Original from: QuidelOrtho
- $100 million in annualized cost-savings initiatives will benefit second half 2024 and first half 2025 ¡ª
- Strong progress on business review and refocusing R&D investments on core growth areas ¡ª
Second quarter 2024 revenue was $637 million, as reported:
¡¤ Total recurring revenue1 grew 3% as reported and 5% in constant currency compared to the prior year period, excluding COVID-19 revenue and U.S. Donor Screening revenue
YTD 2024 revenue was $1.35 billion, as reported:
¡¤ Total recurring revenue1 grew 6% as reported and 7% in constant currency compared to the prior year period, excluding COVID-19 revenue, a one-time third-party collaboration settlement and U.S. Donor Screening revenue
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 second quarter ended June 30, 2024.
¡°During the second quarter we performed in line with our expectations across all segments and geographies while concurrently undertaking a significant review of our assets, operations, and opportunities for further company-wide savings,¡± said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. ¡°The findings of our internal review will serve as the foundation for our long-range plan to drive growth and improve margins, as well as focusing our R&D efforts and investments on the areas where we see the greatest opportunity and return.¡±
Second Quarter 2024
The Company reported total revenue for the second quarter of 2024 of $637 million, compared to $665 million in the prior year period. The decrease in total revenue was primarily due to lower COVID-19 revenue in the second quarter of 2024 compared to the prior year period. Foreign currency translation negatively impacted second quarter 2024 results by 100 basis points. GAAP diluted loss per share for the second quarter of 2024 was ($2.20), compared to diluted loss per share of ($0.80) in the prior year period.
GAAP operating loss for the second quarter of 2024 was ($118) million, compared to an operating loss of ($27) million in the prior year period, and GAAP operating margin was (18%) compared to (4%) in the prior year period. Second quarter 2024 results included $31 million in integration-related charges and a $57 million asset impairment charge related to long-term assets held for sale.
Adjusted diluted loss per share for the second quarter of 2024 was ($0.07), compared to adjusted diluted EPS of $0.26 in the prior year period. Adjusted EBITDA was $90 million, compared to $113 million in the prior year period. Adjusted EBITDA margin was 14%, compared to 17% in the prior year period. The year-over-year change in adjusted diluted EPS and adjusted EBITDA was primarily due to lower COVID-19 revenue.
Outlook and Near-Term Priorities
Blaser concluded, ¡°During the second quarter, I had the opportunity to engage with many of our customers, employees, and investors, reinforcing my belief in QuidelOrtho¡¯s long-term opportunity. We evaluated our business and made progress on aligning operating expenses with revenue expectations and focusing our R&D efforts on key priorities. As we enter the second half of the year, our strategic priorities remain clear: operate our business to provide exceptional customer satisfaction and patient care at the highest levels of quality and compliance; improve our cost structure, focus on the areas of our product portfolio with the highest growth potential and strengthen our position as a leading in vitro diagnostic company.¡±
Source: QuidelOrtho Reports Second Quarter 2024 Financial Results
