QuidelOrtho (QDEL) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Business Overview and Market Positioning

• Operates in four major business areas: labs, transfusion medicine, point of care, and molecular diagnostics, serving a $50 billion total addressable market.

• Global footprint with 6,600 employees, 3,000 sales/service professionals, and presence in over 130 countries.

• North America generates 59% of revenue, EMEA/Latin America 20%, and Asia-Pacific/China 21%.

• Product portfolio includes over 330 products, with more than 1 million patients served daily.

• Leadership team strengthened and organization flattened to support growth and integration initiatives.

Segment Performance and Growth Drivers

• Labs business generated $1.1 billion YTD Q3'24 revenue with mid-single-digit growth and ~15,000 placements globally.

• Immunohematology business expected to grow low single digits; U.S. donor screening is being wound down.

• Point of care segment contributed $509 million YTD Q3'24 revenue, with mid-single-digit growth and ~97,000 Sofia placements.

• Molecular diagnostics, led by the Savanna platform, contributed $17 million YTD Q3'24 revenue and is seen as the largest near-term growth opportunity.

• Product portfolio covers all care settings, from labs and hospitals to retail and home testing.

Financial Performance and Priorities

• Preliminary FY 2024 revenue reported at $2.78 billion, with Q4 revenue between $702 million and $707 million.

• FY 2024 adjusted EBITDA guidance is $530 million–$550 million, with a margin of 19.3%–19.6%; target is mid- to high-20% over 2–3 years.

• Over $100 million in cost savings identified in 2024, mainly from staffing reductions.

• Focus on further cost reductions in procurement, supply chain, manufacturing, and IT for 2025 and beyond.

• Net debt to adjusted EBITDA at ~4.1x; consolidated leverage ratio at ~3.3x as of September 29, 2024, with focus on strengthening the balance sheet.