Broad strength in respiratory and core
businesses across all geographies, driven by execution, customer
excellence and improved operational efficiencies
Highlights
- Third quarter revenue was $744 million, as reported, driven by
strong respiratory demand and continued strength in non-respiratory
businesses
- Non-respiratory revenue increased by 2% as reported and in
constant currency, compared to the prior year period, driven by
growth in the Labs business, which continues to perform to
expectations
- Respiratory revenue decreased by 21% as reported and in
constant currency, primarily due to the anticipated decline in
COVID-19 revenue compared to the prior year period
- Growth across all geographies, including continued strength in
China, excluding COVID-19
- Third quarter GAAP diluted loss per share was $(0.19); adjusted
diluted earnings per share (“EPS”) was $0.90
- GAAP net loss was $(13) million; adjusted EBITDA was $169
million; adjusted EBITDA margin was 23%, up from 17% in the second
quarter of 2023
- GAAP net cash provided by operating activities was $42 million;
adjusted free cash flow was $53 million; the Company paid down $52
million on its term loan during the third quarter of 2023; year to
date, the Company has paid down a total of $175 million of
debt
QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or
“QuidelOrtho”), a global provider of innovative in vitro diagnostic
technologies designed for point-of-care settings, clinical labs and
transfusion medicine, today announced financial results for the
third quarter ended October 1, 2023.
“We finished the third quarter strong, with solid financial
performance across all geographies. Our results were driven by
higher-than-expected respiratory demand coupled with the strength
of our Labs business and improved operational efficiencies,” said
Douglas Bryant, President and Chief Executive Officer, QuidelOrtho.
“The rise of multiple circulating viruses demonstrates the need for
fast, accurate, multiplexed syndromic testing solutions like
Savanna, which we continue to make steady progress on. As
respiratory viruses persist, our portfolio of diagnostic products
uniquely positions us to serve patients and clinicians around the
world. Looking toward the end of the year, we anticipate a solid
finish.”
The Company reported total revenue for the third quarter of 2023
of $744.0 million, compared to $783.8 million for the third quarter
of 2022. Foreign currency translation did not significantly impact
third quarter 2023 results. GAAP diluted loss per share for the
third quarter of 2023 was $(0.19), compared to diluted EPS of $0.28
for the third quarter of 2022. GAAP operating income for the third
quarter of 2023 was $26.3 million, compared to operating income of
$56.8 million for the third quarter of 2022, and GAAP operating
margin was 4% and 7% for the third quarters of 2023 and 2022,
respectively. Third quarter 2023 results included $26.5 million in
integration-related charges.
Adjusted diluted EPS for the third quarter of 2023 was $0.90,
compared to $1.85 in the prior year period. Adjusted EBITDA for the
third quarter of 2023 was $169.2 million, compared to $226.8
million in the prior year period. Adjusted EBITDA margin for the
third quarter of 2023 was 23%, compared to 29% in the prior year
period. The year-over-year change in adjusted EPS and adjusted
EBITDA was primarily related to the anticipated decline in COVID-19
revenue compared to the prior year period.
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 EPS
$4.85 - $5.30
Conference Call Information
QuidelOrtho will hold a conference call today at 2:00 p.m. PT /
5:00 p.m. ET to discuss its financial results for the third quarter
ended October 1, 2023. Interested parties can access the call on
the “Events & Presentations” section of the “Investor
Relations” page of the Company’s website at
https://ir.quidelortho.com/. Presentation materials will also be
posted to the “Events & Presentations” section of the “Investor
Relations” page of the Company’s website at the time of the call.
Those unable to access the webcast may join the call via phone by
dialing 833-470-1428 (domestic) or 929-526-1599 (international) and
entering Conference ID number 697176.
A replay of the conference call will be available shortly after
the event on the “Investor Relations” page of the Company’s
website, under the “Events & Presentations” section.
About QuidelOrtho Corporation
QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in 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 statement contained herein that
is not strictly historical, including, but not limited to,
QuidelOrtho’s commercial, integration, transformation and other
strategic goals, financial guidance and other future financial and
operating results, and future plans, objectives, strategies,
expectations and intentions. Without limiting the foregoing, the
words “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 are intended to identify forward-looking statements.
