QuidelOrtho Corporation【QDEL】株式ニュース

QuidelOrtho Reports First Quarter 2026 Financial ResultsMay 5, 2026 4:05 PM
PR Newswire (US) ? LEX Diagnostics Acquisition Expected to Accelerate Growth in Point-of-Care Molecular Diagnostics ?
? Key Product Launches in U.S. and International Markets Expected to Drive Future Growth ?
? Company Updates Full-Year 2026 Financial Guidance ? SAN DIEGO, May 5, 2026 /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global leader of innovative in vitro diagnostics, today announced financial results for the first quarter ended March 29, 2026. Key First Quarter 2026 Results:
(all comparisons are to the prior year period)Total revenue was $620 million, as reportedPoint of Care revenue of $113 million declined by 34% as reported and 35% in constant currency, primarily due to a significantly weaker respiratory season compared to the first quarter of 2025.Labs revenue of $353 million declined by 5% as reported and 8% in constant currency, primarily due to slower distributor sales in China that the Company believes is related to pending changes to the China National Health Security Administration ("NHSA") In Vitro Diagnostics ("IVD") pricing guidelines, business disruption related to the Middle East conflict, and a decrease in revenue related in part to the Company's termination of its joint business arrangement with Grifols.Immunohematology revenue of $138 million grew 8% as reported and 3% in constant currency, primarily driven by growth in North America, China and JPAC.GAAP net loss was $92 million; GAAP operating loss was $32 million; adjusted EBITDA was $109 million.GAAP diluted loss per share was $1.35; adjusted diluted loss per share was $0.04."Our first quarter results were in line with our preliminary revenue announcement and reflected a significantly weaker respiratory season and business disruption in China and the Middle East," said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. "Importantly, we believe the underlying business remains strong and we are well positioned to deliver on our objectives to expand our adjusted EBITDA margin and improve cash flow in 2026.""We completed our acquisition of LEX Diagnostics in April, adding an ultra-fast molecular diagnostics platform for point-of-care testing. We also advanced our key strategic priorities, including the U.S. launch of our High-Sensitivity Troponin assay and the rollout of the VITROS 450 platform in select international markets. We believe these innovations enhance our portfolio and position us to drive sustainable, long-term growth," Blaser continued.Full-year 2026 Financial GuidanceThe Company provided its initial financial guidance for full-year 2026 on February 11, 2026. On April 15, 2026, the Company announced preliminary revenue for the first quarter 2026 and indicated that the low end of its full-year 2026 financial guidance ranges remained achievable. Considering first-quarter performance and current market dynamics in China, the Company has updated its previously provided financial guidance. This guidance includes expected 2026 impact from the current draft of the China NHSA IVD pricing guidelines. The Company cannot fully assess the impact until the final NHSA guidelines and implementation timelines are confirmed. In addition, this guidance does not assume a significant, prolonged impact related to the Middle East conflict.   Full-year 2026 Financial GuidanceUpdated (as of 5/5/26)Previous (as of 2/11/26)Total revenues (reported)$2.70 - $2.75 billion$2.7 - $2.9 billionAdjusted EBITDA$615 - $630 million$630 - $670 millionAdjusted EBITDA margin 23 %23.3 %Adjusted diluted earnings per share$1.80 - $2.00$2.00 - $2.42Free cash flow$100 - $120 million$120 - $160 million

