$QDEL
QuidelOrtho Corp

2024 Q3 Form 10-Q Financial Statement

#000190632424000045 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $727.1M $637.0M
YoY Change 9.32% -24.71%
Cost Of Revenue $374.8M $361.0M
YoY Change 1.65% -9.18%
Gross Profit $352.3M $276.0M
YoY Change 18.86% -38.48%
Gross Profit Margin 48.45% 43.33%
Selling, General & Admin $186.4M $188.2M
YoY Change 4.08% -7.02%
% of Gross Profit 52.91% 68.19%
Research & Development $55.90M $56.30M
YoY Change -10.99% -9.63%
% of Gross Profit 15.87% 20.4%
Depreciation & Amortization $113.1M $116.1M
YoY Change -1.22% 1.66%
% of Gross Profit 32.1% 42.07%
Operating Expenses $242.3M $244.5M
YoY Change 0.17% -7.63%
Operating Profit $15.00M -$117.5M
YoY Change -155.76% -217.97%
Interest Expense -$42.90M -$41.00M
YoY Change 17.53% 11.72%
% of Operating Profit -286.0%
Other Income/Expense, Net -$900.0K -$4.400M
YoY Change -10.0% 51.72%
Pretax Income -$28.80M -$162.9M
YoY Change -55.28% -371.5%
Income Tax -$8.900M -$15.20M
% Of Pretax Income
Net Earnings -$19.90M -$147.7M
YoY Change -62.59% -402.66%
Net Earnings / Revenue -2.74% -23.19%
Basic Earnings Per Share -$0.30 -$2.20
Diluted Earnings Per Share -$0.30 -$2.20
COMMON SHARES
Basic Shares Outstanding 67.24M shares 66.97M shares
Diluted Shares Outstanding 67.30M shares 67.10M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.7M $107.0M
YoY Change -42.15% -75.15%
Cash & Equivalents $143.7M $107.0M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $3.000M $2.900M
YoY Change -3.23% 262.5%
Inventory $577.0M $602.0M
Prepaid Expenses $86.40M $68.30M
Receivables $294.9M $269.5M
Other Receivables $26.20M $27.30M
Total Short-Term Assets $1.413B $1.341B
YoY Change 7.99% -10.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.364B $1.327B
YoY Change -0.89% -2.57%
Goodwill $770.6M $732.5M
YoY Change -68.81% -70.6%
Intangibles $2.796B $2.836B
YoY Change -7.9% -7.88%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $257.1M $250.8M
YoY Change 82.08% 97.48%
Total Long-Term Assets $5.389B $5.348B
YoY Change -25.6% -26.62%
TOTAL ASSETS
Total Short-Term Assets $1.413B $1.341B
Total Long-Term Assets $5.389B $5.348B
Total Assets $6.801B $6.689B
YoY Change -20.46% -23.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $247.2M $237.4M
YoY Change 9.43% -1.7%
Accrued Expenses $249.7M $86.00M
YoY Change 56.95% -55.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $373.8M $356.4M
YoY Change 80.23% 71.76%
Total Short-Term Liabilities $1.027B $932.4M
YoY Change 30.04% 2.71%
LONG-TERM LIABILITIES
Long-Term Debt $2.177B $2.207B
YoY Change -5.71% -7.24%
Other Long-Term Liabilities $119.3M $70.50M
YoY Change 74.16% -36.54%
Total Long-Term Liabilities $119.3M $70.50M
YoY Change 74.16% -36.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.027B $932.4M
Total Long-Term Liabilities $119.3M $70.50M
Total Liabilities $3.614B $3.516B
YoY Change 1.88% -7.25%
SHAREHOLDERS EQUITY
Retained Earnings $314.2M $334.1M
YoY Change -85.68% -85.13%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.187B $3.174B
YoY Change
Total Liabilities & Shareholders Equity $6.801B $6.689B
YoY Change -20.46% -23.87%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$19.90M -$147.7M
YoY Change -62.59% -402.66%
Depreciation, Depletion And Amortization $113.1M $116.1M
YoY Change -1.22% 1.66%
Cash From Operating Activities $117.9M -$97.90M
YoY Change -485.29% -151.83%
INVESTING ACTIVITIES
Capital Expenditures $46.50M $35.30M
YoY Change -9.36% -46.52%
Acquisitions
YoY Change
Other Investing Activities -$10.00M $0.00
YoY Change -211.11% -100.0%
Cash From Investing Activities -$56.50M -$35.30M
YoY Change 33.57% -48.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.30M 162.5M
YoY Change -73.62% -372.65%
NET CHANGE
Cash From Operating Activities 117.9M -97.90M
Cash From Investing Activities -56.50M -35.30M
Cash From Financing Activities -26.30M 162.5M
Net Change In Cash 35.10M 29.30M
YoY Change -120.34% -51.97%
FREE CASH FLOW
Cash From Operating Activities $117.9M -$97.90M
Capital Expenditures $46.50M $35.30M
Free Cash Flow $71.40M -$133.2M
YoY Change -187.18% -208.38%

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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to prior periods amounts to conform to the current period presentation. Such amounts include a reclassification of $0.5 million and $1.0 million recognized in the three and six months ended July 2, 2023, respectively, related to impairment of long-lived assets from (i) Cost of sales, excluding amortization of intangibles (excludes $0.1 million for both the three and six months ended July 2, 2023), and (ii) Research and development (excludes $0.4 million and $0.9 million for the three and six months ended July 2, 2023, respectively), to Asset impairment charge. </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reclassifications did not have an impact on the Company’s previously reported Consolidated Balance Sheets, Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Stockholders’ Equity or Consolidated Statements of Cash Flows.</span></div>
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