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
“Combinations”) of Quidel Corporation (“Quidel”) and Ortho Clinical
Diagnostics Holdings plc (“Ortho”); supply chain, production,
logistics, distribution and labor disruptions and challenges; and
other macroeconomic, geopolitical, market, business, competitive
and/or regulatory factors affecting the business of QuidelOrtho
generally, including those discussed under Part I, Item 1A, “Risk
Factors” of QuidelOrtho’s Annual Report on Form 10-K for the fiscal
year ended January 1, 2023 and subsequent reports filed with the
Securities and Exchange Commission (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. All
forward-looking statements are based on information currently
available to QuidelOrtho and speak only as of the date hereof.
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.
Supplemental Combined Financial Measures
This press release contains unaudited supplemental combined
financial information (“Supplemental Combined Information”) that
gives effect to the Combinations as if Quidel and Ortho had been
combined for the applicable periods. Certain Supplemental Combined
Information presented is based on the historical financial
statements of Quidel and Ortho with reclassification adjustments
only and do not include all of the pro forma adjustments required
under Regulation S-X Article 11 or Accounting Standards
Codification 805, Business Combinations (“ASC 805”). The
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
Company’s 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.
The Supplemental Combined Information should be considered
supplemental to, and not as a substitute for, pro forma financial
information prepared in accordance with Regulation S-X Article 11
or ASC 805 and should be read in conjunction with the information
contained in the sections entitled “The Combinations,”
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations of Ortho” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations of
Quidel” in QuidelOrtho’s joint proxy statement/prospectus (the
“Joint Proxy Statement/Prospectus”) filed with the Commission on
April 11, 2022 and the historical consolidated financial statements
and related notes appearing elsewhere in, or incorporated into, the
Joint Proxy Statement/Prospectus, and the Company’s subsequent
reports filed with the Commission. The Company’s actual results of
operations and financial position will differ, potentially
significantly, from the Supplemental Combined Information reflected
in this press release as a result of the methodology used to
prepare the Supplemental Combined Information as well as a variety
of factors, including but not limited to the effect of certain
expected financial benefits of the Combinations (such as revenue
and cost synergies), the anticipated costs to achieve these
benefits (including the cost of integration activities), tax
impacts, and changes in operating results following the date of
this press release.
Non-GAAP Financial Measures
This press release contains financial measures, including but
not limited to “constant currency” revenue changes, “adjusted net
income,” “adjusted diluted EPS,” “adjusted EBITDA,” “adjusted
EBITDA margin,” “adjusted free cash flow,” “supplemental combined
adjusted net income,” “supplemental combined adjusted diluted EPS,”
“supplemental combined adjusted EBITDA” and “supplemental combined
revenues by business unit and region,” which are considered
non-GAAP financial measures under applicable rules and regulations
of the Commission. These non-GAAP financial measures should be
considered supplemental to, and not a substitute for, financial
information prepared in accordance with U.S. generally accepted
accounting principles (“GAAP”). “Adjusted net income,” “adjusted
diluted EPS,” “adjusted EBITDA,” “adjusted EBITDA margin” and
“adjusted free cash flow” eliminate impacts of certain non-cash,
unusual or other items that the Company does not consider
indicative of its ongoing operating performance, and the Company
generally uses these non-GAAP financial measures to facilitate
management’s financial and operational decision-making, including
evaluation of the Company’s historical operating results and
comparison to competitors’ operating results. The Company believes
that “supplemental combined adjusted net income,” “supplemental
combined adjusted diluted EPS,” “supplemental combined adjusted
EBITDA” and “supplemental combined revenues by business unit and
region” provide helpful Supplemental Combined Information to assist
management and investors in evaluating the Company’s adjusted
operating results as if Quidel and Ortho had been combined for the
applicable periods. The Company’s definitions of these non-GAAP
measures may differ from similarly titled measures used by others.
These non-GAAP financial measures reflect an additional way of
viewing aspects of the Company’s 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 Company’s business. Because
non-GAAP financial measures exclude the effect of items that will
increase or decrease the Company’s reported results of operations,
management strongly encourages investors to review the Company’s
consolidated financial statements and reports filed with the
Commission in their entirety. Reconciliations of the non-GAAP
financial measures, including the non-GAAP Supplemental Combined
Information, to the most directly comparable GAAP financial
measures are included in the tables accompanying this press
release.