Please see page 6 of the First Quarter 2026 Financial Results presentation on the "Investor Relations" page of the Company's website for the full list of assumptions on which the Company's current 2026 financial guidance is based.A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share and free cash flow, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits and other non-recurring adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."Conference Call InformationFollowing the release of financial results, QuidelOrtho will hold a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call from the "Events & Presentations" section of the "Investor Relations" page of the Company's website at https://ir.quidelortho.com. Presentation materials will also be posted to the "Events & Presentations" section of the "Investor Relations" page of the Company's website at the time of the call.A replay of the conference call will be available shortly after the event on the "Investor Relations" page of the Company's website under the "Events & Presentations" section.QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.About QuidelOrtho CorporationWith expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's commercial and other strategic goals, financial guidance for 2026 and related assumptions and other future financial condition and operating results, including growth expectations and expected results of operations, financial position or cost-savings and operational improvement initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek" or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions, strategic restructurings, divestitures, spin-offs or discontinuances of certain business operations, or debt financings, on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; failure of new products and services to be commercially viable or accepted; changes in reimbursement rates for our products, including reimbursement rate reductions proposed by the China NHSA; disruptions and challenges related to the ongoing conflicts in the Middle East; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations, global trade relations and other tariff-related developments, as well as those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 28, 2025 and subsequent reports filed with the Securities and Exchange Commission (the "Commission"), including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.Non-GAAP Financial MeasuresThis press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission, including but not limited to "constant currency Point of Care revenue changes," "constant currency Labs revenue changes," "constant currency Immunohematology revenue changes," "adjusted EBITDA," "adjusted EBITDA margin," "adjusted diluted loss per share," "free cash flow" and other non-GAAP financial measures included in the reconciliation tables accompanying this press release. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results and comparison to competitors' operating results. The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the historical non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
IR@QuidelOrtho.com Media Contact:
Stephanie Kleewein
Senior Corporate Communications and PR Manager
media@QuidelOrtho.com QuidelOrtho
Consolidated Statements of Loss
(Unaudited)
(In millions, except per share data)

Three Months Ended
March 29, 2026
March 30, 2025Total revenues$             619.8
$             692.8Cost of sales, excluding amortization of intangibles356.0
349.5Selling, marketing and administrative199.3
187.0Research and development44.9
53.2Amortization of intangible assets46.8
48.0Restructuring, integration and other charges4.4
16.1Other operating expenses0.2
6.4Operating (loss) income(31.8)
32.6Interest expense, net51.1
40.0Other (income) expense, net(3.4)
1.4Loss before income taxes(79.5)
(8.8)Provision for income taxes12.3
3.9Net loss$             (91.8)
$             (12.7)Basic loss per share$             (1.35)
$             (0.19)Diluted loss per share$             (1.35)
$             (0.19)Weighted-average shares outstanding - basic68.2
67.5Weighted-average shares outstanding - diluted68.2
67.5 QuidelOrtho
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)

March 29, 2026
December 28, 2025ASSETS

Current assets:

Cash and cash equivalents$              140.4
$              169.8Accounts receivable, net359.9
417.0Inventories611.5
577.6Prepaid expenses and other current assets232.8
250.5Assets held for sale32.4
32.4Total current assets1,377.0
1,447.3Property, plant and equipment, net1,339.3
1,358.3Right-of-use assets158.0
155.5Intangible assets, net2,520.2
2,563.8Other assets234.2
244.4Total assets$            5,628.7
$            5,769.3LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable$              243.5
$              279.4Accrued payroll and related expenses135.4
120.3Income tax payable12.7
11.5Current portion of borrowings228.2
178.3Other current liabilities342.6
376.6Total current liabilities962.4
966.1Operating lease liabilities155.4
154.4Long-term borrowings2,459.8
2,471.9Deferred tax liabilities87.3
90.0Other liabilities112.4
166.4Total liabilities3,777.3
3,848.8Total stockholders' equity1,851.4
1,920.5Total liabilities and stockholders' equity$            5,628.7
$            5,769.3 QuidelOrtho
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In millions)

Three Months Ended
March 29, 2026
March 30, 2025Cash (used for) provided by operating activities$             (33.0)
$              65.6Cash used for investing activities(34.0)
(56.2)Cash provided by financing activities37.6
17.6Effect of exchange rates on cash—
1.7Net (decrease) increase in cash, cash equivalents and restricted cash(29.4)
28.7Cash, cash equivalents and restricted cash at beginning of period169.8
98.5Cash, cash equivalents and restricted cash at end of period$             140.4
$             127.2

Reconciliation to amounts within the consolidated balance sheets:

Cash and cash equivalents$             140.4
$             127.1Restricted cash in Other assets—
0.1Cash, cash equivalents and restricted cash$             140.4
$             127.2 QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted Net (Loss) Income
(In millions, except per share data; unaudited)

Three Months Ended
March 29, 2026
Diluted EPS
March 30, 2025
Diluted EPSNet loss$             (91.8)
$             (1.35)
$             (12.7)
$             (0.19)Adjustments:

Amortization of intangibles46.8

48.0

Restructuring, integration and other charges4.4

16.1

Amortization of deferred cloud computing implementation costs8.0

4.3

Employee compensation charges5.5

—

Incremental depreciation on PP&E fair value adjustment3.3

5.2

Accelerated depreciation2.0

—

Loss (gain) on investments0.9

(0.3)

