QuidelOrtho Corp (STU:QL1A)

Q3 2024 QuidelOrtho Corp Earnings Call Transcript

Nov 7, 2024 / 10:00 PM GMT

Release Date Price: €35.8 (-3.24%)

Transcript 10-Q8-K

Key Points

Positve

QuidelOrtho Corp (QDEL) reported Q3 revenue of $727 million, demonstrating solid progress in executing business improvement initiatives.
The company achieved adjusted EBITDA of $171 million, marking the first quarter in nine quarters to achieve growth in both adjusted EBITDA dollars and margin since the pandemic.
QuidelOrtho Corp (QDEL) has strengthened its leadership team with the addition of experienced industry leaders, enhancing its focus on technology and human resources.
The company is implementing cost and process improvement initiatives expected to deliver incremental margin contributions in 2025 and 2026.
QuidelOrtho Corp (QDEL) reinstated its full-year 2024 financial guidance, reflecting confidence in its business strategy and execution.

Negative

Total reported revenue declined by approximately 2% due to higher COVID-19 and flu revenue in the prior year period.
The company faces potential headwinds from China's anticorruption policies and changes to reimbursement on cardiac products in certain Chinese provinces.
Adjusted gross profit margin decreased to 49.2% from 50.5% in the prior year period, primarily driven by lower respiratory test sales.
QuidelOrtho Corp (QDEL) anticipates a year-over-year increase of $25 to $30 million in SG&A expense related to expected bonus accruals.
The company is experiencing customer delays in instrument purchases and installations due to Chinese government policies, which could impact future sales.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

QDEL.OQ - Quidelortho Corp
Q3 2024 QuidelOrtho Corp Earnings Call
Nov 07, 2024 / 10:00PM GMT

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Presentation
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Unidentified Participant [1]
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Welcome to the Quidel or So third quarter 2024 financial results conference call and webcast. At this time, all participant lines are in a listen only mode. For those of you participating on the conference call, there will be an opportunity for your questions at the end of today's prepared remarks. Please note this conference call it is being recorded for audio replay of the conference call will be available on the company's website shortly after this call. I would now like to turn the call over to Juliet Cunningham, Vice President of Investor Relations. Hey, good afternoon, everyone. Thanks for joining required ortho third quarter 2004 financial results conference call. With me today are Brian Glazer, President and Chief Executive

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