Read more. adjusted operating results as if Quidel and Ortho had been combined for the applicable periods. This Supplemental Combined Information is provided for illustrative purposes only, may be updated in the future, and is not necessarily, and should not be assumed to be, indicative of the Companys expected results of operations or financial position that would have been achieved had the Combinations been completed as of the dates indicated or that may be achieved in any future period. You can identify these statements in this press release by words such as "may," "will," "would," "expect," "anticipate," "believe," "estimate," "plan," "intend," "continue" or similar words, expressions or the negative of such terms or other comparable terminology. The Company expects total revenues in the full year of 2022 to be in the range of $4,038 million to $4,053 million. This strong start to the year was supported by delivering more instruments driving strong results in our Labs business as well as better-than-expected results in the Point of Care business, said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. The Companys definition of this non-GAAP measure may differ from similarly titled measures used by others. Led by ex-COVID-19 growth in Point of Care, Molecular Diagnostics and Transfusion Medicine, we ended a milestone year for QuidelOrtho with an outstanding performance in the fourth quarter even as our largest and generally most resilient business unit, Labs, faced lockdowns in China and continued supply chain challenges, said Douglas Bryant, President and Chief Executive Officer of QuidelOrtho. This press release contains constant currency revenue growth, which is considered a non-GAAP financial measure under applicable rules and regulations of the Commission. Diluted earnings per share fell from $0.45 in Q2 2021 to $0.36 in Q2 2022. document.write( new Date().getFullYear() ); QuidelOrtho Corporation. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 Combinations; the ability to retain key employees; and other economic, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally.
Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is included in the tables accompanying this press release. "Our team delivered solid non-respiratory revenue growth across all major geographic regions, with notable strength in China, demonstrating the power of our newly created scale and breadth of offerings across the diagnostics continuum, as well as the durability of our business model. "After an exceptional fourth quarter of 2022, I am very pleased with our sustained momentum in the first quarter of 2023, which was ahead of expectations. QuidelOrtho Corporation (Nasdaq: QDEL) unites the power of Quidel Corporation and Ortho Clinical Diagnostics behind a shared mission of developing and manufacturing innovative technologies that raise the performance of diagnostic testing and create better patient outcomes across the entire healthcare continuum. 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. QuidelOrtho has 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. *This website contains information which is targeted to a wide range of audiences and could contain product details or information otherwise not valid or applicable to your country. Reconciliation to amounts within the consolidated balance sheets: Cash, cash equivalents and restricted cash, Reconciliation of Non-GAAP Financial Information - Adjusted Net Income, (In millions, except per share data; unaudited), Incremental depreciation on PP&E fair value adjustment, Noncash interest expense for deferred consideration, Amortization of deferred cloud computing implementation costs, Employee compensation charges and other costs, EU medical device regulation transition costs, Change in fair value of acquisition contingencies, Ortho pre-combination adjusted net income, Supplemental combined adjusted net income, Weighted-average shares outstanding - diluted - supplemental combined, Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA, Supplemental Combined Revenues by Business Unit and Region, Constant Currency, In this quarter, QuidelOrthos Labs business reported $342m revenue, compared with $340.5m in the same period of the previous year, and the Transfusion Medicine business grew by 3.9%, from $162.4m to $168.8m. The Companys definition of this non-GAAP measure may differ from similarly titled measures used by others. Interested parties can access the conference call on the Events & Presentations section of the Investor Relations page of QuidelOrthos website at https://ir.quidelortho.com/. QuidelOrtho annual/quarterly revenue history and growth rate from 2010 to 2023. Reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure is included in the tables accompanying this press release. . As reported percent change is calculated using the midpoint of the provided range and Quidel historical revenues. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date hereof. The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each year. These statements include, but are not limited to, QuidelOrthos preliminary unaudited revenue results for the quarter and year ended January 1, 2023, commercial, integration and other strategic goals, future financial and operating results, future plans, objectives, strategies, expectations and intentions and other statements that are not historical facts. In our first reported quarter as QuidelOrtho, we delivered strong financial performance, as we executed on our strategic priorities. