QuidelOrtho (QDEL) investor relations material

Strategic Positioning and Market Overview

• Holds differentiated positions in attractive diagnostic segments, targeting sustainable long-term growth through innovation, execution, and disciplined capital management.

• Portfolio covers the full continuum of care, with over 145,000 instruments in 140 countries and 75,000 customers; North America accounts for 55% of revenue.

• Recurring revenue represents 96% of total, providing strong visibility and margin expansion potential.

• Leading in core lab, immunohematology, and point-of-care segments, with innovative platforms and high customer retention rates.

• Positioned to benefit from trends such as an aging population, decentralization of healthcare, and growth in emerging markets.

Innovation, Product Launches, and Acquisitions

• Broad product portfolio includes VITROS, ORTHO VISION, SOFIA, TRIAGE, QUICKVUE, and LYRA platforms, addressing labs, immunohematology, and point-of-care needs.

• Molecular diagnostics market has grown 2.5x since 2019; expanding presence with the acquisition of Lex Diagnostics, aiming for a 2026/2027 launch and FDA 510(k)/CLIA waiver clearance in February 2026.

• Over 45 new assays and multiple new instrument launches planned to expand menu and automation capabilities, including VITROS 450 and High-Sensitivity Troponin Assay.

• Expanding immunoassay menu with over 25 new assays via partnerships, maintaining leadership in blood typing and point-of-care respiratory testing.

Financial Performance and Outlook

• FY25 revenue reported at $2.73 billion (5% growth ex-COVID/donor screening), $597 million adjusted EBITDA (22% margin), and $2.12 adjusted diluted EPS (15% growth).

• FY26 guidance projects $2.9 billion in revenue, adjusted EBITDA of $630M–$670M, and adjusted diluted EPS of $2.00–$2.42.

• Free cash flow expected to reach $120M–$160M in FY26, with a target of 50% run-rate FCF to adjusted EBITDA conversion by 2H27.

• 2026 guidance projects further margin expansion (130 bps), significant free cash flow growth from -$77 million to +$140 million, and a $217 million increase at midpoint.

• Adjusted EBITDA margin expansion targeted to reach mid- to high-20% by mid-2027, with net debt leverage goal of 2.5x–3.5x.