Quidelortho Corporation · NASDAQ:QDEL
Quidelortho — QuidelOrtho Pro Forma Financials — Download PDF
25 slides from Quidelortho's investor presentation, Jul 7, 2022
Slide 1: Pro forma Financials
Pro forma Financials July 7, 2022
Slide 2: Disclaimer and Pro Forma Non-GAAP Financial Measures
Disclaimer and Pro Forma Non-GAAP Financial Measures Disclaimer: This presentation of QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) contains unaudited pro forma financial information that gives effect to the business combination by and among QuidelOrtho, Quidel Corporation (“Quidel”), Ort
Slide 3: Pro forma Revenue
Pro forma Revenue1 Total by Business Unit 1Q18 2Q18 3Q18 4Q18 FY2018 1Q19 2Q19 3Q19 4Q19 FY2019 1Q20 2Q20 3Q20 4Q20 FY2020 1Q21 2Q21 3Q21 4Q21 FY2021 1Q22 Labs2 307.1 309.3 304.0 304.3 1,224.7 290.6 319.8 318.5 329.6 1,258.4 276.4 276.4 321.7 361.9 1,236.5 356.3 340.5 363.2 363.4 1,423.4 339.7 Trans
Slide 4: Pro forma Constant Currency Revenue Growth
Pro forma Constant Currency Revenue Growth1 Y/Y Y/Y Y/Y Y/Y Total by Business Unit 1Q19 2Q19 3Q19 4Q19 FY 2019 1Q20 2Q20 3Q20 4Q20 FY 2020 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 Labs2 (3.3%) 5.8% 5.7% 9.0% 4.3% (3.1%) (11.3%) 2.2% 9.5% (0.5%) 27.0% 19.6% 11.0% 0.7% 13.5% (3.9%) Transfusion Medicine (4.9%)
Slide 5: Pro forma Adjusted Income Statement
Pro forma Adjusted Income Statement1 FY 2021 FY 2020 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 Total revenues 3,428 882 669 1,024 1,158 3,733 1,502 Cost of revenues, excluding amortization of 1,207 319 316 386 402 1,422 509 intangible assets Gross profit 2,221 563 353 638 756 2,311 994 Gross profit Margin %
Slide 6: Appendix
APPENDIX
Slide 7: FY 2020 Pro forma Combined Income Statement
FY 2020 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $1,661.7 $
Slide 8: 1Q21 Pro forma Combined Income Statement
1Q21 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $375.3 $ -– $3
Slide 9: 2Q21 Pro forma Combined Income Statement
2Q21 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $176.6 $ -– $1
Slide 10: 3Q21 Pro forma Combined Income Statement
3Q21 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $509.8 $ -– $5
Slide 11: 4Q21 Pro forma Combined Income Statement
4Q21 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $636.9 $ -– $6
Slide 12: FY 2021 Pro forma Combined Income Statement
FY 2021 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $1,698.6 $
Slide 13: 1Q22 Pro forma Combined Income Statement
1Q22 Pro forma Combined Income Statement1 Pro Forma Historical Quidel Historical Ortho Combined As Previously Reclassification After As Previously Reclassification After After Reported Adjustments Reclassifications Reported Adjustments Reclassifications Reclassifications Total revenue $1,002.3 $ -–
Slide 14: FY 2020 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
FY 2020 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net expense, net income taxes income Pro forma, including reclassifications
Slide 15: Q1 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
Q1 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net expense, net income taxes income Pro forma, including reclassifications
Slide 16: Q2 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
Q2 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net (loss) revenue profit and admin. development income margin expense, net expense, net income taxes income Pro forma, including reclassifi
Slide 17: Q3 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
Q3 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net income, net income taxes income Pro forma, including reclassifications
Slide 18: Q4 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
Q4 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net expense, net income taxes income Pro forma, including reclassifications
Slide 19: FY 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
FY 2021 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net expense, net income taxes income Pro forma, including reclassifications
Slide 20: Q1 2022 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation
Q1 2022 Pro Forma GAAP to Pro Forma Non-GAAP Reconciliation Selling, Research Operating Total Gross marketing and Operating income Interest Other Provision for Net revenue profit and admin. development income margin expense, net income, net income taxes income Pro forma, including reclassifications
Slide 21: Pro Forma Adjusted EBITDA Reconciliation
Pro Forma Adjusted EBITDA Reconciliation Fiscal Year Fiscal Quarter Fiscal Year Fiscal Quarter 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 2021 Q1 2022 Pro forma net income (loss) 598.4 139.0 (0.9) 230.5 281.4 650.0 494.7 Interest expense, net 206.7 45.4 34.5 37.4 34.5 151.8 33.5 Provision for income taxes
Slide 22: Pro Forma Business Unit Revenue Reconciliation
Pro Forma Business Unit Revenue Reconciliation1 1Q19 2Q19 3Q19 4Q19 FY 2019 1Q20 2Q20 3Q20 4Q20 FY 2020 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 Labs Reported -5% 3% 5% 8% 3% -5% -14% 1% 10% -2% 29% 23% 13% 0% 15% -5% Currency Impact -2% -2% -1% -1% -2% -2% -2% -1% 0% -1% 2% 4% 2% 0% 2% -1% Constant Currenc
Slide 23: Pro Forma Region Revenue Reconciliation
Pro Forma Region Revenue Reconciliation1 1Q19 2Q19 3Q19 4Q19 FY 2019 1Q20 2Q20 3Q20 4Q20 FY 2020 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 NA Reported -13% 3% 4% 8% 0% 10% 26% 115% 198% 90% 68% 3% 10% -15% 7% 107% Currency Impact 0% 0% 0% 0% 0% 0% 0% 1% 0% 0% 0% 0% 0% 0% 0% 0% Constant Currency -13% 4% 4% 8%
Slide 24: Pro Forma Product Category Revenue Reconciliation
Pro Forma Product Category Revenue Reconciliation1 1Q19 2Q19 3Q19 4Q19 FY 2019 1Q20 2Q20 3Q20 4Q20 FY 2020 1Q21 2Q21 3Q21 4Q21 FY 2021 1Q22 Recurring Reported -5% 4% 3% 7% 2% 0% 7% 66% 121% 50% 57% 7% -3% -45% -8% -3% Currency Impact -2% -2% -1% -1% -1% -1% -2% 0% 1% -1% 2% 3% 1% 0% 1% -1% Constant
Slide 25: Thank You
THANK YOU