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August 8, 2022

QuidelOrtho reports 247% surge in Q2 2022 revenue

QuidelOrtho’s total supplemental combined revenue was $898.5m, a 37.5% growth at constant currency.

In vitro diagnostics firm QuidelOrtho has reported a 247% surge in its total revenue, to $613.4m, in the second quarter of the year, compared with $176.6m in the same quarter last year.

Net income for the quarter saw a marginal rise from $19.1m to $19.3m.

Diluted earnings per share fell from $0.45 in Q2 2021 to $0.36 in Q2 2022.

The increase in second-quarter revenue was primarily led by the consummation of the business combination, which occurred on 27 May, between Quidel Corporation, Ortho Clinical Diagnostics, QuidelOrtho and other parties.

The company’s total supplemental combined revenue in the reported quarter was $898.5m, representing a 37.5% growth at constant currency.

Excluding the revenue from Covid-19 products revenue, the revenue for the total supplemental business increased by 9%.

In this quarter, QuidelOrtho’s Labs business reported $342m revenue, compared with $340.5m in the same period of the previous year, and the Transfusion Medicine business grew by 3.9%, from $162.4m to $168.8m.

The firm’s Point-of-Care sales grew by 178.7%, from $131.7m to $367m, while the Molecular Diagnostics business revenue was down 40% to $20.7m, from $34.5m reported a year ago.

Revenue from North America saw a 58.9% increase, from $375.3m to $595.7m, while China sales also grew by 22.1%, from $78.7m to $96.1m.

Meanwhile, sales in Europe, the Middle East and Africa (EMEA) saw a 3.3% decline, from $85.7m to $82.9m.

QuidelOrtho chairman and CEO Douglas Bryant said: “I’m incredibly pleased with the way our employees have come together to deliver a strong start as a combined company.

“In our first reported quarter as QuidelOrtho, we delivered strong financial performance, as we executed on our strategic priorities.

“Our Point-of-Care, Labs, Transfusion Medicine and Molecular Diagnostics business units all delivered impressive growth, leveraging the competitive strengths of both Quidel and Ortho.”

The company reported adjusted diluted earnings per share (EPS) of $2.12 in the second quarter, a 123% increase from the previous year.

In the quarter, its supplemental combined Adjusted EBITDA was $290.8m, compared with $165.9m in the same quarter last year, and adjusted EBITDA margin was 32.4%, compared with 24.8% in the same quarter last year.

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