May 7, 2025 QuidelOrtho First Quarter 2025 Financial Results QuidelOrtho – Proprietary & Confidential. | © 2025. All Rights Reserved. 2 $160M 2 Total Revenue $693M North America 57% Other 19% China 12% EMEA 12% Recurring 82% Business Unit Geography Category Labs 51% Point of Care 26% 4 Adjusted EBITDA 23% Margin2 3 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements: This presentation of QuidelOrtho Corporation ("QuidelOrtho" or the "Company") contains "forward-looking stat ...

Financial Data and Key Metrics Changes - Total reported revenue for Q1 2025 was $693 million, down from $711 million in the prior year, primarily due to lower COVID and donor screening revenue [18] - Excluding COVID and donor screening, the company achieved a mid single-digit revenue growth of 6% [18] - Adjusted EBITDA margin improved by 450 basis points year over year to 23%, with adjusted diluted EPS increasing by 68% to $0.74 [24][25] Business Line Data and Key Metrics Changes - Labs business, accounting for 54% of total revenue, grew by 7%, driven by clinical chemistry and immunoassay testing [10] - Immunohematology business grew by 4%, maintaining its global leadership position [10] - Point of Care business represented 25% of Q1 revenue and grew by 8% excluding COVID, with strong flu sales leading to an 18% year-over-year growth [10] - Molecular Diagnostics business grew by 11% excluding COVID, with ongoing clinical trials for the Savanna respiratory panel [11] Market Data and Key Metrics Changes - Revenue from the "Other" region (Japan, Asia Pacific, Latin America) grew by 12%, driven by a 17% increase in Labs revenue [19] - North America revenue declined by 6% due to lower COVID revenue and donor screening wind down, but grew by 5% when excluding these factors [19] - Europe, Middle East, and Africa grew by 9%, while China revenue remained flat, primarily due to order timing and decreased Triage revenue [20] Company Strategy and Development Direction - The company is focused on a narrow set of strategic initiatives, including increasing platform content and utility, expanding margins, and enhancing commercial execution [11] - Plans to realize $100 million in annualized cost savings, with $50 million expected in the first half of 2025 [12] - The company aims to maintain its manufacturing footprint and continue investing in U.S.-based manufacturing and R&D [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and operational discipline, highlighting strong Q1 results and ongoing initiatives [9] - The company anticipates potential tariff impacts of $30 million to $40 million in 2025 but believes mitigation plans will offset these impacts [15] - Full-year 2025 financial guidance remains unchanged, with expectations for total reported revenue between $2.6 billion and $2.81 billion [27] Other Important Information - The company has invested nearly $1 billion in U.S.-based manufacturing and R&D over the past three years [13] - Adjusted free cash flow for Q1 2025 was $47 million, representing 29% of adjusted EBITDA [26] - The company plans to refinance its debt in the second half of 2025 or early 2026, depending on market conditions [31] Q&A Session Summary Question: Can you elaborate on the tariff impact and pricing actions? - Management indicated that selective pricing actions are being considered to offset tariff impacts, but competitive market conditions must be taken into account [36][37] Question: Will tariff impacts affect long-term manufacturing plans? - Management does not expect changes to the overall manufacturing footprint, emphasizing the importance of their global manufacturing network [38] Question: How confident is the company in mitigating tariff impacts? - Management expressed confidence in fully mitigating tariff impacts through various actions, including cost reductions and realigning inventories [43] Question: What underpins the confidence in China's growth rate? - Confidence in mid to high single-digit growth in China is based on strong performance in labs and immunohematology, despite some softness in Triage sales [49] Question: What is the status of the Savanna program? - The company is focused on completing the RBP4x submission to the FDA and is not speculating on outcomes beyond that [45][61] Question: How is the respiratory sales performance impacting guidance? - Management expects to maintain the guidance range for COVID revenue despite a decline, as flu sales have been strong [56][58]

