(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
(d) Exhibits. | ||||||||||||||
The following exhibit is furnished with this Form 8-K: | ||||||||||||||
Exhibit Number | Description of Exhibit | |||||||||||||
99.1 | ||||||||||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document. |
QUIDELORTHO CORPORATION | ||||||||
By: | /s/ Joseph M. Busky | |||||||
Name: | Joseph M. Busky | |||||||
Its: | Chief Financial Officer |
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 EPS | $4.85 - $5.30 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2023 (a) | October 2, 2022 (b) | October 1, 2023 (a) | October 2, 2022 (b) | ||||||||||||||||||||
Total revenues | $ | 744.0 | $ | 783.8 | $ | 2,255.2 | $ | 2,399.5 | |||||||||||||||
Cost of sales, excluding amortization of intangibles | 375.9 | 376.3 | 1,142.1 | 912.5 | |||||||||||||||||||
Selling, marketing and administrative | 194.1 | 204.2 | 575.6 | 407.4 | |||||||||||||||||||
Research and development | 62.4 | 65.6 | 187.5 | 126.2 | |||||||||||||||||||
Amortization of intangible assets | 51.4 | 50.5 | 153.6 | 78.6 | |||||||||||||||||||
Acquisition and integration costs | 26.5 | 26.4 | 80.4 | 109.6 | |||||||||||||||||||
Other operating expenses | 7.4 | 4.0 | 17.0 | 8.0 | |||||||||||||||||||
Operating income | 26.3 | 56.8 | 99.0 | 757.2 | |||||||||||||||||||
Interest expense, net | 37.7 | 29.7 | 110.9 | 41.0 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 24.0 | |||||||||||||||||||
Other expense (income), net | 4.1 | (4.2) | 8.0 | (2.6) | |||||||||||||||||||
(Loss) income before income taxes | (15.5) | 31.3 | (19.9) | 694.8 | |||||||||||||||||||
(Benefit from) provision for income taxes | (2.8) | 12.1 | (2.8) | 176.4 | |||||||||||||||||||
Net (loss) income | $ | (12.7) | $ | 19.2 | $ | (17.1) | $ | 518.4 | |||||||||||||||
Basic (loss) earnings per share | $ | (0.19) | $ | 0.29 | $ | (0.26) | $ | 9.67 | |||||||||||||||
Diluted (loss) earnings per share | $ | (0.19) | $ | 0.28 | $ | (0.26) | $ | 9.56 | |||||||||||||||
Weighted-average shares outstanding - basic | 66.9 | 66.9 | 66.8 | 53.6 | |||||||||||||||||||
Weighted-average shares outstanding - diluted | 66.9 | 67.5 | 66.8 | 54.2 |
October 1, 2023 | January 1, 2023 | ||||||||||
Cash and cash equivalents | $ | 149.3 | $ | 292.9 | |||||||
Marketable securities | 43.9 | 52.1 | |||||||||
Accounts receivable, net | 331.2 | 453.9 | |||||||||
Inventories | 551.7 | 524.1 | |||||||||
Prepaid expenses and other current assets | 295.2 | 252.1 | |||||||||
Property, plant and equipment, net | 1,369.4 | 1,339.0 | |||||||||
Marketable securities | 11.9 | 21.0 | |||||||||
Right-of-use assets | 172.2 | 181.0 | |||||||||
Goodwill | 2,442.9 | 2,476.8 | |||||||||
Intangible assets, net | 2,976.5 | 3,123.8 | |||||||||
Deferred tax asset | 15.7 | 16.4 | |||||||||
Other assets | 179.2 | 122.7 | |||||||||
Total assets | $ | 8,539.1 | $ | 8,855.8 | |||||||
Accounts payable | $ | 253.0 | $ | 283.3 | |||||||
Accrued payroll and related expenses | 106.8 | 139.2 | |||||||||
Income tax payable | 1.8 | 51.6 | |||||||||
Current portion of borrowings | 193.0 | 207.5 | |||||||||
Other current liabilities | 305.4 | 325.4 | |||||||||
Operating lease liabilities | 175.9 | 186.4 | |||||||||
Long-term borrowings | 2,274.6 | 2,430.8 | |||||||||
Deferred tax liability | 196.5 | 213.2 | |||||||||
