QuidelOrtho Corp (QDEL) Reports Q3 2023 Financial Results: Revenue at $744 Million
QuidelOrtho Corp (NASDAQ:QDEL) reported Q3 2023 revenue of $744 million, driven by strong respiratory demand and continued strength in non-respiratory businesses.
GAAP net loss was $(13) million; adjusted EBITDA was $169 million; adjusted EBITDA margin was 23%, up from 17% in the second quarter of 2023.
Company paid down $52 million on its term loan during the third quarter of 2023; year to date, the Company has paid down a total of $175 million of debt.
Company maintains its 2023 financial guidance, provided on August 8, 2023.
QuidelOrtho Corp (NASDAQ:QDEL), a global provider of innovative in vitro diagnostic technologies, announced its financial results for the third quarter ended October 1, 2023. The company reported a total revenue of $744.0 million, compared to $783.8 million for the third quarter of 2022. The GAAP diluted loss per share for the third quarter of 2023 was $(0.19), compared to diluted EPS of $0.28 for the third quarter of 2022.
Financial Highlights
Despite a decrease in respiratory revenue by 21%, the company's non-respiratory revenue increased by 2%, driven by growth in the Labs business. The GAAP net loss was $(13) million, while the adjusted EBITDA was $169 million. The adjusted EBITDA margin was 23%, up from 17% in the second quarter of 2023. The company also reported that it paid down $52 million on its term loan during the third quarter of 2023, bringing the total debt paid down year to date to $175 million.
Company's Performance and Future Outlook
QuidelOrtho's President and Chief Executive Officer, Douglas Bryant, commented on the company's performance,
We finished the third quarter strong, with solid financial performance across all geographies. Our results were driven by higher-than-expected respiratory demand coupled with the strength of our Labs business and improved operational efficiencies."
He further added that the company anticipates a solid finish towards the end of the year.
2023 Financial Guidance
Despite the challenges, QuidelOrtho is maintaining its 2023 financial guidance, provided on August 8, 2023. The company expects total revenues to be between $2.88 - $3.08 billion, with non-respiratory revenue ranging from $2.27 - $2.31 billion and respiratory revenue between $610 - $775 million. The adjusted EBITDA is projected to be between $800 - $830 million, with an adjusted EBITDA percentage of 26.9% - 27.7%. The adjusted diluted EPS is expected to be between $4.85 - $5.30.
Financial Tables Summary
The company's consolidated statements of operations show a total revenue of $744.0 million for the third quarter of 2023, compared to $783.8 million for the same period in 2022. The GAAP operating income for the third quarter of 2023 was $26.3 million, compared to $56.8 million for the same period in 2022. The condensed consolidated balance sheets show a total asset of $8,539.1 million as of October 1, 2023, compared to $8,855.8 million as of January 1, 2023.
Explore the complete 8-K earnings release (here) from QuidelOrtho Corp for further details.
This article first appeared on GuruFocus.