Financial Data and Key Metrics Changes - Total reported revenue for Q1 2025 was $693 million, down from $711 million in the prior year, primarily due to lower COVID and donor screening revenue [19][20] - Excluding COVID and donor screening, revenue growth was 6%, driven by the labs business and a strong flu season [7][19] - Adjusted EBITDA was $160 million, compared to $132 million in the prior year, with an adjusted EBITDA margin of 23%, reflecting a 450 basis point improvement [25][28] - Adjusted diluted EPS increased by 68% year over year to $0.74 [25] Business Line Data and Key Metrics Changes - Labs business, accounting for 54% of total revenue, achieved 7% growth, with strong performance in clinical chemistry and immunoassay testing [8][20] - Immunohematology business grew by 4%, maintaining its global leadership position [8][22] - Point of Care business represented 25% of Q1 revenue and grew 8% excluding COVID [8] - Molecular Diagnostics business grew 11% excluding COVID, with ongoing clinical trials for the Savanna respiratory panel [10] Market Data and Key Metrics Changes - Revenue from the "Other" region (Japan, Asia Pacific, Latin America) grew by 12%, driven by a 17% increase in Labs revenue [20] - North America revenue declined by 6% due to lower COVID revenue and the wind down of donor screening, but grew by 5% excluding these factors [20] - Europe, Middle East, and Africa grew by 9%, supported by labs and immunohematology contributions [20] - China revenue was flat year over year, with labs revenue growing by 2% [21] Company Strategy and Development Direction - The company is focused on a narrow set of strategic initiatives, including increasing platform utility, expanding margins, and enhancing commercial execution [10][11] - Plans to realize $100 million in annualized cost savings, with $50 million expected in the first half of 2025 [11][28] - The company aims to maintain a recurring revenue model, with over 90% of sales from consumables [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and operational discipline, highlighting strong Q1 results and ongoing initiatives [6][7] - The company is navigating a dynamic macro environment, with expected tariff impacts of $30 million to $40 million in 2025, which they believe can be fully mitigated [14][28] - Full year 2025 financial guidance remains unchanged, with expectations for total reported revenue between $2.6 billion and $2.81 billion [28][30] Other Important Information - The company has invested nearly $1 billion in U.S.-based manufacturing and R&D over the past three years [12] - Adjusted free cash flow for Q1 was $47 million, representing 29% of adjusted EBITDA [26] Q&A Session Summary Question: Can you elaborate on the tariff impact and pricing actions? - Management indicated that selective pricing actions are being considered to offset tariffs, but competitive market conditions must be taken into account [37][38] Question: Will tariff impacts affect long-term manufacturing plans? - Management does not expect changes to the overall manufacturing footprint, emphasizing the importance of their global manufacturing network [39] Question: Can you quantify tariff exposures and confidence in offsets? - Most products are manufactured in the U.S., with the largest tariff impacts on immunoassay products from the U.K. Management is confident in their mitigation strategies [43][45] Question: What underpins confidence in China's growth rate? - Despite some softness in Triage sales, strong growth in labs and immunohematology supports the mid to high single-digit growth target for China [49][51] Question: What is the status of the Savanna program? - The company is focused on completing the RBP4x submission to the FDA and remains committed to the molecular diagnostics segment [46][62] Question: Are there timing impacts from mitigation efforts? - Management does not anticipate significant timing impacts from mitigation actions, although some softness in China revenue is expected in Q2 due to shipment delays [70][71]

Revenue Performance - Total revenues for the three months ended March 30, 2025, decreased by 3% to $692.8 million compared to $711.0 million for the same period in the prior year[90]. - Revenue from respiratory products accounted for 17% of total revenues for the three months ended March 30, 2025, down from 19% in the prior year, with COVID-19 related revenue decreasing from $50.2 million to $23.4 million[81]. - Labs revenue increased by 5% to $373.1 million, driven by growth in reagents, consumables, and services, while Point of Care revenue decreased by 8% to $170.8 million[89]. - Total revenues for North America decreased by 6% to $406.7 million for the three months ended March 30, 2025, compared to $433.9 million for the same period in 2024[104]. - EMEA segment reported a 5% increase in total revenues to $88.9 million, with Adjusted EBITDA rising 42% to $16.5 million[106]. - China total revenues decreased by 1% to $75.0 million, while Adjusted EBITDA increased by 12% to $29.3 million[108]. - Total revenues for the "Other" segment increased by 5% to $122.2 million, but Adjusted EBITDA decreased by 6% to $29.6 million[111]. Expenses and Cost Management - Cost of sales decreased to $349.5 million, or 50.4% of total revenues, down from $378.9 million, or 53.3% of total revenues, for the same period last year[91]. - Selling, marketing, and administrative expenses decreased by 8.6% to $187.0 million, primarily due to cost-savings initiatives[93]. - Research and development expenses decreased by 10.1% to $53.2 million, also attributed to cost-savings initiatives[94]. - Integration-related costs decreased to $16.1 million from $22.6 million in the prior year, reflecting lower consulting and compensation-related charges[96]. Tax and Financial Position - The effective tax rate for the three months ended March 30, 2025, was negative 44.3%, compared to an effective tax rate of 5.2% in the prior year, primarily due to operating losses in certain subsidiaries[101]. - Cash and cash equivalents increased by $28.8 million to $127.1 million as of March 30, 2025[113]. - Net cash provided by operating activities was $65.6 million for the three months ended March 30, 2025, compared to a cash outflow of $0.7 million in the same period of 2024[117]. - Capital expenditures for the three months ended March 30, 2025, were $56.2 million, primarily for manufacturing capacity expansion[116]. - The company anticipates that current cash and cash equivalents, along with cash from operations, will be sufficient to fund near-term capital and operating needs for at least the next 12 months[122]. Strategic Initiatives - The company initiated a wind-down plan for the U.S. donor screening portfolio, expected to be substantially complete by the end of 2025, contributing to revenue decline[82]. - The company expects overall demand for its products to continue to fluctuate, influenced by seasonal respiratory demands and competitive pressures[85]. - The company is focused on expanding the number of instruments placed in the field through a reagent rental model to enhance recurring revenue and cash flows[126].