EU medical device regulation transition costs0.7

0.2

Other adjustments4.7

1.2

Income tax impact of adjustments13.1

(11.8)

Adjusted net (loss) income$               (2.4)
$             (0.04)
$              50.2
$              0.74Weighted-average shares outstanding - diluted

68.2

67.9 QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA
(In millions, unaudited)

Three Months Ended
March 29, 2026
March 30, 2025Net loss$           (91.8)
$           (12.7)Depreciation and amortization112.9
107.1Interest expense, net51.1
40.0Provision for income taxes12.3
3.9Restructuring, integration and other charges4.4
16.1Amortization of deferred cloud computing implementation costs8.0
4.3Employee compensation charges5.5
—Loss (gain) on investments0.9
(0.3)EU medical device regulation transition costs0.7
0.2Other adjustments4.7
1.2Adjusted EBITDA$          108.7
$          159.8

Total revenues$          619.8
$          692.8Adjusted EBITDA margin17.5 %
23.1 % QuidelOrtho
Reconciliation of Non-GAAP Financial Information - Revenues by Business Unit
(In millions, unaudited)

Three Months Ended

March 29, 2026
March 30, 2025
% Change
Currency
Impact
Constant
Currency (a)Labs$        353.1
$        373.0
(5.3) %
2.3 %
(7.6) %Immunohematology138.3
128.5
7.6 %
4.2 %
3.4 %Donor Screening7.8
12.8
(39.1) %
0.4 %
(39.5) %Point of Care112.8
170.9
(34.0) %
0.6 %
(34.6) %Molecular Diagnostics7.8
7.6
2.6 %
4.4 %
(1.8) %Total revenues$        619.8
$        692.8
(10.5) %
2.1 %
(12.6) %

(a)The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. View original content to download multimedia:https://www.prnewswire.com/news-releases/quidelortho-reports-first-quarter-2026-financial-results-302762818.htmlSOURCE QuidelOrtho Corporation Original: QuidelOrtho Reports First Quarter 2026 Financial Results

QuidelOrtho Reports Fourth Quarter and Full-Year 2025 Financial ResultsFebruary 11, 2026 4:05 PM
PR Newswire (US)

? Delivered 6% Labs and 9% TRIAGE™ growth, as reported, and 240 bps of adjusted EBITDA margin expansion in FY25 ?? Continued growth and margin expansion expected in FY26; free cash flow expected to improve by over $200 million ?SAN DIEGO, Feb. 11, 2026 /PRNewswire/ -- QuidelOrtho Corporation (Nasdaq: QDEL) (the "Company" or "QuidelOrtho"), a global leader of innovative in vitro diagnostics, today announced financial results for the fourth quarter and full-year ended December 28, 2025.

