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QuidelOrtho Preliminary Q4 Earnings Beat Estimates

NEW YORK – QuidelOrtho reported after the close of the market on Friday total preliminary 2022 fourth quarter revenues of between $853 million and $868 million, which would beat the consensus Wall Street estimate of $753.6 million.

For the three months ended Jan. 1, COVID-19-related product revenues for Q4 are expected to be between $124 million and $134 million, while non-COVID-19 product revenues are anticipated to be in the range of $729 million to $734 million.

On a GAAP basis, non-COVID-19 revenue growth would represent a nearly sixfold increase year over year at the midpoint, or 18 percent on a pro forma constant currency basis, the San Diego-based company said.

For the full-year 2022, QuidelOrtho expects total revenues to be in the range of $4.04 billion to $4.05 billion, well ahead of the Wall Street estimate of $3.23 billion. Full-year COVID-19 revenue is expected to be in the range of $1.44 billion to $1.45 billion, with non-COVID-19 product revenue anticipated to be approximately $2.60 billion. Non-COVID-19 revenue growth would be up about sixfold year over year on a GAAP basis, or 11 percent on a pro forma, constant currency basis at the midpoint.

QuidelOrtho resulted from Quidel's $6 billion acquisition of Ortho Clinical Diagnostics in May.

QuidelOrtho President and CEO Douglas Bryant said the firm delivered "exceptional results" in the fourth quarter supported by growth across molecular diagnostics, transfusion medicine, and point-of-care business units.

"Our strong positioning in the point-of-care market with both the Sofia platform and QuickVue Flu Test enabled us to serve patients in a strong respiratory season, which drove substantial revenue growth," Bryant said.

QuidelOrtho is scheduled to report its fourth quarter and full-year 2022 financial results on Feb. 15.

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