QuidelOrtho (US:QDEL)2021-09-16 19:48Financial Performance - Core revenue grew to $487.5 million, an increase of 26.2% as reported and 22.5% in constant currency compared to the second quarter of 2020[110] - Clinical Labs revenue increased by 24.9% as reported and 21.1% in constant currency, with ex-CoV-2 growth at 28%[110, 108] - Transfusion Medicine revenue increased by 29.1% as reported and 25.3% in constant currency, driven by base business strength and CTS customer acquisition[110, 108] - Adjusted EBITDA was $128.1 million, representing a 27% increase[103] - The company reduced net leverage to 4.0x, ahead of forecast[33] - $144.1 million adjusted free cash flow in Q2 2021[120] Market and Revenue Diversification - Clinical Labs accounted for 66% of revenue, while Transfusion Medicine accounted for 33%[109] - North America contributed 53% of core revenue, EMEA 14%, China 13%, Japan 7%, LATAM 7%, and ASPAC 6%[31] - Recurring revenue constitutes 93% of the core revenue mix[30] Growth Strategies and Initiatives - The company is focused on product innovation, global commercial excellence, and operational efficiency to drive profitable growth[33] - Expansion of the Commercial Excellence program into emerging markets is accelerating growth[33] - The company is focused on increasing lifetime customer value through menu expansion and utilization, with integrated placements showing significant revenue growth[36]