QuidelOrtho (US:QDEL)2025-11-05 21:08Revenue Performance - Total revenue for Q3 2025 was $700 million, a 4% decrease from $727 million in the prior year period, primarily due to lower COVID-19 and Donor Screening revenue[4]. - Non-respiratory revenue was $588 million, an increase of 5% as reported and 4% in constant currency; excluding Donor Screening, non-respiratory revenue grew 6% in constant currency[6]. - Total revenues for the three months ended September 28, 2025, were $699.9 million, down 3.7% from $727.1 million in the same period of 2024[33]. - Total revenues for the nine months ended September 28, 2025, were $2,006.6 million, a decrease of 3.3% from $2,075.1 million[39]. - Total revenue excluding COVID-19 and Donor Screening for the three months ended September 28, 2025, was $658.3 million, reflecting a growth of 5.0% from $626.9 million[43]. - Donor Screening revenue significantly declined by 57.2% to $40.8 million from $95.4 million[39]. - Molecular Diagnostics revenue increased by 4.7% to $18.0 million from $17.2 million[39]. Profitability and Loss - GAAP diluted loss per share for Q3 2025 was $10.78, compared to a diluted loss per share of $0.30 in the prior year period[5]. - GAAP net loss for Q3 2025 was $733 million, compared to a net loss of $20 million in the prior year period, including a non-cash goodwill impairment charge of $701 million[5]. - Adjusted net income for the three months ended September 28, 2025, was $54.7 million, with a diluted EPS of $0.80, compared to $57.4 million and $0.85 in the prior year[26]. - Adjusted EBITDA for Q3 2025 was $177 million, compared to $171 million in the prior year period, with an adjusted EBITDA margin of 25%[8]. - Adjusted EBITDA for the three months ended September 28, 2025, was $177.1 million, with an adjusted EBITDA margin of 25.3%[31]. Operational Changes - The company is winding down its U.S. Donor Screening portfolio, impacting overall revenue[5]. - GAAP operating expenses decreased by 6%, driven by cost-savings initiatives[6]. - Cash used for operating activities was $(26.7) million for the nine months ended September 28, 2025, compared to $19.3 million provided in the same period of 2024[23]. - Cash provided by financing activities increased to $166.9 million in the nine months ended September 28, 2025, from $117.7 million in the prior year[23]. Asset and Liability Management - Total assets decreased from $6,423.6 million in December 2024 to $5,675.1 million in September 2025, a decline of approximately 11.6%[21]. - Total current assets increased from $1,218.9 million to $1,366.7 million, representing a growth of about 12.1%[21]. - Long-term borrowings increased from $2,141.3 million in December 2024 to $2,496.5 million in September 2025, an increase of approximately 16.7%[21]. Revenue Breakdown by Region - North America revenues decreased by 12.6% to $381.4 million from $436.2 million, while EMEA revenues increased by 9.3% to $91.8 million[36]. - Respiratory revenues decreased by 32.1% to $112.3 million, while non-respiratory revenues increased by 4.6% to $587.6 million[33]. - Respiratory revenues for the nine months ended September 28, 2025, were $278.8 million, down 22.7% from $360.7 million[37]. - Non-Respiratory revenues for the same period were $1,727.8 million, showing a slight increase of 0.8% compared to $1,714.4 million[37]. Innovation and Growth - The company added high-sensitivity Troponin on its VITROS platform, indicating a focus on innovation and growth[3].