"In 2025, we transitioned from COVID-driven volatility to a more durable, diversified diagnostics business," said Brian J. Blaser, President and Chief Executive Officer of QuidelOrtho. "Our Labs, Immunohematology and Cardiac businesses delivered consistent growth, while cost-savings initiatives drove meaningful margin expansion. As a result, we are well positioned to generate substantially stronger free cash flow in 2026, which we believe more accurately reflects the earnings power of our business."Key Fourth Quarter 2025 Results:
(all comparisons are to the prior year period)Total revenue was $724 million, as reportedNon-respiratory revenue of $600 million; excluding Donor Screening1, non-respiratory revenue grew 7% in constant currency.Labs revenue grew 8% as reported and 7% in constant currency.Respiratory revenue was $123 million, as reported, which declined 14% due to lower COVID-19 testing.Flu revenue grew 6% both as reported and in constant currency.GAAP operating cash flow was $132 million; free cash flow2 was $87 million.GAAP net loss was $131 million; GAAP operating loss was $66 million; underlying business delivered adjusted EBITDA of $153 million.GAAP net loss margin was (18)%; GAAP operating margin was (9)%; adjusted EBITDA margin was 21%.GAAP diluted loss per share was $1.92; adjusted diluted earnings per share ("EPS") was $0.46.Key Full-Year 2025 Results:
(all comparisons are to the prior year)Total revenue was $2.73 billion, as reportedNon-respiratory revenue of $2.33 billion; excluding Donor Screening1, non-respiratory revenue grew 5% in constant currency.Labs revenue grew 6% both as reported and in constant currency.Respiratory revenue was $402 million, as reported, which declined by 20% due to lower COVID-19 testing.Flu revenue grew 3% both as reported and in constant currency.GAAP operating expenses3 and non-GAAP operating expenses both decreased by 5%, driven by the Company's cost-savings initiatives.GAAP operating cash flow was $105 million; free cash flow2 of $(77) million includes one-time investments in the Company's ERP system conversion, which was completed in the third quarter of 2025.GAAP net loss was $1.13 billion; GAAP operating loss was $0.92 billion. FY 2025 GAAP results included a non-cash goodwill impairment charge of $701 million recorded in the third quarter of 2025 related to prior acquisition accounting; underlying business delivered adjusted EBITDA of $597 million.GAAP net loss margin was (41)%; GAAP operating margin was (34)%; adjusted EBITDA margin was 22%, a 240 basis point improvement.GAAP diluted loss per share was $16.69; adjusted diluted EPS was $2.12.Full-year 2025 Results Summary
FY 2025 GuidanceFY 2025 ActualResultsTotal revenues (reported)$2.68–$2.74 billion$2.73 billionIn rangeAdjusted EBITDA$585–$605 million$597 millionIn rangeAdjusted EBITDA margin22 %22 %AchievedAdjusted diluted EPS$2.00–$2.15$2.12In rangeFull-year 2026 Financial Guidance Based on its current business outlook, the Company is providing its fiscal year 2026 financial guidance, as follows:
FY 2025 ActualFY 2026 GuidanceTotal revenues (reported)$2.73 billion$2.7 - $2.9 billion*Adjusted EBITDA$597 million$630 – $670 millionAdjusted EBITDA margin 22 %23.3 %Adjusted diluted EPS$2.12$2.00 - $2.42Free cash flow$(77) million$120 - $160 million
*Foreign currency exchange is expected to be neutral to full-year 2026 revenue based on currency rates as of January 25, 2026. Please see page 7 of the Fourth Quarter and Full-year 2025 Financial Results presentation on the "Investor Relations" page of the Company's website for the full list of assumptions on which the Company's current 2026 financial guidance is based.A reconciliation of forward-looking non-GAAP measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted diluted EPS and free cash flow, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. We are not, without unreasonable effort, able to reliably predict the impact of impairment charges and related tax benefits, employee compensation costs and other adjustments. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results. In addition, the Company believes any such reconciliation would imply a degree of precision and certainty that could be confusing to investors. See "Forward-Looking Statements" and "Non-GAAP Financial Measures."CFO Retirement and TransitionThe Company announced that Joseph M. Busky, Chief Financial Officer, has decided to retire, effective June 30, 2026. The Company has begun a search to identify a successor. Mr. Busky will serve in an advisory role following his retirement to facilitate a smooth transition."Joe has been instrumental in strengthening our financial discipline and delivering $140 million in cost-savings by the end of 2025," Blaser said. "With our financial strategy firmly in place and a strong team supporting the transition, we are confident in our ability to execute our 2026 priorities and maintain momentum."Conference Call InformationFollowing the release of financial results, QuidelOrtho will hold a conference call today beginning at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results. Interested parties can access the call from the "Events & Presentations" section of the "Investor Relations" page of the Company's website at https://ir.quidelortho.com. Presentation materials will also be posted to the "Events & Presentations" section of the "Investor Relations" page of the Company's website at the time of the call. Those unable to access the webcast may join the call via phone by dialing 833-470-1428 (domestic) or +1 929-526-1599 (international) and entering Conference ID number 690468.A replay of the conference call will be available shortly after the event on the "Investor Relations" page of the Company's website under the "Events & Presentations" section.QuidelOrtho is dedicated to advancing diagnostics to power a healthier future. For more information, please visit quidelortho.com and follow QuidelOrtho on LinkedIn, Facebook and X.____________________1 The Company is in the process of winding down its U.S. Donor Screening portfolio.2 Free cash flow is defined as operating cash flow minus capital expenditures, including investments, net of proceeds
from government assistance allocated to fixed assets.3 Operating expenses is comprised of Selling, marketing and administrative and Research and development expenses.About QuidelOrtho CorporationWith expertise spanning clinical chemistry, immunoassay, immunohematology and molecular testing, QuidelOrtho Corporation (Nasdaq: QDEL) is a leading global provider of diagnostic solutions, dedicated to advancing fast, accurate and reliable results that help improve patient outcomes – from the point of care to hospital, lab to clinic. Building on a legacy of innovation, QuidelOrtho works with healthcare providers to advance diagnostics that connect insights with solutions, defining a clearer path for informed decisions and better care.QuidelOrtho and TRIAGE are trademarks of QuidelOrtho Corporation or its affiliates. All rights reserved.Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho's commercial and other strategic goals, financial guidance and related assumptions and other future financial condition and operating results, including growth expectations for 2026 and expected results of operations, financial position or cost-savings and operational improvement initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words "may," "will," "could," "would," "should," "might," "expect," "anticipate," "believe," "estimate," "plan," "intend," "goal," "project," "strategy," "future," "continue," "aim," "strive," "seek" or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho's management as of the date of this press release and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results or outcomes to differ from those set forth or implied in the forward-looking statements: fluctuations in demand for QuidelOrtho's non-respiratory and respiratory products; supply chain, production, logistics, distribution and labor disruptions and challenges; failure to acquire or complete the proposed acquisition of LEX Diagnostics on the anticipated timeline, or at all, including risks and uncertainties related to LEX Diagnostics' ability to secure FDA clearance and satisfy closing conditions and provisions; inability to successfully identify, consummate or realize the anticipated benefits of strategic transactions, strategic restructurings, divestitures, spin-offs or discontinuances of certain business operations, or debt financings, on the anticipated timelines, or at all; delays in the development of or failures or delays in the receipt of approvals for new or enhanced products; failure of new products and services to be commercially viable or accepted, and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those arising from the effects of announced or future or amended tariffs, trade policies, investigations and global trade relations, as well as those discussed in QuidelOrtho's Annual Report on Form 10-K for the fiscal year ended December 29, 2024 and subsequent reports filed with the Securities and Exchange Commission (the "Commission"), including under Part I, Item 1A, "Risk Factors" of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date of this press release. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.Non-GAAP Financial MeasuresThis press release contains financial measures that are considered non-GAAP financial measures under applicable rules and regulations of the Commission, including but not limited to "adjusted EBITDA," "adjusted EBITDA margin," "adjusted diluted EPS," "constant currency non-respiratory revenue changes, excluding Donor Screening revenue," "constant currency Labs revenue changes," "constant currency Flu revenue changes," "free cash flow," "non-GAAP operating expenses" and other non-GAAP financial measures included in the reconciliation tables accompanying this press release. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP financial measures eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company's historical operating results and comparison to competitors' operating results. The Company's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company's business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.Investor Contact:
Juliet Cunningham
Vice President, Investor Relations
IR@QuidelOrtho.com Media Contact:
D. Nikki Wheeler
Senior Director, Corporate Communications
media@QuidelOrtho.com QuidelOrthoConsolidated Statements of Loss(Unaudited)(In millions except per share data)

