Earlier-than-expected demand for respiratory
products in core markets drives strong preliminary performance
Company to report third quarter 2023 financial
results on November 1, 2023
QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or
“QuidelOrtho”), a global provider of innovative in vitro
diagnostics technologies designed for point-of-care settings,
clinical labs and transfusion medicine, today announced strong
preliminary unaudited revenue results for the fiscal third quarter
ended October 1, 2023, primarily driven by higher respiratory
product sales, particularly SARS and flu.
Third Quarter 2023 Preliminary Unaudited Revenue
Results
- Total revenues of $738 million to $744 million;
- Non-respiratory product revenue of $557 million to $560
million; and
- Respiratory product revenue of $181 million to $184
million.
“Our strong performance in the third quarter reflects the
critical role our technologies play in healthcare settings and the
trust medical professionals place in us,” said Douglas Bryant,
President and Chief Executive Officer, QuidelOrtho. “Influenza and
new variants of COVID-19 across the Northern Hemisphere generated
significant demand for both our retail and point of care offerings.
We also continued to see strength in our non-respiratory
businesses, and all of our regions, including China, met or
exceeded our expectations.”
Preliminary unaudited revenue results described herein are based
on management’s initial analysis for the fiscal third quarter ended
October 1, 2023, and are subject to adjustments based on the
Company’s completion of its quarter-end financial close
process.
Fiscal Year 2023 Financial Guidance
The Company is maintaining its 2023 financial guidance, provided
on August 8, 2023, as follows:
Total revenues (reported)
$2.88 - $3.08 billion
Non-respiratory revenue
$2.27 - $2.31 billion
Respiratory revenue
$610 - $775 million
Adjusted EBITDA
$800 - $830 million
Adjusted EBITDA %
26.9% - 27.7%
Adjusted diluted earnings per share
$4.85 - $5.30
“The earlier-than-expected arrival of respiratory illnesses is
driving greater demand for our diagnostics. As a result, we now
expect third quarter performance to be higher than originally
expected,” said Joseph Busky, Chief Financial Officer, QuidelOrtho.
“With the pull-forward of the typical respiratory seasonality into
the third quarter from the fourth quarter, we are reiterating our
2023 financial guidance. We remain confident in our strategic plan
and our ability to achieve our 2023 financial guidance.”
Quarterly Conference Call Information
QuidelOrtho will report financial results for its third quarter
2023 after the market close on Wednesday, November 1, 2023.
Following the release of the financial results, QuidelOrtho will
hold a conference call beginning at 2:00 p.m. PT/5:00 p.m. ET to
discuss the financial results. Interested parties can access the
conference call on the “Events & Presentations” section of the
“Investor Relations” page of QuidelOrtho’s website at
https://ir.quidelortho.com/. Those unable to access the webcast may
join the call via phone by dialing 404-975-4839 (domestic) or
929-526-1599 (international) and entering Conference ID 697176.
A replay of the conference call will be available shortly after
the event on the “Investor Relations” page of QuidelOrtho’s
website, under the “Events & Presentations” section.
About QuidelOrtho Corporation
QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in
vitro diagnostics, developing and manufacturing intelligent
solutions that transform data into understanding and action for
more people in more places every day.
Offering industry-leading expertise in immunoassay and molecular
testing, clinical chemistry and transfusion medicine, bringing
fast, accurate and reliable diagnostics when and where they are
needed – from home to hospital, lab to clinic. So that patients,
clinicians and health officials can spot trends sooner, respond
quicker and chart the course ahead with accuracy and
confidence.
Building upon its many years of groundbreaking innovation,
QuidelOrtho continues to partner with customers across the
healthcare continuum and around the globe to forge a new diagnostic
frontier. One where insights and solutions know no bounds,
expertise seamlessly connects and a more informed path is
illuminated for each of us.
QuidelOrtho is advancing diagnostics to power a healthier
future.
For more information, please visit www.quidelortho.com.
Source: QuidelOrtho Corporation
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include any statements contained herein that
are not strictly historical, including, but not limited to,
QuidelOrtho's preliminary unaudited revenue results for the quarter
ended October 1, 2023, commercial, integration, transformation and
other strategic goals, future financial and operating results, and
future plans, objectives, strategies, expectations and intentions.
These statements in this press release may be identified by words
such as “may,” “will,” “would,” “should,” “might,” “expect,”
“anticipate,” “believe,” “estimate,” “plan,” “intend,” “goal,”
“project,” “strategy,” “future,” “continue” or similar words,
expressions or the negative of such terms or other comparable
terminology. Such statements are based on the beliefs and
expectations of QuidelOrtho’s management as of today and are
subject to significant known and unknown risks and uncertainties.
Actual results or outcomes may differ significantly from those set
forth or implied in the forward-looking statements. The following
factors, among others, could cause actual results to differ from
those set forth or implied in the forward-looking statements: the
challenges and costs of integrating, restructuring and achieving
anticipated synergies as a result of the business combination; the
ability to retain key employees; and other economic, business,
competitive and/or regulatory factors affecting the business of
QuidelOrtho generally. Additional risks and factors are identified
under “Risk Factors” in QuidelOrtho’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission (the
“Commission”) on February 23, 2023, and subsequent reports filed
with the Commission. You should not rely on forward-looking
statements as predictions of future events because these statements
are based on assumptions that may not come true and are speculative
by their nature. QuidelOrtho undertakes no obligation to update any
of the forward-looking information or time-sensitive information
included in this press release, whether as a result of new
information, future events, changed expectations or otherwise,
except as required by law. All forward-looking statements are based
on information currently available to QuidelOrtho and speak only as
of the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231012401300/en/
Investors: Juliet Cunningham Vice President, Investor
Relations IR@quidelortho.com
Media: Stephanie Kleewein Communications Manager
media@quidelortho.com
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