Revenue Performance - Total revenue for Q1 2025 was $693 million, a decrease of 2.5% from $711 million in the prior year period, primarily due to lower COVID-19 and Donor Screening revenue[3] - Non-respiratory revenue was $573 million, flat compared to the prior year, while Labs revenue grew by 5% as reported and 7% in constant currency[5] - Total revenues for the three months ended March 30, 2025, were $692.8 million, a decrease of 2.6% compared to $711.0 million for the same period in 2024[32] - Respiratory revenues decreased by 12.7% to $119.8 million for the three months ended March 30, 2025, compared to $137.3 million for the same period in 2024[32] - Non-respiratory revenues remained relatively stable at $573.0 million, a slight decrease of 0.1% compared to $573.7 million in the prior year[32] Profitability Metrics - GAAP diluted loss per share for Q1 2025 was $0.19, significantly improved from a loss of $25.50 in the prior year period[4] - GAAP operating income for Q1 2025 was $33 million, compared to an operating loss of $1.76 billion in the prior year, with an operating margin of 5%[4] - Adjusted EBITDA for Q1 2025 was $160 million, up from $132 million in the prior year, with an adjusted EBITDA margin of 23%[6] - Adjusted net income for the three months ended March 30, 2025, was $50.2 million, or $0.74 per diluted share, compared to $29.8 million, or $0.44 per diluted share, for the same period in 2024[25] - The company reported a net loss of $12.7 million for the three months ended March 30, 2025, compared to a net loss of $1,706.0 million for the same period in 2024[30] Cash Flow and Assets - Cash provided by operating activities was $65.6 million for the three months ended March 30, 2025, compared to cash used of $0.7 million for the same period in 2024[22] - Cash, cash equivalents, and restricted cash at the end of the period increased to $127.2 million from $79.0 million at the end of the same period in 2024[22] - Total current assets increased to $1,258.2 million as of March 30, 2025, from $1,218.9 million as of December 29, 2024[20] - Total liabilities increased to $3,464.4 million as of March 30, 2025, compared to $3,439.1 million as of December 29, 2024[20] Guidance and Future Outlook - The company maintains its full-year 2025 financial guidance, expecting total revenues between $2.60 billion and $2.81 billion[7] - Adjusted diluted EPS for 2025 is projected to be between $2.07 and $2.57[7] Operational Initiatives - Integration-related charges for Q1 2025 amounted to $16 million, contributing to the overall operating expenses of $240 million, which decreased by 9%[5] - The company is focused on operational improvement initiatives to address macroenvironment challenges and enhance profitability[2]

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? QuidelOrtho (QDEL) , which belongs to the Zacks Medical - Products industry, could be a great candidate to consider.This medical diagnostics company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 94.37%.For the most recent quarter, QuidelOrtho ...

QuidelOrtho (QDEL) shares ended the last trading session 10.1% higher at $28.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 29.7% loss over the past four weeks.The upside can be attributed to relief-rally across global markets following the announcement of a 90-day pause on tariff hike by the United States.This medical diagnostics company is expected to post quarterly earnings of $0.61 per share in its upcomin ...

Company Overview - QuidelOrtho (QDEL) has launched the Results Manager System, aimed at streamlining diagnostic data management and improving laboratory workflow efficiency [1][2] - The system enhances connectivity by integrating test results from multiple sources, facilitating faster and more accurate decision-making [1][3] Product Features - The Results Manager System centralizes diagnostic data management, providing a unified view of patient diagnostics and reducing manual data entry, which minimizes errors [3][4] - It supports real-time quality monitoring and automates workflows with features like auto-verification, thus reducing manual effort [4] - The system is scalable and cost-effective, designed to optimize efficiency and reliability for laboratories of all sizes [4] Industry Prospects - The global in vitro diagnostics market was valued at $108.30 billion in 2024 and is projected to grow at a CAGR of 5.62% from 2025 to 2030, driven by the demand for accurate and rapid diagnostic solutions [5][6] - Key growth drivers include the rising prevalence of chronic and infectious diseases, advancements in diagnostics, and a shift towards value-based healthcare [6] Competitive Landscape - Hologic (HOLX) is expanding its diagnostic portfolio with a focus on women's health and has received CE-marking for its Affirm Contrast Biopsy Software [7] - Abbott (ABT) is innovating in infectious disease diagnostics, with recent WHO approval for its Alinity m MPXV assay for emergency use [8] - Grail (GRAL) is advancing early cancer detection through collaborations aimed at improving access to its multi-cancer early detection test [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-41409 QUIDELORTHO CORPORATION (Exact name of registrant as specified in its charter) De ...

Healthcare in vitro diagnostics company QuidelOrtho (QDEL 4.28%) attracted the right kind of attention from investors after posting its latest quarterly earnings report on Thursday. A rather encouraged market traded the company's shares up by more than 4% in response. That was more than good enough to top the S&P 500 index's slightly over 1% increase.Narrower-than-expected declinesQuidelOrtho's fourth-quarter and full-year results, unveiled after market close on Wednesday, showed that the company earned $70 ...