QuidelOrtho Corp

Listed Company

QDELCIK 0001906324NasdaqLarge AcceleratedIn Vitro & In Vivo Diagnostic SubstancesFY ends Jan 1

Period

FY 2025

Revenue

$2.73B

Net Income

$-1.13B

Total Assets

$5.77B

Equity

$1.92B

Shares Out

68.08M

Op. Cash Flow

$105.20M

Business

QuidelOrtho Corp develops, manufactures and sells in vitro diagnostic products and related services to support clinical decision-making across the healthcare continuum. Its product portfolio includes clinical chemistry, immunoassay and molecular diagnostic instruments and tests, point‑of‑care rapid tests, immunohematology and donor screening systems, software and service offerings such as remote monitoring and consulting. The company organizes operations into Labs, Transfusion Medicine, Point of Care and Molecular Diagnostics business units. It sells globally across North America, EMEA, China and other markets via direct sales, distributors and hybrid channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,730	2,783	2,998	3,266	1,699
Cost of sales, excluding amortization of intangibles	1,456	1,496	1,501	1,330	420
Selling, marketing and administrative	746	767	763	621	240
Research and development	186	219	245	188	96
Amortization of intangible assets	189	203	205	133	27
Restructuring, integration and other charges	264	127	113	—	—
Goodwill impairment charge	701	1,823	0	0	—
Asset impairment charge	10	57	5	3	—
Other operating expenses	98	52	27	12	0
Operating (loss) income	−919	−1,961	139	844	906
Interest expense, net	178	164	148	76	—
Loss on extinguishment of debt	5	0	0	24	0
Other expense, net	6	7	21	8	−100,000
Loss before income taxes	−1,108	−2,132	−29	736	900
Provision for (benefit from) income taxes	24	−80	−19	187	196
Net loss	−1,132	−2,052	−10	549	704
Basic loss per share	−16.69	−30.54	−0.15	9.66	16.74
Diluted loss per share	−16.69	−30.54	−0.15	9.56	16.43
Weighted-average shares outstanding - basic	68	67	67	57	42
Weighted-average shares outstanding - diluted	68	67	67	57	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	170	98	119	293	803
Accounts receivable, net	417	282	303	454	378
Inventories	578	534	578	524	199
Prepaid expenses and other current assets	251	262	262	252	35
Assets held for sale	32	42	0	—	—
Total current assets	1,447	1,219	1,311	1,575	1,440
Property, plant and equipment, net	1,358	1,380	1,444	—	—
Right-of-use assets	156	169	170	181	128
Goodwill	0	650	2,492	2,477	337
Intangible assets, net	2,564	2,736	2,934	3,124	99
Other assets	244	271	180	123	20
Total assets	5,769	6,424	8,563	8,856	2,430
Accounts payable	279	246	295	283	102
Accrued payroll and related expenses	120	117	85	139	40
Income tax payable	12	5	11	52	67
Current portion of borrowings	178	342	140	208	300,000
Other current liabilities	377	289	303	325	114
Total current liabilities	966	999	834	1,007	324
Operating lease liabilities	154	167	173	186	129
Long-term borrowings	2,472	2,141	2,275	2,431	—
Deferred tax liabilities	90	77	192	213	0
Other liabilities	166	55	84	84	49
Total liabilities	3,849	3,439	3,557	3,921	501
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.001 par value per share; 5.0 shares authorized; none issued or outstanding at December 28, 2025 and December 29, 2024	0	0	0	0	0
Common stock, $0.001 par value per share; 126.2 shares authorized; 67.9 and 67.3 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively	100,000	100,000	100,000	0	0
Additional paid-in capital	2,932	2,885	2,848	2,804	280
Accumulated other comprehensive loss	−15	−36	−30	−68	400,000
Retained earnings	−996	136	2,188	2,198	1,649
Total stockholders equity	1,921	2,985	5,006	4,935	1,929
Total liabilities and stockholders equity	5,769	6,424	8,563	8,856	2,430

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	442	453	457	284	53
Stock-based compensation expense	46	42	52	48	25
Change in deferred tax assets and liabilities	6	−99	−12	−44	—
Payment of accreted interest on contingent and deferred consideration	0	0	−10	−10	−8
Asset write off related to restructuring, integration and other charges	152	0	0	—	—
Asset write off related to tax assessment refund	0	20	0	—	—
Other non-cash, net	900,000	−2	−7	6	32
Accounts receivable	−118	5	160	150	119
Inventories	−148	−134	−212	−117	−85
Prepaid expenses and other current and non-current assets	−35	−10	−27	−26	−13
Accounts payable	40	−23	3	24	10
Accrued payroll and related expenses	900,000	35	−54	18	5
Income taxes payable	42	−10	−60	−27	−67
Other current and non-current liabilities	92	−23	−6	−75	28
Net cash provided by operating activities	105	83	280	885	806
Acquisitions of property, plant, equipment, investments and intangibles	−188	−195	−209	−141	−293
Proceeds from held for sale asset, net of costs to sell	0	9	0	0	—
Proceeds from government assistance allocated to fixed assets	7	0	14	18	37
Purchases of marketable securities	0	−7	−60	−64	−67
Proceeds from sale of marketable securities	0	63	78	53	4
Loan to LEX Diagnostics	−11	−20	−10	0	0
Net cash used for investing activities	−193	−150	−188	−1,644	−320
Proceeds from issuance of common stock	6	5	12	26	8
Short-term borrowings, net	3	−2	2	0	0
Revolving credit facility, net	−118	198	0	0	—
Proceeds from long-term borrowings, net of discount and debt issuance costs	2,559	0	0	2,735	0
Payments on long-term borrowings	−2,289	−143	−228	—	—
Payments of tax withholdings related to vesting of stock-based awards	−5	−10	−14	−9	−37
Repurchases of common stock	0	0	−7	−74	−104
Principal payments of deferred consideration	0	0	−30	−34	−35
Net cash provided by (used for) financing activities	156	49	−266	252	−173
Effect of exchange rates on cash	3	−3	−1	−2	−400,000
Net increase (decrease) in cash, cash equivalents and restricted cash	71	−21	−174	−509	313
Cash paid during the period for interest	172	178	150	95	0
Cash (received) paid for income taxes during the period	−25	—	—	—	—
Cash (received) paid for income taxes during the period	—	42	87	265	236
Purchase of property, equipment and intangibles by incurring current liabilities	13	26	41	40	11
Transfer of instrument inventories to property, plant and equipment	167	149	155	74	0
Reduction of other current liabilities upon issuance of restricted share units	800,000	300,000	2	5	—
Initial recognition of finance lease right-of-use asset and liability	0	13	0	0	—

Filings

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