QuidelOrtho reports 54% rise in Q3 revenues, identifies additional cost synergies from business combination

Original from: labpulse

For its first full quarter following a business combination, QuidelOrtho after the close of the market on Wednesday reported third-quarter revenues of $783.8 million, an increase of 54% compared to $509.8 million in Q3 2021 and in line with preliminary estimates announced in October.

The surge in year-over-year growth was largely due to the closing of the combination of San Diego-based Quidel and Raritan, NJ-based Ortho Clinical Diagnostics, which led to QuidelOrtho in May.

“Integration of our QuidelOrtho business is going well, surpassing our initial expectations, and will continue to be a key focus for us in the coming quarters,” Douglas Bryant, chairman and CEO of QuidelOrtho, said in a statement.

The firm added that for the quarter ended October 2, total supplemental combined revenue of $783.8 million decreased by 24%. Reflecting the drop in combined revenue, QuidelOrtho posted Q3 Labs segment revenues of $334.8 million, a decrease of 8% year-over-year compared to $363.3 million; Transfusion Medicine revenues of $163.1 million, down 5% year-over-year from $170.7 million; Point-of-Care revenues of $270.5 million, a decrease of 39% year-over-year from $443.5 million; and Molecular Diagnostics revenues of $15.4 million, down 72% year-over-year from $54.8 million.

The transition of Beckman BNP assay sales to Beckman Coulter was a 3% headwind to revenue which resulted in the underlying base business increasing by 6% in Q3, the firm said.

Third-quarter revenue growth, excluding COVID-19 revenue, was driven by the firm's Point-of-Care and Donor Screening product lines.