Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 31, 2024

QUIDELORTHO CORPORATION

(Exact name of Registrant as specified in its Charter)

Delaware			001-41409			87-4496285
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

9975 Summers Ridge Road, San Diego, California 92121

(Address of principal executive offices, including zip code)

[phone]

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock, $0.001 Par Value			QDEL			The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company			☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

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Item 2.02    Results of Operations and Financial Condition.

On July 31, 2024, QuidelOrtho Corporation (“QuidelOrtho”) issued a press release announcing the financial results for its second quarter ended June 30, 2024 and will hold an earnings conference call at 2:00 p.m., Pacific Time, on July 31, 2024 to discuss such results. A copy of the press release is furnished with this Current Report on Form 8-K (“Form 8-K”) as Exhibit 99.1.

The information in this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.

The following exhibit is furnished with this Form 8-K:

Exhibit Number

Description of Exhibit

99.1

Press release, dated July 31, 2024, reporting QuidelOrtho Corporation's financial results for its second quarter ended June 30, 2024.

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL Document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 31, 2024

QUIDELORTHO CORPORATION
By:			/s/ Joseph M. Busky
Name:			Joseph M. Busky
Its:			Chief Financial Officer

Exhibit 99.1

July 31, 2024

QuidelOrtho Reports Second Quarter 2024 Financial Results

— $100 million in annualized cost-savings initiatives will benefit second half 2024 and first half 2025 —

— Strong progress on business review and refocusing R&D investments on core growth areas —

Second quarter 2024 revenue was $637 million, as reported:

•Total recurring revenue1 grew 3% as reported and 5% in constant currency compared to the prior year period, excluding COVID-19 revenue and U.S. Donor Screening revenue

YTD 2024 revenue was $1.35 billion, as reported:

•Total recurring revenue1 grew 6% as reported and 7% in constant currency compared to the prior year period, excluding COVID-19 revenue, a one-time third-party collaboration settlement and U.S. Donor Screening revenue

SAN DIEGO, CA July 31, 2024 — QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global provider of innovative in-vitro diagnostic technologies designed for point-of-care settings, clinical labs, and transfusion medicine, today announced financial results for the second quarter ended June 30, 2024.

“During the second quarter we performed in line with our expectations across all segments and geographies while concurrently undertaking a significant review of our assets, operations, and opportunities for further company-wide savings,” said Brian J. Blaser, President and Chief Executive Officer, QuidelOrtho. “The findings of our internal review will serve as the foundation for our long-range plan to drive growth and improve margins, as well as focusing our R&D efforts and investments on the areas where we see the greatest opportunity and return.”

Second Quarter 2024

The Company reported total revenue for the second quarter of 2024 of $637 million, compared to $665 million in the prior year period. The decrease in total revenue was primarily due to lower COVID-19 revenue in the second quarter of

2024 compared to the prior year period. Foreign currency translation negatively impacted second quarter 2024 results by 100 basis points. GAAP diluted loss per share for the second quarter of 2024 was ($2.20), compared to diluted loss per share of ($0.80) in the prior year period.

GAAP operating loss for the second quarter of 2024 was ($118) million, compared to an operating loss of ($27) million in the prior year period, and GAAP operating margin was (18%) compared to (4%) in the prior year period. Second quarter 2024 results included $31 million in integration-related charges and a $57 million asset impairment charge related to long-term assets held for sale.

Adjusted diluted loss per share for the second quarter of 2024 was ($0.07), compared to adjusted diluted EPS of $0.26 in the prior year period. Adjusted EBITDA was $90 million, compared to $113 million in the prior year period. Adjusted EBITDA margin was 14%, compared to 17% in the prior year period. The year-over-year change in adjusted diluted EPS and adjusted EBITDA was primarily due to lower COVID-19 revenue.

1 Recurring revenue means revenues from sales of our assays, reagents, consumables and services, and excludes instruments.

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Outlook and Near-Term Priorities

Blaser concluded, “During the second quarter, I had the opportunity to engage with many of our customers, employees, and investors, reinforcing my belief in QuidelOrtho’s long-term opportunity. We evaluated our business and made progress on aligning operating expenses with revenue expectations and focusing our R&D efforts on key priorities. As we enter the second half of the year, our strategic priorities remain clear: operate our business to provide exceptional customer satisfaction and patient care at the highest levels of quality and compliance; improve our cost structure, focus on the areas of our product portfolio with the highest growth potential and strengthen our position as a leading in-vitro diagnostic company.”

