential. 28 Non-GAAP Reconciliations – Adjusted EBITDA Fiscal Quarter In millions 1Q 2023 1Q 2022 Net income $ 48.8 $ 479.9 Pre-combination Ortho net income (a) — 14.8 Supplemental combined net
Slide 29: quidelortho.com
quidelortho.com
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