QuidelOrtho
Consolidated Statements of
Operations
(Unaudited)
(In millions except per share
data)
Three Months Ended
Nine Months Ended
October 1, 2023 (a)
October 2, 2022 (b)
October 1, 2023 (a)
October 2, 2022 (b)
Total revenues
$
744.0
$
783.8
$
2,255.2
$
2,399.5
Cost of sales, excluding amortization of
intangibles
375.9
376.3
1,142.1
912.5
Selling, marketing and administrative
194.1
204.2
575.6
407.4
Research and development
62.4
65.6
187.5
126.2
Amortization of intangible assets
51.4
50.5
153.6
78.6
Acquisition and integration costs
26.5
26.4
80.4
109.6
Other operating expenses
7.4
4.0
17.0
8.0
Operating income
26.3
56.8
99.0
757.2
Interest expense, net
37.7
29.7
110.9
41.0
Loss on extinguishment of debt
—
—
—
24.0
Other expense (income), net
4.1
(4.2
)
8.0
(2.6
)
(Loss) income before income taxes
(15.5
)
31.3
(19.9
)
694.8
(Benefit from) provision for income
taxes
(2.8
)
12.1
(2.8
)
176.4
Net (loss) income
$
(12.7
)
$
19.2
$
(17.1
)
$
518.4
Basic (loss) earnings per share
$
(0.19
)
$
0.29
$
(0.26
)
$
9.67
Diluted (loss) earnings per share
$
(0.19
)
$
0.28
$
(0.26
)
$
9.56
Weighted-average shares outstanding -
basic
66.9
66.9
66.8
53.6
Weighted-average shares outstanding -
diluted
66.9
67.5
66.8
54.2
(a)
Includes Ortho results of operations for
the three and nine months ended October 1, 2023.
(b)
Includes Ortho results of operations for
the three months ended October 2, 2022 and from May 27, 2022
through October 2, 2022 for the nine months ended October 2,
2022.
QuidelOrtho
Condensed Consolidated Balance
Sheets
(Unaudited)
(In millions)
October 1, 2023
January 1, 2023
Cash and cash equivalents
$
149.3
$
292.9
Marketable securities
43.9
52.1
Accounts receivable, net
331.2
453.9
Inventories
551.7
524.1
Prepaid expenses and other current
assets
295.2
252.1
Property, plant and equipment, net
1,369.4
1,339.0
Marketable securities
11.9
21.0
Right-of-use assets
172.2
181.0
Goodwill
2,442.9
2,476.8
Intangible assets, net
2,976.5
3,123.8
Deferred tax asset
15.7
16.4
Other assets
179.2
122.7
Total assets
$
8,539.1
$
8,855.8
Accounts payable
$
253.0
$
283.3
Accrued payroll and related expenses
106.8
139.2
Income tax payable
1.8
51.6
Current portion of borrowings
193.0
207.5
Other current liabilities
305.4
325.4
Operating lease liabilities
175.9
186.4
Long-term borrowings
2,274.6
2,430.8
Deferred tax liability
196.5
213.2
Other liabilities
65.4
83.8
Total liabilities
3,572.4
3,921.2
Total stockholders’ equity
4,966.7
4,934.6
Total liabilities and stockholders’
equity
$
8,539.1
$
8,855.8
QuidelOrtho
Condensed Consolidated Statements
of Cash Flows
(Unaudited)
(In millions)
Nine Months Ended
October 1, 2023 (a)
October 2, 2022 (b)
Cash provided by operating activities
$
199.8
$
715.9
Cash used for investing activities
(132.5
)
(1,584.9
)
Cash (used for) provided by financing
activities
(208.0
)
283.7
Effect of exchange rates on cash
(3.3
)
(4.3
)
Net decrease in cash, cash equivalents and
restricted cash
(144.0
)
(589.6
)
Cash, cash equivalents and restricted cash
at beginning of period
293.9
802.8
Cash, cash equivalents and restricted cash
at end of period
$
149.9
$
213.2
Reconciliation to amounts within the
consolidated balance sheets:
Cash and cash equivalents
$
149.3
$
212.2
Restricted cash in Other assets
0.6
1.0
Cash, cash equivalents and restricted
cash
$
149.9
$
213.2
(a)
Includes Ortho activities for the nine
months ended October 1, 2023.