Three Months Ended
Fiscal Year Ended
December 28,
2025
December 29,
2024
December 28,
2025
December 29,
2024Total revenues$           723.6
$          707.8
$        2,730.2
$       2,782.9Cost of sales, excluding amortization of intangibles403.2
381.7
1,456.0
1,496.4Selling, marketing and administrative194.4
187.5
746.3
766.8Research and development45.8
47.3
186.2
218.7Amortization of intangible assets45.6
47.9
189.2
203.4Restructuring, integration and other charges29.0
36.9
263.6
127.2Goodwill impairment charge—
78.7
700.7
1,822.6Asset impairment charge—
—
9.7
56.9Other operating expenses71.9
28.2
97.7
51.8Operating loss(66.3)
(100.4)
(919.2)
(1,960.9)Interest expense, net51.0
40.6
177.6
163.5Loss on extinguishment of debt—
—
5.1
—Other expense, net(4.9)
(0.1)
5.8
7.1Loss before income taxes(112.4)
(140.9)
(1,107.7)
(2,131.5)Provision for (benefit from) income taxes18.3
37.5
24.1
(79.5)Net loss$         (130.7)
$        (178.4)
$      (1,131.8)
$     (2,052.0)Basic loss per share$           (1.92)
$          (2.65)
$         (16.69)
$        (30.54)Diluted loss per share$           (1.92)
$          (2.65)
$         (16.69)
$        (30.54)Weighted-average shares outstanding - basic68.0
67.3
67.8
67.2Weighted-average shares outstanding - diluted68.0
67.3
67.8
67.2 QuidelOrthoCondensed Consolidated Balance Sheets(Unaudited)(In millions)

