QuidelOrtho (QDEL) FY2024 results: revenue $2.8 billion, down 7.2% on the year

QuidelOrtho Corp. (QDEL) reported revenue of $2.8 billion for fiscal 2024, the year ended 29 December 2024, down 7.2% on the year before. Net income was -$2.1 billion, and diluted earnings per share $-30.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2025.

Revenue

$2.8 billion

-7.2% on the year

FY2020FY2024

Operating margin

-70.5%

4.6% a year earlier

FY2020FY2024

Net income

-$2.1 billion

FY2020FY2024

Diluted EPS

-$30.54

FY2020FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,783	2,998	3,266	-7.2%
Cost of revenue	1,496	1,503	1,330	-0.5%
Gross profit	1,286	1,494	1,936	-13.9%
Gross margin	46.2%	49.8%	59.3%
Research and development	219	245	188	-10.7%
Selling, general and administrative	767	763	621	+0.5%
Operating income	-1,961	139	844
Operating margin	-70.5%	4.6%	25.8%
Interest expense	164	148	75.7	+10.8%
Pre-tax income	-2,132	-29.1	736
Income tax	-79.5	-19.0	187
Effective tax rate	n/a	n/a	25.4%
Net income	-2,052	-10.1	549
Net margin	-73.7%	-0.3%	16.8%
Diluted EPS	-$30.54	-$0.15	$9.56

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	83.0	280	885	-70.4%
Capital expenditure	195	209	141	-6.8%
Free cash flow	-112	70.9	744
Free cash flow margin	-4.0%	2.4%	22.8%
Cash from investing	-150	-188	-1,644
Cash from financing	48.8	-266	252
Depreciation and amortisation	453	457	284	-0.8%
Share-based compensation	42.1	51.6	48.4	-18.4%
Buybacks	0.0	7.2	74.3
Diluted shares, weighted	67m	67m	57m	+0.6%
Shares outstanding at period end	67m	67m	66m	+0.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,984	5,006	4,935	-40.4%
Debt	2,489	2,423	2,649	+2.7%
Operating lease liabilities	167	173	186	-3.2%
Finance lease liabilities	7.9	0.4	0.8	+1,875.0%
Other liabilities	775	961	1,085	-19.3%
Total liabilities and equity	6,424	8,563	8,856	-25.0%
Fixed assets	n/a	1,444	1,339
Goodwill	650	2,492	2,477	-73.9%
Intangible assets	2,736	2,934	3,124	-6.8%
Investments	0.0	55.8	73.1
Cash and equivalents	98.3	119	293	-17.3%
Receivables	282	303	454	-6.9%
Inventory	534	578	524	-7.6%
Other assets	2,124	637	572	+233.3%
Total assets	6,424	8,563	8,856	-25.0%

10-K for the year ended 29 December 2024, filed 27 February 2025: the filing.