(b)
Includes Ortho activities from May 27,
2022 through October 2, 2022.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Net Income
(In millions, except per share
data; unaudited)
Three Months Ended
Nine Months Ended
October 1, 2023 (a)
Diluted EPS
October 2, 2022 (b)
Diluted EPS
October 1, 2023 (a)
Diluted EPS
October 2, 2022 (b)
Diluted EPS
Net (loss) income
$
(12.7
)
$
(0.19
)
$
19.2
$
0.28
$
(17.1
)
$
(0.26
)
$
518.4
$
9.56
Adjustments:
Amortization of intangibles
51.4
50.5
153.6
78.6
Acquisition and integration costs
26.5
26.4
80.4
109.6
Incremental depreciation on PP&E fair
value adjustment
8.2
1.3
25.3
1.3
Amortization of deferred cloud computing
implementation costs
2.8
1.6
5.9
3.9
Impairment of long-lived assets
2.2
—
3.2
—
Loss on investments
1.0
—
1.2
0.8
EU medical device regulation transition
costs
0.4
0.6
1.9
1.0
Unwind inventory fair value adjustment
—
35.4
—
46.6
Employee compensation charges
—
1.0
—
1.5
Noncash interest expense for deferred
consideration
—
0.6
0.7
2.3
Loss on extinguishment of debt
—
—
—
24.0
Derivative mark-to-market gain
—
(3.4
)
—
(4.4
)
Other adjustments
1.1
0.3
2.6
0.4
Income tax impact of adjustments
(20.2
)
(9.0
)
(57.5
)
(46.5
)
Discrete tax items
—
0.6
(1.1
)
0.6
Adjusted net income
$
60.7
$
0.90
$
125.1
$
1.85
$
199.1
$
2.96
$
738.1
$
13.62
Ortho pre-combination adjusted net
income
—
—
—
77.2
Supplemental combined adjusted net
income
$
60.7
$
0.90
$
125.1
$
1.85
$
199.1
$
2.96
$
815.3
$
11.99
Weighted-average shares outstanding -
diluted
67.3
67.5
67.3
54.2
Weighted-average shares outstanding -
diluted - supplemental combined
67.3
67.5
67.3
68.0
(a)
Adjusted net income includes Ortho
activities for the three and nine months ended October 1, 2023.
(b)
Adjusted net income includes Ortho
activities for the three months ended October 2, 2022 and from May
27, 2022 through October 2, 2022 for the nine months ended October
2, 2022.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted EBITDA
(In millions, unaudited)
Three Months Ended
Nine Months Ended
October 1, 2023 (a)
October 2, 2022 (b)
October 1, 2023 (a)
October 2, 2022 (b)
Net (loss) income
$
(12.7
)
$
19.2
$
(17.1
)
$
518.4
Depreciation and amortization
113.1
104.2
341.8
167.0
Interest expense, net
37.7
29.7
110.9
41.0
(Benefit from) provision for income
taxes
(2.8
)
12.1
(2.8
)
176.4
Acquisition and integration costs
26.5
26.4
80.4
109.6
Amortization of deferred cloud computing
implementation costs
2.8
1.6
5.9
3.9
Impairment of long-lived assets
2.2
—
3.2
—
Loss on investments
1.0
—
1.2
0.8
EU medical device regulation transition
costs
0.4
0.6
1.9
1.0
Unwind inventory fair value adjustment
—
35.4
—
46.6
Employee compensation charges
—
1.0
—
1.5
Loss on extinguishment of debt
—
—
—
24.0
Derivative mark-to-market gain
—
(3.4
)
—
(4.4
)
Tax indemnification income
(0.1
)
(0.3
)
(0.2
)
(0.3
)
Other adjustments
1.1
0.3
2.6
0.4
Adjusted EBITDA
$
169.2
$
226.8
$
527.8
$
1,085.9
Ortho pre-combination Adjusted EBITDA
—
—
—
212.5
Supplemental combined Adjusted EBITDA
$
169.2
$
226.8
$
527.8
$
1,298.4
(a)
Adjusted EBITDA includes Ortho activities
for the three and nine months ended October 1, 2023.
(b)
Adjusted EBITDA includes Ortho activities
for the three months ended October 2, 2022 and from May 27, 2022
through October 2, 2022 for the nine months ended October 2,
2022.