December 28,
2025
December 29,
2024ASSETS

Current assets:

Cash and cash equivalents$               169.8
$                 98.3Accounts receivable, net417.0
282.4Inventories577.6
533.7Prepaid expenses and other current assets250.5
262.4Assets held for sale32.4
42.1Total current assets1,447.3
1,218.9Property, plant and equipment, net1,358.3
1,380.2Right-of-use assets155.5
168.7Goodwill—
649.5Intangible assets, net2,563.8
2,735.6Other assets244.4
270.7Total assets$            5,769.3
$            6,423.6LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable$               279.4
$               246.0Accrued payroll and related expenses120.3
116.9Income tax payable11.5
5.4Current portion of borrowings178.3
341.8Other current liabilities376.6
288.7Total current liabilities966.1
998.8Operating lease liabilities154.4
167.2Long-term borrowings2,471.9
2,141.3Deferred tax liabilities90.0
76.5Other liabilities166.4
55.3Total liabilities3,848.8
3,439.1Total stockholders' equity1,920.5
2,984.5Total liabilities and stockholders' equity$            5,769.3
$            6,423.6 QuidelOrthoCondensed Consolidated Statements of Cash Flows(Unaudited)(In millions)

Fiscal Year Ended
December 28, 2025
December 29, 2024Cash provided by operating activities$                   105.2
$                    83.0Cash used for investing activities(192.7)
(149.9)Cash provided by financing activities155.8
48.8Effect of exchange rates on cash3.0
(2.9)Net increase (decrease) in cash, cash equivalents and restricted cash71.3
(21.0)Cash, cash equivalents and restricted cash at beginning of period98.5
119.5Cash, cash equivalents and restricted cash at end of period$                   169.8
$                    98.5

Reconciliation to amounts within the consolidated balance sheets:

Cash and cash equivalents$                   169.8
$                    98.3Restricted cash in Other assets—
0.2Cash, cash equivalents and restricted cash$                   169.8
$                    98.5 QuidelOrthoReconciliation of Non-GAAP Financial Information - Adjusted Net Income(In millions, except per share data; unaudited)

Three Months Ended
Fiscal Year Ended
December 28,
2025
Diluted EPS
December 29,
2024
Diluted EPS
December 28,
2025
Diluted EPS
December 29,
2024
Diluted EPSNet loss$       (130.7)
$      (1.92)
$       (178.4)
$      (2.65)
$    (1,131.8)
$    (16.69)
$    (2,052.0)
$    (30.54)Adjustments:

Amortization of intangibles45.6

47.9

189.2

203.4

Restructuring, integration and other charges29.0

36.9

263.6

127.2

Goodwill impairment charge—

78.7

700.7

1,822.6

Asset impairment charge—

—

9.7

56.9

Loss on extinguishment of debt—

—

5.1

—

Contract termination cost65.0

—

65.0

—

Amortization of deferred cloud computingimplementation costs8.0

4.1

27.0

14.7

Incremental depreciation on PP&E fair value adjustment4.7

8.3

20.4

35.1

Accelerated depreciation1.3

—

3.8

—

EU medical device regulation transition costs0.2

0.5

0.7

2.0

Asset write off—

20.0

—

20.0

Loss on disposal—

1.2

—

1.2

Legal accrual—

—

9.4

—

Employee compensation charges—

—

—

5.6

Prior Credit Agreement amendment fees—

—

—

4.0

Gain on investments(1.8)

(0.7)

(2.5)

(0.7)

Other adjustments1.8

0.6

6.4

4.0

Income tax impact of adjustments8.0

23.5

(22.8)

(119.0)

Adjusted net income$          31.1
$        0.46
$          42.6
$        0.63
$        143.9
$        2.12
$        125.0
$        1.85Weighted-average shares outstanding -
diluted

