Q1 2024 QuidelOrtho Corp Earnings Call Transcript
Key Points
- QuidelOrtho Corp (QDEL) reported a 6% growth in total revenue excluding COVID-19, with strong performance across all regions.
- The company successfully implemented cost reduction initiatives expected to deliver approximately $100 million in annualized savings.
- QuidelOrtho Corp (QDEL) saw a 15% growth in Molecular Diagnostics excluding COVID-19 revenue, indicating strong potential in this segment.
- The company's leadership transition appears smooth with the new CEO, Brian Blaser, bringing over 25 years of industry experience.
- QuidelOrtho Corp (QDEL) has a broad product portfolio that spans the entire continuum of care, positioning it well in the diagnostics market.
- The overall revenue decreased year-over-year from $846 million to $711 million, primarily due to reduced COVID-19 related sales.
- QuidelOrtho Corp (QDEL) recorded a noncash goodwill impairment charge of $1.7 million due to a decrease in the estimated fair value of the North America reporting unit.
- The company experienced a significant drop in respiratory revenue by 48% year-over-year, mainly due to lower COVID-19 revenue.
- Adjusted EBITDA and adjusted diluted EPS significantly decreased due to lower COVID-19 revenue and government work.
- QuidelOrtho Corp (QDEL) has suspended its guidance to allow the new CEO to assess the business and evaluate plans, creating uncertainty about future financial performance.
Welcome to the QuidelOrtho First Quarter 2024 Financial Results Conference Call and Webcast.
(Operator Instructions) Please note, this conference call is being recorded. An 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.
Thank you. Good evening, everyone, and thanks for joining the QuidelOrtho's First Quarter Financial Results Conference Call. With me today are Brian Blaser, Our newly appointed President and Chief Executive Officer; Mike Iskra, EVP and Chief Commercial Officer; and Joe Busky, Chief Financial Officer; Rob Bujarski, our EVP and Chief Operating Officer, will also join us for the Q&A session that follows our prepared remarks.
This conference call is being simultaneously webcast on the Investor Relations page of our website. To aiding the discussion, we posted a supplemental presentation on the Investor Relations page that will be referenced throughout
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