Conference Call Information

QuidelOrtho will hold a conference call beginning at 2:00 p.m. PDT / 5:00 p.m. EDT to discuss its financial results. Interested parties can access the call on the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at https://ir.quidelortho.com. Presentation materials will also be posted to the “Events & Presentations” section of the “Investor Relations” page of the Company’s website at the time of the call. Those unable to access the webcast may join the call via phone by dialing 833-470-1428 (domestic) or [phone] (international) and entering Conference ID number 533267.

A replay of the conference call will be available shortly after the event on the “Investor Relations” page of the Company’s website under the “Events & Presentations” section.

About QuidelOrtho Corporation

QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in in-vitro diagnostics, developing and manufacturing intelligent solutions that transform data into understanding and action for more people in more places every day.

Offering industry-leading expertise in immunoassay and molecular testing, clinical chemistry, and transfusion medicine, bringing fast, accurate and reliable diagnostics when and where they are needed – from home to hospital, lab to clinic, so that patients, clinicians and health officials can spot trends sooner, respond quicker and chart the course ahead with accuracy and confidence.

Building upon its many years of groundbreaking innovation, QuidelOrtho continues to partner with customers across the healthcare continuum and around the globe to forge a new diagnostic frontier. One where insights and solutions know no bounds, expertise seamlessly connects and a more informed path is illuminated for each of us.

QuidelOrtho is advancing diagnostics to power a healthier future.

For more information, please visit www.quidelortho.com.

Source: QuidelOrtho Corporation

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Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are any statement contained herein that is not strictly historical, including, but not limited to, QuidelOrtho’s commercial, integration, transformation and other strategic goals, future financial condition and operating results, including results of cost savings initiatives, and other future plans, objectives, strategies, expectations and intentions. Without limiting the foregoing, the words “may,” “will,” “would,” “should,” “might,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “goal,” “project,” “strategy,” “future,” “continue” or similar words, expressions or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Such statements are based on the beliefs and expectations of QuidelOrtho’s management as of today and are subject to significant known and unknown risks and uncertainties. Actual results or outcomes may differ significantly from those set forth or implied in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth or implied in the forward-looking statements: supply chain, production, logistics, distribution and labor disruptions and challenges; the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the business combination of Quidel Corporation and Ortho Clinical Diagnostics Holdings plc; and other macroeconomic, geopolitical, market, business, competitive and/or regulatory factors affecting the business of QuidelOrtho generally, including those discussed in QuidelOrtho’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent reports filed with the Securities and Exchange Commission (the “Commission”), including under Part I, Item 1A, “Risk Factors” of the Form 10-K. You should not rely on forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date hereof. QuidelOrtho undertakes no obligation to update any of the forward-looking information or time-sensitive information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law.

Non-GAAP Financial Measures

This press release contains financial measures, including but not limited to “constant currency” revenue and revenue changes, “constant currency” recurring revenue and revenue changes, “constant currency, ex-COVID-19” revenue and revenue changes, “adjusted net (loss) income,” “adjusted diluted (loss) earnings per share,” “adjusted EBITDA” and “adjusted EBITDA margin,” which are considered non-GAAP financial measures under applicable rules and regulations of the Commission. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). “Constant currency” revenue and revenue changes, “constant currency”recurring revenue and revenue changes, “constant currency, ex-COVID-19” revenue and revenue changes, “adjusted net (loss) income,” “adjusted diluted (loss) earnings per share,” “adjusted EBITDA” and “adjusted EBITDA margin” eliminate impacts of certain non-cash, unusual or other items that the Company does not consider indicative of its ongoing operating performance, and the Company generally uses these non-GAAP financial measures to facilitate management’s financial and operational decision-making, including evaluation of the Company’s historical operating results and comparison to competitors’ operating results. The Company’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, management strongly encourages investors to review the Company’s consolidated financial statements and reports filed with the Commission in their entirety. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

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Investor Contact:

Juliet Cunningham

Vice President, Investor Relations

[e-mail]

Media Contact:

D. Nikki Wheeler

Senior Director, Corporate Communications

[e-mail]

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QuidelOrtho

Consolidated Statements of Operations

(Unaudited)

(In millions except per share data)

			Three Months Ended												Six Months Ended
			June 30, 2024						July 2, 2023						June 30, 2024						July 2, 2023
Total revenues			$	637.0					$	665.1					$	1,348.0					$	1,511.2
Cost of sales, excluding amortization of intangibles			361.0						368.6						739.9						766.1
Selling, marketing and administrative			188.2						179.1						392.9						381.5
Research and development			56.3						62.4						115.5						124.2
Amortization of intangible assets			51.9						51.4						103.6						102.2
Integration related costs			30.9						24.2						53.5						53.9
Goodwill impairment charge			—						—						1,743.9						—
Asset impairment charge			56.9						0.5						56.9						1.0
Other operating expenses			9.3						5.8						17.3						9.6
Operating (loss) income			(117.5)						(26.9)						(1,875.5)						72.7
Interest expense, net			41.0						36.5						80.0						73.2
Other expense, net			4.4						1.0						6.3						3.9
Loss before income taxes			(162.9)						(64.4)						(1,961.8)						(4.4)
Benefit from income taxes			(15.2)						(11.2)						(108.1)						—
Net loss			$	(147.7)					$	(53.2)					$	(1,853.7)					$	(4.4)
Basic loss per share			$	(2.20)					$	(0.80)					$	(27.67)					$	(0.07)
Diluted loss per share			$	(2.20)					$	(0.80)					$	(27.67)					$	(0.07)
Weighted-average shares outstanding - basic			67.1						66.8						67.0						66.7
Weighted-average shares outstanding - diluted			67.1						66.8						67.0						66.7

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QuidelOrtho

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

			June 30, 2024						December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents			$	107.0					$	118.9
Marketable securities			—						48.4
Accounts receivable, net			269.5						303.3
Inventories			602.0						577.8
Prepaid expenses and other current assets			310.0						262.1
Assets held for sale			52.8						—
Total current assets			1,341.3						1,310.5
Property, plant and equipment, net			1,326.7						1,443.8
Marketable securities			—						7.4
Right-of-use assets			177.2						169.6
Goodwill			732.5						2,492.0
Intangible assets, net			2,836.0						2,934.3
Deferred tax asset			24.7						25.9
Other assets			250.8						179.6
Total assets			$	6,689.2					$	8,563.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	237.4					$	294.8
Accrued payroll and related expenses			86.0						84.8
Income tax payable			3.5						11.1
Current portion of borrowings			356.4						139.8
Other current liabilities			249.1						303.3
Total current liabilities			932.4						833.8
Operating lease liabilities			177.7						172.8
Long-term borrowings			2,207.2						2,274.8
Deferred tax liability			127.9						192.2
Other liabilities			70.5						83.6
Total liabilities			3,515.7						3,557.2
Total stockholders’ equity			3,173.5						5,005.9
Total liabilities and stockholders’ equity			$	6,689.2					$	8,563.1

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QuidelOrtho

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In millions)

			Six Months Ended
			June 30, 2024						July 2, 2023
Cash (used for) provided by operating activities			$	(98.6)					$	158.3
Cash used for investing activities			(55.5)						(111.2)
Cash provided by (used for) financing activities			144.0						(159.3)
Effect of exchange rates on cash			(1.9)						(2.1)
Net decrease in cash, cash equivalents and restricted cash			(12.0)						(114.3)
Cash, cash equivalents and restricted cash at beginning of period			119.5						293.9
Cash, cash equivalents and restricted cash at end of period			$	107.5					$	179.6
Reconciliation to amounts within the consolidated balance sheets:
Cash and cash equivalents			$	107.0					$	178.6
Restricted cash in Other assets			0.5						1.0
Cash, cash equivalents and restricted cash			$	107.5					$	179.6

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QuidelOrtho

Reconciliation of Non-GAAP Financial Information - Adjusted Net (Loss) Income

(In millions, except per share data; unaudited)