68.3

67.6

68.0

67.4 QuidelOrthoReconciliation of Non-GAAP Financial Information - Non-GAAP Operating Expenses(In millions, unaudited)

Fiscal Year Ended December 28, 2025
Fiscal Year Ended December 29, 2024
GAAP
Adjustments
(a)
Non-GAAP
GAAP
Adjustments
(a)
Non-GAAPSelling, marketing and administrative$      746.3
$      (36.8)
$      709.5
$      766.8
$      (37.1)
$      729.7Research and development186.2
(2.1)
184.1
218.7
(3.0)
215.7Operating expenses$      932.5
$      (38.9)
$      893.6
$      985.5
$      (40.1)
$      945.4

(a)Includes the following non-GAAP adjustments: amortization of deferred cloud computing implementation costs, incremental depreciation on PP&E fair value adjustment, EU medical device regulation transition costs, employee compensation charges and other adjustments. QuidelOrthoReconciliation of Non-GAAP Financial Information - Adjusted EBITDA(In millions, unaudited)

Three Months Ended
Fiscal Year Ended
December 28,
2025
December 29,
2024
December 28,
2025
December 29,
2024Net loss$      (130.7)
$     (178.4)
$   (1,131.8)
$ (2,052.0)Depreciation and amortization112.5
109.3
442.0
453.4Interest expense, net51.0
40.6
177.6
163.5Provision for (benefit from) income taxes18.3
37.5
24.1
(79.5)Restructuring, integration and other charges29.0
36.9
263.6
127.2Goodwill impairment charge—
78.7
700.7
1,822.6Asset impairment charge—
—
9.7
56.9Loss on extinguishment of debt—
—
5.1
—Contract termination cost65.0
—
65.0
—Amortization of deferred cloud computing implementation costs8.0
4.1
27.0
14.7EU medical device regulation transition costs0.2
0.5
0.7
2.0Asset write off—
20.0
—
20.0Loss on disposal—
1.2
—
1.2Legal accrual—
—
9.4
—Employee compensation charges—
—
—
5.6Prior Credit Agreement amendment fees—
—
—
4.0Gain on investments(1.8)
(0.7)
(2.5)
(0.7)Other adjustments1.8
0.6
6.4
4.0Adjusted EBITDA$        153.3
$       150.3
$       597.0
$       542.9

Total revenues723.6
707.8
2,730.2
2,782.9Adjusted EBITDA margin21.2 %
21.2 %
21.9 %
19.5 % QuidelOrthoReconciliation of Non-GAAP Financial Information - Revenues by Business Unit and Region(In millions, unaudited)

Three Months Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueRespiratory revenues$         123.3
$         143.2
(13.9) %
0.3 %
(14.2) %
(17.1) %
2.9 %Non-Respiratory revenues600.3
564.6
6.3 %
1.4 %
4.9 %
— %
4.9 %Total revenues$         723.6
$         707.8
2.2 %
1.1 %
1.1 %
(3.5) %
4.6 %

Three Months Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueLabs$         389.2
$         359.9
8.1 %
1.1 %
7.0 %
(0.2) %
7.2 %Immunohematology141.0
136.4
3.4 %
2.2 %
1.2 %
— %
1.2 %Donor Screening11.8
19.7
(40.1) %
0.6 %
(40.7) %
— %
(40.7) %Point of Care173.1
185.0
(6.4) %
0.5 %
(6.9) %
(13.6) %
6.7 %Molecular Diagnostics8.5
6.8
25.0 %
1.3 %
23.7 %
(5.8) %
29.5 %Total revenues$         723.6
$         707.8
2.2 %
1.1 %
1.1 %
(3.5) %
4.6 %

Three Months Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueNorth America$         390.1
$         399.6
(2.4) %
— %
(2.4) %
(6.2) %
3.8 %EMEA92.7
85.9
7.9 %
8.5 %
(0.6) %
(0.3) %
(0.3) %China91.7
86.9
5.5 %
0.2 %
5.3 %
— %
5.3 %JPAC75.9
75.4
0.7 %
(3.1) %
3.8 %
(0.1) %
3.9 %Latin America73.2
60.0
22.0 %
5.0 %
17.0 %
— %
17.0 %Total revenues$         723.6
$         707.8
2.2 %
1.1 %
1.1 %
(3.5) %
4.6 %

(a)The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.
Fiscal Year Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueRespiratory revenues$         402.1
$         503.9
(20.2) %
0.1 %
(20.3) %
(21.1) %
0.8 %Non-Respiratory revenues2,328.1
2,279.0
2.2 %
0.2 %
2.0 %
— %
2.0 %Total revenues$      2,730.2
$      2,782.9
(1.9) %
0.2 %
(2.1) %
(3.9) %
1.8 %