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. For more information, please visit QuidelOrtho.com. In addition to the Companys GAAP results, the Company is providing supplemental combined fourth quarter 2022 and 2021 revenues and adjusted operating results as if Quidel and Ortho had been combined for the applicable periods. Please check your download folder. QuidelOrtho will report financial results for its first quarter 2023 after the market close on Wednesday, May 3, 2023. Highlights Revenue of $613.4 million increased by 247% as reported; Supplemental combined revenue of $898.5 million increased by 37.5% in constant currency and 9.0%, excluding COVID-19 revenue QuidelOrtho Corporation (Nasdaq: QDEL) unites the power of Quidel Corporation and Ortho Clinical Diagnostics behind a shared mission of developing and manufacturing innovative technologies that raise the performance of diagnostic testing and create better patient outcomes across the entire healthcare continuum. The Company expects total revenues in the fourth quarter of 2022 to be in the range of $853 million to $868 million. Interested parties can access the conference call on the "Events & Presentations" section of the "Investor Relations" page of QuidelOrthos website at https://ir.quidelortho.com/. Because this non-GAAP financial measure excludes the effect of items that will increase or decrease the Companys reported results of operations, management strongly encourages investors to review the Companys consolidated financial statements and reports filed with the Commission in their entirety. ET to discuss its financial results for the fourth quarter ended January 1, 2023. After an exceptional fourth quarter of 2022, I am very pleased with our sustained momentum in the first quarter of 2023, which was ahead of expectations. This press release contains constant currency revenue growth, which is considered a non-GAAP financial measure under applicable rules and regulations of the Commission. Do the numbers hold clues to what lies ahead for the stock? A replay of the conference call will be available shortly after the event on the Investor Relations page of QuidelOrthos website, under the Events & Presentations section. 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. Adjusted net income includes Ortho activities from May 27, 2022 through January 1, 2023. Additionally, this website contains information on products that is targeted to many different audiences and could contain product details or information otherwise not accessible or valid in your country. This non-GAAP financial measure reflects an additional way of viewing aspects of the Companys operations that, when viewed with GAAP results and the reconciliation to the corresponding GAAP financial measure, may provide a more complete understanding of factors and trends affecting the Companys business. In connection with the proposed business combination transaction among Quidel, Ortho and . Investor Contact: Revenue: $534.2 Million(2019) Number of employees. QuidelOrtho is a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems. Revenues presented for the three months ended April 3, 2022 include Ortho revenues on a supplemental combined basis as if the acquisition had occurred on January 3, 2022, and are in accordance with Regulation S-X Article 11 and Accounting Standards Codification 805, Business Combinations. Quidel develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women's and general health, eye health, gastrointestinal diseases, and toxicology worldwide. Why is the healthcare industry hesitant to join the metaverse? QuidelOrtho Corporation (Nasdaq: QDEL) unites the power of Quidel Corporation and Ortho Clinical Diagnostics behind a shared mission of developing and manufacturing innovative technologies that raise the performance of diagnostic testing and create better patient outcomes across the entire healthcare continuum. The Company expects total revenues in the fourth quarter of 2022 to be in the range of $853 million to $868 million. Shares of Quidel and Ortho will cease trading after the market close on May 26, 2022, and following the closing, Ortho will no longer be listed on Nasdaq. These non-GAAP financial measures reflect an additional way of viewing aspects of the Companys operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Companys business. This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. SAN DIEGO--(BUSINESS WIRE)-- You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. For more information, please visit www.quidelortho.com. Ranked among the worlds largest in vitro diagnostics (IVD) providers with more than 120 years of collective experience, we combine industry-leading expertise in immunoassay and molecular testing with a global footprint in clinical labs and transfusion medicine. Supplemental combined revenue for the second quarter, including both Quidel and Ortho for the full quarter reached $898.5 million supported by double digit growth and point of care and molecular . For more information, please visit www.quidelortho.com. Quidel was founded by Dr. David H. Katz, M.D., commencing operations in 1981 and launched its first products in 1984. For more information, please visit www.quidelortho.com. QuidelOrtho The future of diagnostics is at hand United as one, we are transforming the power of diagnostics into a healthier future for all.