QuidelOrtho CorpQDEL
QuidelOrtho Corp Segments Disclosure
Segment and Geographic Information
The Company operates under five geographically-based reportable segments: North America, EMEA, China, JPAC and Latin America. Although all five segments are engaged in the marketing, distribution and sale of diagnostic instruments and assays for hospitals, retailers, distributors, laboratories and/or blood and plasma centers worldwide, each region is managed separately to better align with the market dynamics of the specific geographic region.
Beginning in the fourth quarter of 2025, the Company determined that the JPAC segment, previously included in “Other,” meets the quantitative thresholds for separate reporting under ASC 280. This determination was based on JPAC’s segment revenue exceeding 10% of the combined reported segment revenue. As Latin America is the only remaining immaterial operating segment, results are reported separately. This change in segment reporting did not have an impact on the Company’s previously reported Consolidated Financial Statements. Prior periods have been revised to align with the current period presentation.
The following table presents the results of operations of the Company’s reportable segments for fiscal years ended 2025, 2024 and 2023:
Fiscal Year Ended 2025 | |||||||||||||||||||||||||||||||||||
| (In millions) | North America | EMEA | China | JPAC | Latin America | Total | |||||||||||||||||||||||||||||
| Total revenues | $ | 1,488.9 | $ | 360.7 | $ | 334.7 | $ | 293.0 | $ | 252.9 | $ | 2,730.2 | |||||||||||||||||||||||
Less (1): | |||||||||||||||||||||||||||||||||||
| Cost of sales, excluding amortization of intangibles | 512.1 | 175.9 | 147.6 | 164.1 | 130.7 | 1,130.4 | |||||||||||||||||||||||||||||
| Selling, marketing and administrative | 167.9 | 95.4 | 43.9 | 52.7 | 43.0 | 402.9 | |||||||||||||||||||||||||||||
| Research and development | 1.6 | 2.8 | 3.1 | 1.6 | 1.6 | 10.7 | |||||||||||||||||||||||||||||
| Other expense, net | 0.3 | 4.0 | (1.1) | 1.4 | (0.8) | 3.8 | |||||||||||||||||||||||||||||
| Total segment Adjusted EBITDA | $ | 807.0 | $ | 82.6 | $ | 141.2 | $ | 73.2 | $ | 78.4 | 1,182.4 | ||||||||||||||||||||||||
| Reconciliation of segment Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Corporate (2) | (585.4) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (442.0) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (177.6) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and other charges | (263.6) | ||||||||||||||||||||||||||||||||||
| Goodwill impairment charge | (700.7) | ||||||||||||||||||||||||||||||||||
| Asset impairment charge | (9.7) | ||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | (5.1) | ||||||||||||||||||||||||||||||||||
Contract termination cost (3) | (65.0) | ||||||||||||||||||||||||||||||||||
| Amortization of deferred cloud computing implementation costs | (27.0) | ||||||||||||||||||||||||||||||||||
Legal accrual (4) | (9.4) | ||||||||||||||||||||||||||||||||||
EU medical device regulation transition costs (5) | (0.7) | ||||||||||||||||||||||||||||||||||
| Gain on investments | 2.5 | ||||||||||||||||||||||||||||||||||
| Other adjustments | (6.4) | ||||||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (1,107.7) | |||||||||||||||||||||||||||||||||
Fiscal Year Ended 2024 | |||||||||||||||||||||||||||||||||||
| (In millions) | North America | EMEA | China | JPAC | Latin America | Total | |||||||||||||||||||||||||||||
| Total revenues | $ | 1,619.8 | $ | 335.8 | $ | 325.0 | $ | 279.4 | $ | 222.9 | $ | 2,782.9 | |||||||||||||||||||||||
Less (1): | |||||||||||||||||||||||||||||||||||
| Cost of sales, excluding amortization of intangibles | 547.0 | 179.5 | 148.0 | 154.1 | 117.2 | 1,145.8 | |||||||||||||||||||||||||||||
| Selling, marketing and administrative | 179.6 | 105.8 | 44.6 | 54.6 | 42.0 | 426.6 | |||||||||||||||||||||||||||||
| Research and development | 1.6 | 2.6 | 4.3 | 1.5 | 1.6 | 11.6 | |||||||||||||||||||||||||||||
| Other expense, net | (0.5) | 1.4 | (2.4) | (0.7) | (1.5) | (3.7) | |||||||||||||||||||||||||||||
| Total segment Adjusted EBITDA | $ | 892.1 | $ | 46.5 | $ | 130.5 | $ | 69.9 | $ | 63.6 | 1,202.6 | ||||||||||||||||||||||||
| Reconciliation of segment Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Corporate (2) | (659.7) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (453.4) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (163.5) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and other charges | (127.2) | ||||||||||||||||||||||||||||||||||
| Goodwill impairment charge | (1,822.6) | ||||||||||||||||||||||||||||||||||
| Asset impairment charge | (56.9) | ||||||||||||||||||||||||||||||||||
Asset write off (6) | (20.0) | ||||||||||||||||||||||||||||||||||
| Amortization of deferred cloud computing implementation costs | (14.7) | ||||||||||||||||||||||||||||||||||