Other liabilities | 65.4 | 83.8 | |||||||||
Total liabilities | 3,572.4 | 3,921.2 | |||||||||
Total stockholders’ equity | 4,966.7 | 4,934.6 | |||||||||
Total liabilities and stockholders’ equity | $ | 8,539.1 | $ | 8,855.8 |
Nine Months Ended | |||||||||||
October 1, 2023 (a) | October 2, 2022 (b) | ||||||||||
Cash provided by operating activities | $ | 199.8 | $ | 715.9 | |||||||
Cash used for investing activities | (132.5) | (1,584.9) | |||||||||
Cash (used for) provided by financing activities | (208.0) | 283.7 | |||||||||
Effect of exchange rates on cash | (3.3) | (4.3) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (144.0) | (589.6) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 293.9 | 802.8 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 149.9 | $ | 213.2 | |||||||
Reconciliation to amounts within the consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | 149.3 | $ | 212.2 | |||||||
Restricted cash in Other assets | 0.6 | 1.0 | |||||||||
Cash, cash equivalents and restricted cash | $ | 149.9 | $ | 213.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
October 1, 2023 (a) | Diluted EPS | October 2, 2022 (b) | Diluted EPS | October 1, 2023 (a) | Diluted EPS | October 2, 2022 (b) | Diluted EPS | ||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (12.7) | $ | (0.19) | $ | 19.2 | $ | 0.28 | $ | (17.1) | $ | (0.26) | $ | 518.4 | $ | 9.56 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 51.4 | 50.5 | 153.6 | 78.6 | |||||||||||||||||||||||||||||||||||||||||||
Acquisition and integration costs | 26.5 | 26.4 | 80.4 | 109.6 | |||||||||||||||||||||||||||||||||||||||||||
Incremental depreciation on PP&E fair value adjustment | 8.2 | 1.3 | 25.3 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred cloud computing implementation costs | 2.8 | 1.6 | 5.9 | 3.9 | |||||||||||||||||||||||||||||||||||||||||||
Impairment of long-lived assets | 2.2 | — | 3.2 | — | |||||||||||||||||||||||||||||||||||||||||||
Loss on investments | 1.0 | — | 1.2 | 0.8 | |||||||||||||||||||||||||||||||||||||||||||
EU medical device regulation transition costs | 0.4 | 0.6 | 1.9 | 1.0 | |||||||||||||||||||||||||||||||||||||||||||
Unwind inventory fair value adjustment | — | 35.4 | — | 46.6 | |||||||||||||||||||||||||||||||||||||||||||
Employee compensation charges | — | 1.0 | — | 1.5 | |||||||||||||||||||||||||||||||||||||||||||
Noncash interest expense for deferred consideration | — | 0.6 | 0.7 | 2.3 | |||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 24.0 | |||||||||||||||||||||||||||||||||||||||||||
Derivative mark-to-market gain | — | (3.4) | — | (4.4) | |||||||||||||||||||||||||||||||||||||||||||
Other adjustments | 1.1 | 0.3 | 2.6 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||
Income tax impact of adjustments | (20.2) | (9.0) | (57.5) | (46.5) | |||||||||||||||||||||||||||||||||||||||||||
Discrete tax items | — | 0.6 | (1.1) | 0.6 | |||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 60.7 | $ | 0.90 | $ | 125.1 | $ | 1.85 | $ | 199.1 | $ | 2.96 | $ | 738.1 | $ | 13.62 | |||||||||||||||||||||||||||||||
Ortho pre-combination adjusted net income | — | — | — | 77.2 | |||||||||||||||||||||||||||||||||||||||||||
