QuidelOrtho Reports Preliminary Revenue Results for the Third Quarter 2023

QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global provider of innovative in vitro diagnostics technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced strong preliminary unaudited revenue results for the fiscal third quarter ended October 1, 2023, primarily driven by higher respiratory product sales, particularly SARS and flu.

Third Quarter 2023 Preliminary Unaudited Revenue Results

• Total revenues of $738 million to $744 million;
• Non-respiratory product revenue of $557 million to $560 million; and
• Respiratory product revenue of $181 million to $184 million.

“Our strong performance in the third quarter reflects the critical role our technologies play in healthcare settings and the trust medical professionals place in us,” said Douglas Bryant, President and Chief Executive Officer, QuidelOrtho. “Influenza and new variants of COVID-19 across the Northern Hemisphere generated significant demand for both our retail and point of care offerings. We also continued to see strength in our non-respiratory businesses, and all of our regions, including China, met or exceeded our expectations.”

Preliminary unaudited revenue results described herein are based on management’s initial analysis for the fiscal third quarter ended October 1, 2023, and are subject to adjustments based on the Company’s completion of its quarter-end financial close process.

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 earnings per share		$4.85 - $5.30

“The earlier-than-expected arrival of respiratory illnesses is driving greater demand for our diagnostics. As a result, we now expect third quarter performance to be higher than originally expected,” said Joseph Busky, Chief Financial Officer, QuidelOrtho. “With the pull-forward of the typical respiratory seasonality into the third quarter from the fourth quarter, we are reiterating our 2023 financial guidance. We remain confident in our strategic plan and our ability to achieve our 2023 financial guidance.”