Q2 2024 QuidelOrtho Corp Earnings Call Transcript
Key Points
- QuidelOrtho Corp (QDEL) reported second-quarter revenue of $637 million and adjusted EBITDA of $90 million, meeting expectations.
- The company has a broad product portfolio that spans the entire continuum of care, from hospital reference labs to near patient point-of-care testing.
- QuidelOrtho Corp (QDEL) executed $100 million in annualized cost savings initiatives, primarily through staffing reductions.
- The company is focusing on improving business efficiency with initiatives in procurement, supply chain, manufacturing quality, and IT.
- Savanna, a key product, is expected to provide significant competitive advantages in the molecular point-of-care market, with incremental revenue and margin growth opportunities.
- Adjusted gross profit margin decreased to 44.2% from 45.6% in the prior year period, primarily due to lower COVID-19 product sales.
- Non-GAAP total operating expenses increased by 200 basis points as a percentage of revenue due to higher COVID-19 revenue in the prior period.
- Adjusted EBITDA margin decreased to 14% from 17% in the prior year period.
- Recurring free cash flow was negative $66 million, attributed to seasonally lower second-quarter revenue and timing of cost savings realization.
- The company recognized a non-cash accounting book loss of $57 million related to the sale of two properties, driven by purchase accounting step-up and unfavorable real estate market conditions.
Please stand by for streaming text.
Welcome to the QuidelOrtho Corp second-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 afternoon, everyone, and thanks for joining the QuidelOrtho Corp second-quarter 2024 financial results conference call. With me today are Brian Blaser, President and Chief Executive Officer; and Joe Busky.
This conference (technical difficulty) we posted some supplemental presentation on the Investor Relations page that will be referenced throughout this call. This conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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