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QuidelOrtho Reports Third Quarter 2022 Financial Results

Highlights

  • Revenue of $783.8 million increased by 54% as reported
  • Supplemental combined revenue of $783.8 million decreased by 21.8% in constant currency and increased 3.0%, excluding COVID-19 revenue; the transition of Beckman BNP assay sales to Beckman was a 3 percentage point headwind to revenue so the underlying base business increased 6.0%
  • Growth in revenue, excluding COVID-19 revenue, was driven by Point-of-Care and Donor Screening product lines
  • Strength in North America, LATAM, and ASPAC was partially offset by weakness in China and EMEA
  • GAAP EPS of $0.28; Supplemental combined adjusted EPS of $1.85, a (54)% decrease from prior year, largely reflecting the strength of high margin COVID-19 revenue in the third quarter of 2021

QuidelOrtho Corporation (Nasdaq: QDEL) (the “Company” or “QuidelOrtho”), a global provider of innovative in vitro diagnostics technologies designed for point-of-care settings, clinical labs and transfusion medicine, today announced financial results for the third quarter ended October 2, 2022.

The Company reported total revenue for the third quarter of 2022 of $783.8 million, a 54% increase as reported, compared to $509.8 million for the third quarter of 2021. This was largely due to the consummation of the business combination that occurred on May 27, 2022 pursuant to a Business Combination Agreement entered into as of December 22, 2021, by and among Quidel Corporation (“Quidel”), Ortho Clinical Diagnostics Holdings plc (“Ortho”), QuidelOrtho, and the other parties thereto (the “Combinations”). GAAP diluted earnings per share (EPS) for the third quarter of 2022 decreased to $0.28, compared to $5.08 for the third quarter of 2021. GAAP operating income for the third quarter of 2022 was $56.8 million, compared to $281.8 million for the third quarter of 2021, and GAAP operating margin was 7% and 55% for the third quarters of 2022 and 2021, respectively. The third quarter 2022 results include significant one-time charges related to the Combinations.

In addition to the Company’s GAAP results, the Company is providing supplemental combined third quarter 2022 and 2021 revenues and adjusted operating results as if Quidel and Ortho had been combined for the applicable periods. The following discussion of financial results is based on supplemental combined information:

Third quarter 2022 total revenue of $783.8 million decreased by 21.8% in constant currency, compared to $1,032.3 million for the third quarter of 2021. Foreign currency translation negatively impacted sales growth by approximately 230 basis points for the third quarter of 2022. Adjusted diluted EPS for the third quarter of 2022 decreased to $1.85, compared to $4.01 for the third quarter of 2021. Adjusted EBITDA for the third quarter of 2022 was $226.8 million, compared to $435.2 million in the third quarter of 2021. Adjusted EBITDA margin for the third quarter of 2022 was 28.9%, compared to 42.5% for the third quarter of 2021.

“Our third quarter results reflect the remarkable cohesion, agility and dedication of our unified QuidelOrtho team, aided by the strength of our comprehensive product portfolio and expanded global commercial footprint,” said Douglas Bryant, Chairman and Chief Executive Officer of QuidelOrtho. “We are pleased with the operating leverage we generated, and the better-than-expected earnings results position us to raise our guidance for the full year.”

“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. The progress we’ve made thus far is a testament to the underlying strength of our combined business, our exceptional team and our global market strategy. We look forward to advancing all our initiatives to drive sustainable growth and create long-term stockholder value,” Mr. Bryant concluded.

Fiscal Year 2022 Financial Guidance

The Company will provide updated 2022 financial guidance during its financial results conference call today.

Conference Call Information

QuidelOrtho will hold a conference call today at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results for the third quarter ended October 2, 2022. 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 844-200-6205 (domestic) or 929-526-1599 (international) and entering Conference ID number 968016.

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) unites the power of Quidel Corporation and Ortho Clinical Diagnostics behind a shared mission of developing and manufacturing innovative technologies that raise the performance of diagnostic testing and create better patient outcomes across the entire healthcare continuum.

Ranked among the world’s largest in vitro diagnostics (IVD) providers with more than 120 years of collective experience, we combine industry-leading expertise in immunoassay and molecular testing with a global footprint in clinical labs and transfusion medicine.

Our company’s comprehensive product portfolio delivers accuracy, speed, automation and access, providing critical information when and where it is needed most. Inspired by a spirit of service, QuidelOrtho is committed to enhancing the well-being of people worldwide and happy in the knowledge we are making a difference. For more information, please visit www.quidelortho.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this press release by words such as “may,” “will,” “would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue,” or similar words, expressions or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits and results of the Combinations and integration of the businesses of Quidel and Ortho, including QuidelOrtho’s execution of cost and revenue synergies, commercial, integration and other strategic goals, future financial and operating results, future plans, objectives, strategies, expectations and intentions and other statements that are not historical facts. Such statements are based on the current beliefs and expectations of QuidelOrtho’s management and are subject to significant risks and uncertainties. Actual results may differ significantly from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the challenges and costs of integrating, restructuring and achieving anticipated synergies as a result of the Combinations; the ability to retain key employees; and other economic, business, competitive, and/or regulatory factors affecting the business of QuidelOrtho generally. Additional risks and factors are identified under “Risk Factors” in QuidelOrtho’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “Commission”) on August 5, 2022 and subsequent reports filed with the Commission. 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. QuidelOrtho has no obligation to update any of the forward-looking information included in this press release, whether as a result of new information, future events, changed expectations or otherwise, except as required by law. All forward-looking statements are based on information currently available to QuidelOrtho and speak only as of the date hereof.