			Three Months Ended																								Six Months Ended
			June 30, 2024						Diluted EPS						July 2, 2023						Diluted EPS						June 30, 2024						Diluted EPS						July 2, 2023						Diluted EPS
Net loss			$	(147.7)					$	(2.20)					$	(53.2)					$	(0.80)					$	(1,853.7)					$	(27.67)					$	(4.4)					$	(0.07)
Adjustments:
Amortization of intangibles			51.9												51.4												103.6												102.2
Integration related costs			30.9												24.2												53.5												53.9
Goodwill impairment charge			—												—												1,743.9												—
Asset impairment charge			56.9												0.5												56.9												1.0
Incremental depreciation on PP&E fair value adjustment			9.1												8.5												18.2												17.1
Credit Agreement amendment fees			4.0												—												4.0												—
Amortization of deferred cloud computing implementation costs			3.0												1.5												5.9												3.1
EU medical device regulation transition costs			0.5												0.7												1.1												1.5
Non-cash interest expense for deferred consideration			—												0.1												—												0.7
Employee compensation charges			—												—												5.6												—
(Gain) loss on investments			(0.7)												0.2												—												0.2
Other adjustments			1.1												—												1.8												1.5
Income tax impact of adjustments			(11.2)												(15.2)												(112.6)												(37.3)
Discrete tax items			(2.6)												(1.3)												(3.2)												(1.1)
Adjusted net (loss) income			$	(4.8)					$	(0.07)					$	17.4					$	0.26					$	25.0					$	0.37					$	138.4					$	2.06
Weighted-average shares outstanding - diluted									67.1												67.2												67.3												67.2

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QuidelOrtho

Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA

(In millions, unaudited)

			Three Months Ended												Six Months Ended
			June 30, 2024						July 2, 2023						June 30, 2024						July 2, 2023
Net loss			$	(147.7)					$	(53.2)					$	(1,853.7)					$	(4.4)
Depreciation and amortization			116.1						114.5						231.0						228.7
Interest expense, net			41.0						36.5						80.0						73.2
Benefit from income taxes			(15.2)						(11.2)						(108.1)						—
Integration related costs			30.9						24.2						53.5						53.9
Goodwill impairment charge			—						—						1,743.9						—
Asset impairment charge			56.9						0.5						56.9						1.0
Credit Agreement amendment fees			4.0						—						4.0						—
Amortization of deferred cloud computing implementation costs			3.0						1.5						5.9						3.1
EU medical device regulation transition costs			0.5						0.7						1.1						1.5
Employee compensation charges			—						—						5.6						—
Tax indemnification income			—						(0.4)						—						(0.1)
(Gain) loss on investments			(0.7)						0.2						—						0.2
Other adjustments			1.1						—						1.8						1.5
Adjusted EBITDA			$	89.9					$	113.3					$	221.9					$	358.6

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QuidelOrtho

Revenues by Business Unit and Region

(In millions, unaudited)

			Three Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)
Respiratory revenues			$	58.0					$	89.0					(34.8)		%				—		%				(34.8)		%
Non-Respiratory revenues			579.0						576.1						0.5		%				(1.1)		%				1.6		%
Total revenues			$	637.0					$	665.1					(4.2)		%				(0.9)		%				(3.3)		%

			Three Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)																		Less: COVID-19 revenue impact						Constant Currency (a) ex COVID-19 Revenue
Labs			$	354.2					$	361.4					(2.0)		%				(1.0)		%				(1.0)		%																(0.5)		%				(0.5)		%
Transfusion Medicine			161.3						163.3						(1.2)		%				(1.7)		%				0.5		%																—		%				0.5		%
Point of Care			117.1						134.2						(12.7)		%				0.1		%				(12.8)		%																(33.1)		%				20.3		%
Molecular Diagnostics			4.4						6.2						(29.0)		%				0.4		%				(29.4)		%																(15.0)		%				(14.4)		%
Total revenues			$	637.0					$	665.1					(4.2)		%				(0.9)		%				(3.3)		%																(5.8)		%				2.5		%

			Three Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)																		Less: COVID-19 revenue impact						Constant Currency (a) ex COVID-19 Revenue
North America			$	350.1					$	378.8					(7.6)		%				0.1		%				(7.7)		%																(9.7)		%				2.0		%
EMEA			81.1						80.6						0.6		%				(0.4)		%				1.0		%																(0.7)		%				1.7		%
China			81.6						81.3						0.4		%				(3.7)		%				4.1		%																—		%				4.1		%
Other			124.2						124.4						(0.2)		%				(3.1)		%				2.9		%																(0.4)		%				3.3		%
Total revenues			$	637.0					$	665.1					(4.2)		%				(0.9)		%				(3.3)		%																(5.8)		%				2.5		%