Fiscal Year Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueLabs $      1,505.7
$      1,427.2
5.5 %
(0.2) %
5.7 %
(0.1) %
5.8 %Immunohematology543.8
522.0
4.2 %
1.0 %
3.2 %
— %
3.2 %Donor Screening52.6
115.1
(54.3) %
0.1 %
(54.4) %
— %
(54.4) %Point of Care601.6
694.6
(13.4) %
0.2 %
(13.6) %
(15.1) %
1.5 %Molecular Diagnostics26.5
24.0
10.4 %
0.6 %
9.8 %
(4.7) %
14.5 %Total revenues$      2,730.2
$      2,782.9
(1.9) %
0.2 %
(2.1) %
(3.9) %
1.8 %
Fiscal Year Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)
Less: COVID-19
revenue impact
Constant Currency (a) ex COVID-19 RevenueNorth America$      1,488.9
$      1,619.8
(8.1) %
0.1 %
(8.2) %
(6.1) %
(2.1) %EMEA360.7
335.8
7.4 %
4.0 %
3.4 %
(0.4) %
3.8 %China334.7
325.0
3.0 %
(0.2) %
3.2 %
— %
3.2 %JPAC293.0
279.4
4.9 %
(1.1) %
6.0 %
— %
6.0 %Latin America252.9
222.9
13.5 %
(3.9) %
17.4 %
(0.6) %
18.0 %Total revenues$      2,730.2
$      2,782.9
(1.9) %
0.2 %
(2.1) %
(3.9) %
1.8 %

(a)The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. QuidelOrthoReconciliation of Non-GAAP Financial Information - Non-Respiratory Revenue excluding Donor Screening(In millions, unaudited)

Three Months Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)Non-Respiratory revenues$          600.3
$          564.6
6.3 %
1.4 %
4.9 %Donor Screening revenue(11.8)
(19.7)

Total non-respiratory revenue, excluding
Donor Screening$          588.5
$          544.9
8.0 %
1.4 %
6.6 %

Fiscal Year Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)Non-Respiratory revenues$       2,328.1
$       2,279.0
2.2 %
0.2 %
2.0 %Donor Screening revenue(52.6)
(115.1)

Total non-respiratory revenue, excluding
Donor Screening$       2,275.5
$       2,163.9
5.2 %
0.2 %
5.0 %
QuidelOrthoReconciliation of Non-GAAP Financial Information - Respiratory Revenue(In millions, unaudited)

Three Months Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)Flu revenue$           80.7
$           75.9
6.3 %
— %
6.3 %COVID-19 revenue20.4
43.5

All other22.2
23.8

Total respiratory revenue$          123.3
$          143.2
(13.9) %
0.3 %
(14.2) %

Fiscal Year Ended

December 28,
2025
December 29,
2024
% Change
Currency
Impact
Constant
Currency (a)Flu revenue$          254.6
$          246.2
3.4 %
— %
3.4 %COVID-19 revenue80.2
184.9

All other67.3
72.8

Total respiratory revenue$          402.1
$          503.9
(20.2) %
0.1 %
(20.3) %

(a)The term "constant currency" means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. QuidelOrthoReconciliation of Non-GAAP Financial Information - Triage Growth(In millions, unaudited)

Fiscal Year Ended

December 28,
2025
December 29,
2024
% ChangeTriage revenue$          132.7
$          121.8
8.9 %Other cardiac revenue75.0
75.0

All other393.9
497.8

Point of Care Revenue$          601.6
$          694.6
(13.4) % QuidelOrthoReconciliation of Non-GAAP Financial Information - Free Cash Flow(In millions, unaudited)

Three Months Ended
Fiscal Year Ended
December 28, 2025
December 28, 2025Net cash provided by operating activities$                      131.9
$                      105.2Less:

Acquisitions of property, plant, equipment, investments and intangibles45.3
188.2Proceeds from government assistance allocated to fixed assets—
(6.5)Free cash flow$                        86.6
$                      (76.5)

View original content to download multimedia:https://www.prnewswire.com/news-releases/quidelortho-reports-fourth-quarter-and-full-year-2025-financial-results-302685589.htmlSOURCE QuidelOrtho Corporation

Original: QuidelOrtho Reports Fourth Quarter and Full-Year 2025 Financial Results