QuidelOrtho
Supplemental Combined Revenues by
Business Unit and Region
(In millions, unaudited)
Three Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
185.4
$
236.1
(21.5
)%
—
%
(21.5
)%
Non-Respiratory revenues
558.6
547.7
2.0
%
—
%
2.0
%
Total revenues
$
744.0
$
783.8
(5.1
)%
—
%
(5.1
)%
Three Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
Labs
$
341.4
$
334.8
2.0
%
—
%
2.0
%
(1.3
)%
3.3
%
Transfusion Medicine
163.9
163.1
0.5
%
0.1
%
0.4
%
—
%
0.4
%
Point of Care
233.1
270.5
(13.8
)%
—
%
(13.8
)%
(12.9
)%
(0.9
)%
Molecular Diagnostics
5.6
15.4
(63.6
)%
0.1
%
(63.7
)%
(57.2
)%
(6.5
)%
Total revenues
$
744.0
$
783.8
(5.1
)%
—
%
(5.1
)%
(7.1
)%
2.0
%
Three Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
North America
$
465.2
$
517.6
(10.1
)%
(0.4
)%
(9.7
)%
(8.7
)%
(1.0
)%
EMEA
74.5
73.7
1.1
%
3.5
%
(2.4
)%
(5.2
)%
2.8
%
China
81.1
80.8
0.4
%
(5.1
)%
5.5
%
(0.1
)%
5.6
%
Other
123.2
111.7
10.3
%
3.3
%
7.0
%
(0.3
)%
7.3
%
Total revenues
$
744.0
$
783.8
(5.1
)%
—
%
(5.1
)%
(7.1
)%
2.0
%
(a)
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
period. This additional non-GAAP financial information is not meant
to be considered in isolation from or as substitute for financial
information prepared in accordance with GAAP.
Nine Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory revenues
$
540.0
$
1,522.5
(64.5
)%
—
%
(64.5
)%
Non-Respiratory revenues
1,715.2
1,662.2
3.2
%
(1.1
)%
4.3
%
Total supplemental combined revenues
(b)
$
2,255.2
$
3,184.7
(29.2
)%
(0.1
)%
(29.1
)%
Nine Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
Labs (b)
$
1,073.5
$
1,016.5
5.6
%
(1.1
)%
6.7
%
(2.3
)%
9.0
%
Transfusion Medicine
483.1
505.6
(4.5
)%
(1.1
)%
(3.4
)%
—
%
(3.4
)%
Point of Care
675.4
1,580.5
(57.3
)%
(0.1
)%
(57.2
)%
(57.7
)%
0.5
%
Molecular Diagnostics
23.2
82.1
(71.7
)%
0.1
%
(71.8
)%
(57.7
)%
(14.1
)%
Total supplemental combined revenues
(b)
$
2,255.2
$
3,184.7
(29.2
)%
(0.1
)%
(29.1
)%
(33.4
)%
4.3
%
Nine Months Ended
October 1, 2023
October 2, 2022
% Change
Currency Impact
Constant Currency (a)
Respiratory Revenue
Impact
Constant Currency (a)
Non-Respiratory Revenue
North America
$
1,426.8
$
2,351.1
(39.3
)%
(0.2
)%
(39.1
)%
(39.8
)%
0.7
%
EMEA
236.4
240.6
(1.7
)%
(0.2
)%
(1.5
)%
(4.8
)%
3.3
%
China
233.0
240.2
(3.0
)%
(4.5
)%
1.5
%
(14.8
)%
16.3
%
Other
359.0
352.8
1.8
%
(0.4
)%
2.2
%
(6.0
)%
8.2
%
Total supplemental combined revenues
(b)
$
2,255.2
$
3,184.7
(29.2
)%
(0.1
)%
(29.1
)%
(33.4
)%
4.3
%
Supplemental combined revenues for the prior period in the tables
above include Ortho revenues as if the acquisition had occurred on
January 2, 2022. (a)
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
period. This additional non-GAAP financial information is not meant
to be considered in isolation from or as substitute for financial
information prepared in accordance with GAAP.
(b)
The nine months ended October 1, 2023
includes an approximate $19 million settlement award from a third
party related to one of the Company’s collaboration agreements.
QuidelOrtho
Reconciliation of Non-GAAP
Financial Information - Adjusted Free Cash Flow
(In millions, unaudited)
Three Months Ended
October 1, 2023
Net cash provided by operating
activities
$
41.5
Adjustments:
Capital expenditures
(32.7
)
Other payments (a)
44.0
Adjusted free cash flow
$
52.8
(a)
Other payments include $23 million related
to acquisition, integration and other costs, $16 million of
integration-related cloud computing implementation costs and $5
million of other integration-related capital expenditures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101614015/en/
Investor Contact: Juliet Cunningham Vice President,
Investor Relations IR@quidelortho.com
Media Contact: Stephanie Kleewein Communications Manager
media@quidelortho.com
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