Supplemental combined adjusted net income | $ | 60.7 | $ | 0.90 | $ | 125.1 | $ | 1.85 | $ | 199.1 | $ | 2.96 | $ | 815.3 | $ | 11.99 | |||||||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted | 67.3 | 67.5 | 67.3 | 54.2 | |||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted - supplemental combined | 67.3 | 67.5 | 67.3 | 68.0 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
October 1, 2023 (a) | October 2, 2022 (b) | October 1, 2023 (a) | October 2, 2022 (b) | ||||||||||||||||||||
Net (loss) income | $ | (12.7) | $ | 19.2 | $ | (17.1) | $ | 518.4 | |||||||||||||||
Depreciation and amortization | 113.1 | 104.2 | 341.8 | 167.0 | |||||||||||||||||||
Interest expense, net | 37.7 | 29.7 | 110.9 | 41.0 | |||||||||||||||||||
(Benefit from) provision for income taxes | (2.8) | 12.1 | (2.8) | 176.4 | |||||||||||||||||||
Acquisition and integration costs | 26.5 | 26.4 | 80.4 | 109.6 | |||||||||||||||||||
Amortization of deferred cloud computing implementation costs | 2.8 | 1.6 | 5.9 | 3.9 | |||||||||||||||||||
Impairment of long-lived assets | 2.2 | — | 3.2 | — | |||||||||||||||||||
Loss on investments | 1.0 | — | 1.2 | 0.8 | |||||||||||||||||||
EU medical device regulation transition costs | 0.4 | 0.6 | 1.9 | 1.0 | |||||||||||||||||||
Unwind inventory fair value adjustment | — | 35.4 | — | 46.6 | |||||||||||||||||||
Employee compensation charges | — | 1.0 | — | 1.5 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 24.0 | |||||||||||||||||||
Derivative mark-to-market gain | — | (3.4) | — | (4.4) | |||||||||||||||||||
Tax indemnification income | (0.1) | (0.3) | (0.2) | (0.3) | |||||||||||||||||||
Other adjustments | 1.1 | 0.3 | 2.6 | 0.4 | |||||||||||||||||||
Adjusted EBITDA | $ | 169.2 | $ | 226.8 | $ | 527.8 | $ | 1,085.9 | |||||||||||||||
Ortho pre-combination Adjusted EBITDA | — | — | — | 212.5 | |||||||||||||||||||
Supplemental combined Adjusted EBITDA | $ | 169.2 | $ | 226.8 | $ | 527.8 | $ | 1,298.4 |
Three Months Ended | |||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | |||||||||||||||||||||||||
Respiratory revenues | $ | 185.4 | $ | 236.1 | (21.5) | % | — | % | (21.5) | % | |||||||||||||||||||
Non-Respiratory revenues | 558.6 | 547.7 | 2.0 | % | — | % | 2.0 | % | |||||||||||||||||||||
Total revenues | $ | 744.0 | $ | 783.8 | (5.1) | % | — | % | (5.1) | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | Respiratory Revenue Impact | Constant Currency (a) Non-Respiratory Revenue | |||||||||||||||||||||||||||||||||||
Labs | $ | 341.4 | $ | 334.8 | 2.0 | % | — | % | 2.0 | % | (1.3) | % | 3.3 | % | |||||||||||||||||||||||||||
Transfusion Medicine | 163.9 | 163.1 | 0.5 | % | 0.1 | % | 0.4 | % | — | % | 0.4 | % | |||||||||||||||||||||||||||||
Point of Care | 233.1 | 270.5 | (13.8) | % | — | % | (13.8) | % | (12.9) | % | (0.9) | % | |||||||||||||||||||||||||||||
Molecular Diagnostics | 5.6 | 15.4 | (63.6) | % | 0.1 | % | (63.7) | % | (57.2) | % | (6.5) | % | |||||||||||||||||||||||||||||
Total revenues | $ | 744.0 | $ | 783.8 | (5.1) | % | — | % | (5.1) | % | (7.1) | % | 2.0 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | Respiratory Revenue Impact | Constant Currency (a) Non-Respiratory Revenue | |||||||||||||||||||||||||||||||||||
North America | $ | 465.2 | $ | 517.6 | (10.1) | % | (0.4) | % | (9.7) | % | (8.7) | % | (1.0) | % | |||||||||||||||||||||||||||
EMEA | 74.5 | 73.7 | 1.1 | % | 3.5 | % | (2.4) | % | (5.2) | % | 2.8 | % | |||||||||||||||||||||||||||||