| Employee compensation charges | (5.6) | ||||||||||||||||||||||||||||||||||
| Prior Credit Agreement amendment fees | (4.0) | ||||||||||||||||||||||||||||||||||
EU medical device regulation transition costs (5) | (2.0) | ||||||||||||||||||||||||||||||||||
Loss on disposal (7) | (1.2) | ||||||||||||||||||||||||||||||||||
| Gain on investments | 0.7 | ||||||||||||||||||||||||||||||||||
| Other adjustments | (4.0) | ||||||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (2,131.5) | |||||||||||||||||||||||||||||||||
Fiscal Year Ended 2023 | |||||||||||||||||||||||||||||||||||
| (In millions) | North America | EMEA | China | JPAC | Latin America | Total | |||||||||||||||||||||||||||||
| Total revenues | $ | 1,877.1 | $ | 327.3 | $ | 310.1 | $ | 272.7 | $ | 210.6 | $ | 2,997.8 | |||||||||||||||||||||||
Less (1): | |||||||||||||||||||||||||||||||||||
| Cost of sales, excluding amortization of intangibles | 644.3 | 176.2 | 134.9 | 152.2 | 112.5 | 1,220.1 | |||||||||||||||||||||||||||||
| Selling, marketing and administrative | 205.9 | 105.1 | 44.7 | 58.7 | 41.4 | 455.8 | |||||||||||||||||||||||||||||
| Research and development | 1.6 | 2.5 | 4.5 | 1.6 | 1.5 | 11.7 | |||||||||||||||||||||||||||||
| Other expense, net | 0.1 | 2.5 | (1.2) | 1.7 | (1.6) | 1.5 | |||||||||||||||||||||||||||||
| Total segment Adjusted EBITDA | $ | 1,025.2 | $ | 41.0 | $ | 127.2 | $ | 58.5 | $ | 56.8 | 1,308.7 | ||||||||||||||||||||||||
| Reconciliation of segment Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Corporate (2) | (585.5) | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | (457.2) | ||||||||||||||||||||||||||||||||||
| Interest expense, net | (147.6) | ||||||||||||||||||||||||||||||||||
| Restructuring, integration and other charges | (113.4) | ||||||||||||||||||||||||||||||||||
| Asset impairment charge | (4.5) | ||||||||||||||||||||||||||||||||||
| Tax indemnification expense | (12.6) | ||||||||||||||||||||||||||||||||||
| Amortization of deferred cloud computing implementation costs | (9.2) | ||||||||||||||||||||||||||||||||||
| Loss on investments | (3.6) | ||||||||||||||||||||||||||||||||||
EU medical device regulation transition costs (5) | (2.5) | ||||||||||||||||||||||||||||||||||
| Other adjustments | (1.7) | ||||||||||||||||||||||||||||||||||
| Loss before income taxes | $ | (29.1) | |||||||||||||||||||||||||||||||||
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2) Primarily consists of costs related to executive and staff functions, including certain finance, human resources, manufacturing and IT functions, which benefit the Company as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. The Company’s corporate function also includes debt and stock-based compensation associated with all employee stock-based awards.
(3) Refer to “—Note 3. Revenue” for additional information.
(4) Represents reserves accrued in connection with the resolution of a contractual dispute. Refer to “—Note 13. Commitments and Contingencies” for additional information.
(5) Represents incremental consulting costs and R&D manufacturing site costs to align compliance of the Company’s existing, on-market products that were previously registered under the European In Vitro Diagnostics Directive regulatory framework with the requirements under the EU’s In Vitro Diagnostic Regulation, which generally apply from May 2022 onwards.
(6) Represents the write off of the tax assessment refund related to the Luxembourg net wealth tax, as the weight of available evidence indicated that it is not more likely than not that the position will be sustained during the pendency of an appeal.
(7) Represents loss on disposal from the sale of the McKellar, San Diego, CA facility.
The Company’s President and CEO is the Company’s CODM. The CODM reviews the segment adjusted EBITDA results against the forecast to assess segment performance and determine how to allocate resources. The CODM does not review and is not provided capital expenditures, total depreciation and amortization or assets by segment, and therefore this information has been excluded as it does not comprise part of management’s key performance metrics.
The following presents long-lived assets (excluding intangible assets) and total net revenue by geographic territory:
| Long-lived Assets as of | Total Revenues for Fiscal Year Ended | ||||||||||||||||||||||||||||
| (In millions) | December 28, 2025 | December 29, 2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||
| Domestic | $ | 829.2 | $ | 947.8 | $ | 1,436.6 | $ | 1,568.8 | $ | 1,829.4 | |||||||||||||||||||
| Foreign | 529.1 | 432.4 | 1,293.6 | 1,214.1 | 1,168.4 | ||||||||||||||||||||||||
| Total | $ | 1,358.3 | $ | 1,380.2 | $ | 2,730.2 | $ | 2,782.9 | $ | 2,997.8 | |||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.