(a) The term “constant currency” means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

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			Six Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)
Respiratory revenues			$	195.3					$	354.6					(44.9)		%				—		%				(44.9)		%
Non-Respiratory revenues			1,152.7						1,156.6						(0.3)		%				(1.0)		%				0.7		%
Total revenues			$	1,348.0					$	1,511.2					(10.8)		%				(0.7)		%				(10.1)		%

			Six Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)																		Less: COVID-19 revenue impact						Constant Currency (a) ex COVID-19 Revenue
Labs (b)			$	711.1					$	732.1					(2.9)		%				(0.9)		%				(2.0)		%																(0.6)		%				(1.4)		%
Transfusion Medicine			321.6						319.2						0.8		%				(1.5)		%				2.3		%																—		%				2.3		%
Point of Care			303.7						442.3						(31.3)		%				—		%				(31.3)		%																(61.0)		%				29.7		%
Molecular Diagnostics			11.6						17.6						(34.1)		%				—		%				(34.1)		%																(35.9)		%				1.8		%
Total revenues (b)			$	1,348.0					$	1,511.2					(10.8)		%				(0.7)		%				(10.1)		%																(14.3)		%				4.2		%

			Six Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)																		Less: COVID-19 revenue impact						Constant Currency (a) ex COVID-19 Revenue
North America			$	784.0					$	961.6					(18.5)		%				(0.2)		%				(18.3)		%																(21.8)		%				3.5		%
EMEA			165.9						161.9						2.5		%				0.1		%				2.4		%																(1.4)		%				3.8		%
China			157.7						151.9						3.8		%				(4.0)		%				7.8		%																—		%				7.8		%
Other			240.4						235.8						2.0		%				(2.3)		%				4.3		%																(0.1)		%				4.4		%
Total revenues (b)			$	1,348.0					$	1,511.2					(10.8)		%				(0.7)		%				(10.1)		%																(14.3)		%				4.2		%

(a) The term “constant currency” means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as substitute for financial information prepared in accordance with GAAP.

(b) The six months ended July 2, 2023 includes an approximate $19 million settlement award from a third party related to one of the Company’s collaboration agreements.

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QuidelOrtho

Revenues reconciliation to non-GAAP measures

(In millions, unaudited)

			Three Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)
Total revenues			$	637.0					$	665.1					(4.2)		%				(0.9)		%				(3.3)		%
COVID-19 revenue			(18.9)						(55.9)
Instrument revenue			(35.0)						(43.0)
U.S. Donor Screening revenue			(32.3)						(33.9)
Total recurring revenue(b), ex-COVID-19 and U.S Donor Screening revenue			$	550.8					$	532.3					3.5		%				(1.1)		%				4.6		%

			Six Months Ended
			June 30, 2024						July 2, 2023						% Change						Currency Impact						Constant Currency (a)
Total revenues			$	1,348.0					$	1,511.2					(10.8)		%				(0.7)		%				(10.1)		%
COVID-19 revenue			(69.1)						(272.0)
Instrument revenue			(75.8)						(80.9)
U.S. Donor Screening revenue			(65.4)						(65.2)
One-time third-party settlement			—						(19.2)
Total recurring revenue(b), ex-COVID-19, U.S. Donor Screening revenue, and one-time third-party settlement			$	1,137.7					$	1,073.9					5.9		%				(1.2)		%				7.1		%

(a) The term “constant currency” means we have translated local currency revenues for all reporting periods to U.S. dollars using currency exchange rates held constant for each period. This additional non-GAAP financial information is not meant to be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

(b) Recurring revenue means revenues from sales of our assays, reagents, consumables and services, and excludes instruments.

Document and Entity Information Document	Jul. 31, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 31, 2024
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41409
Entity Tax Identification Number	87-4496285
Entity Address, Address Line One	9975 Summers Ridge Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	552-1100
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	QDEL
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001906324
Amendment Flag	false
Entity Registrant Name	QUIDELORTHO CORP

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