China | 81.1 | 80.8 | 0.4 | % | (5.1) | % | 5.5 | % | (0.1) | % | 5.6 | % | |||||||||||||||||||||||||||||
Other | 123.2 | 111.7 | 10.3 | % | 3.3 | % | 7.0 | % | (0.3) | % | 7.3 | % | |||||||||||||||||||||||||||||
Total revenues | $ | 744.0 | $ | 783.8 | (5.1) | % | — | % | (5.1) | % | (7.1) | % | 2.0 | % |
Nine Months Ended | |||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | |||||||||||||||||||||||||
Respiratory revenues | $ | 540.0 | $ | 1,522.5 | (64.5) | % | — | % | (64.5) | % | |||||||||||||||||||
Non-Respiratory revenues | 1,715.2 | 1,662.2 | 3.2 | % | (1.1) | % | 4.3 | % | |||||||||||||||||||||
Total supplemental combined revenues (b) | $ | 2,255.2 | $ | 3,184.7 | (29.2) | % | (0.1) | % | (29.1) | % |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | Respiratory Revenue Impact | Constant Currency (a) Non-Respiratory Revenue | |||||||||||||||||||||||||||||||||||
Labs (b) | $ | 1,073.5 | $ | 1,016.5 | 5.6 | % | (1.1) | % | 6.7 | % | (2.3) | % | 9.0 | % | |||||||||||||||||||||||||||
Transfusion Medicine | 483.1 | 505.6 | (4.5) | % | (1.1) | % | (3.4) | % | — | % | (3.4) | % | |||||||||||||||||||||||||||||
Point of Care | 675.4 | 1,580.5 | (57.3) | % | (0.1) | % | (57.2) | % | (57.7) | % | 0.5 | % | |||||||||||||||||||||||||||||
Molecular Diagnostics | 23.2 | 82.1 | (71.7) | % | 0.1 | % | (71.8) | % | (57.7) | % | (14.1) | % | |||||||||||||||||||||||||||||
Total supplemental combined revenues (b) | $ | 2,255.2 | $ | 3,184.7 | (29.2) | % | (0.1) | % | (29.1) | % | (33.4) | % | 4.3 | % | |||||||||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
October 1, 2023 | October 2, 2022 | % Change | Currency Impact | Constant Currency (a) | Respiratory Revenue Impact | Constant Currency (a) Non-Respiratory Revenue | |||||||||||||||||||||||||||||||||||
North America | $ | 1,426.8 | $ | 2,351.1 | (39.3) | % | (0.2) | % | (39.1) | % | (39.8) | % | 0.7 | % | |||||||||||||||||||||||||||
EMEA | 236.4 | 240.6 | (1.7) | % | (0.2) | % | (1.5) | % | (4.8) | % | 3.3 | % | |||||||||||||||||||||||||||||
China | 233.0 | 240.2 | (3.0) | % | (4.5) | % | 1.5 | % | (14.8) | % | 16.3 | % | |||||||||||||||||||||||||||||
Other | 359.0 | 352.8 | 1.8 | % | (0.4) | % | 2.2 | % | (6.0) | % | 8.2 | % | |||||||||||||||||||||||||||||
Total supplemental combined revenues (b) | $ | 2,255.2 | $ | 3,184.7 | (29.2) | % | (0.1) | % | (29.1) | % | (33.4) | % | 4.3 | % | |||||||||||||||||||||||||||
Three Months Ended | |||||
October 1, 2023 | |||||
Net cash provided by operating activities | $ | 41.5 | |||
Adjustments: | |||||
Capital expenditures | (32.7) | ||||
Other payments (a) | 44.0 | ||||
Adjusted free cash flow | $ | 52.8 |
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Document and Entity Information Document |
Nov. 01, 2023 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2023 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-41409 |
Entity Tax Identification Number | 87-4496285 |
Entity Address, Address Line One | 9975 Summers Ridge Road |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92121 |
City Area Code | 858 |
Local Phone Number | 552-1100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 Par Value |
Trading Symbol | QDEL |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001906324 |
Amendment Flag | false |
Entity Registrant Name | QUIDELORTHO CORP |
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