Supplemental Combined Financial Measures

This press release contains unaudited supplemental combined financial information (“Supplemental Combined Information”) that gives effect to the Combinations as if Quidel and Ortho had been combined for the applicable periods. The Supplemental Combined Information presented is based on the historical financial statements of Quidel and Ortho with reclassification adjustments only and do not include all of the pro forma adjustments required under Regulation S-X Article 11 or Accounting Standards Codification 805, Business Combinations (“ASC 805”). This Supplemental Combined Information is provided for illustrative purposes only, may be updated in the future, and is not necessarily, and should not be assumed to be, indicative of the Company’s expected results of operations or financial position that would have been achieved had the Combinations been completed as of the dates indicated or that may be achieved in any future period. The Supplemental Combined Information should be considered supplemental to, and not as a substitute for, pro forma financial information prepared in accordance with Regulation S-X Article 11 or ASC 805 and should be read in conjunction with the information contained in the sections entitled “The Combinations,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Ortho” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations of Quidel” in QuidelOrtho’s joint proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”) filed with the Commission on April 11, 2022 and the historical consolidated financial statements and related notes appearing elsewhere in, or incorporated into, the Joint Proxy Statement/Prospectus, and the Company’s subsequent reports filed with the Commission. The Company’s actual results of operations and financial position will differ, potentially significantly, from the Supplemental Combined Information reflected in this press release as a result of the methodology used to prepare the Supplemental Combined Information as well as a variety of factors, including but not limited to the effect of certain expected financial benefits of the Combinations (such as revenue and cost synergies), the anticipated costs to achieve these benefits (including the cost of integration activities), tax impacts, and changes in operating results following the date of this press release.

Non-GAAP Financial Measures

This press release contains financial measures, including but not limited to “constant currency revenue growth,” “adjusted net income,” “adjusted diluted EPS,” “adjusted EBITDA,” “adjusted EBITDA margin,” “supplemental combined revenue,” “supplemental combined adjusted net income,” “supplemental combined adjusted diluted EPS,” “supplemental combined adjusted EBITDA” and “supplemental combined 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”). “Adjusted net income,” “adjusted EBITDA” and “adjusted diluted EPS” 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 believes that “supplemental combined adjusted net income,” “supplemental combined revenue,” “supplemental combined adjusted diluted EPS,” “supplemental combined adjusted EBITDA” and “supplemental combined adjusted EBITDA margin” provide helpful Supplemental Combined Information to assist management and investors in evaluating the Company’s adjusted operating results as if Quidel and Ortho had been combined for the applicable periods. 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, including the non-GAAP Supplemental Combined Information, to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

QuidelOrtho

Consolidated Statements of Operations

(Unaudited)

(In millions except per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

October 2, 2022

 

October 3, 2021

 

October 2, 2022 (a)

 

October 3, 2021

Total revenues

$

783.8

 

 

$

509.8

 

 

$

2,399.5

 

 

$

1,061.7

 

Cost of sales, excluding amortization of intangibles

 

376.3

 

 

 

134.4

 

 

 

912.5

 

 

 

274.6

 

Selling, marketing and administrative

 

204.2

 

 

 

63.0

 

 

 

407.4

 

 

 

165.9

 

Research and development

 

65.6

 

 

 

23.7

 

 

 

126.2

 

 

 

69.6

 

Amortization of intangible assets

 

50.5

 

 

 

6.9

 

 

 

78.6

 

 

 

20.5

 

Acquisition and integration costs

 

26.4

 

 

 

 

 

 

109.6

 

 

 

1.8

 

Other operating expenses

 

4.0

 

 

 

 

 

 

8.0

 

 

 

 

Operating income

 

56.8

 

 

 

281.8

 

 

 

757.2

 

 

 

529.3

 

Interest expense, net

 

29.7

 

 

 

1.3

 

 

 

41.0

 

 

 

4.7

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

24.0

 

 

 

 

Other income, net

 

(4.2

)

 

 

(1.0

)

 

 

(2.6

)

 

 

(0.4

)

Income before provision for income taxes

 

31.3

 

 

 

281.5

 

 

 

694.8

 

 

 

525.0

 

Provision for income taxes

 

12.1

 

 

 

65.8

 

 

 

176.4

 

 

 

112.1

 

Net income

$

19.2

 

 

$

215.7

 

 

$

518.4

 

 

$

412.9

 

Basic earnings per share

$

0.29

 

 

$

5.17

 

 

$

9.67

 

 

$

9.91

 

Diluted earnings per share

$

0.28

 

 

$

5.08

 

 

$

9.56

 

 

$

9.72

 

Weighted-average shares outstanding - basic

 

66.9

 

 

 

41.7

 

 

 

53.6

 

 

 

41.7

 

Weighted-average shares outstanding - diluted

 

67.5

 

 

 

42.5

 

 

 

54.2

 

 

 

42.5

 

 

(a) Includes Ortho results of operations from May 27, 2022 through October 2, 2022.

QuidelOrtho

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)

 

 

October 2, 2022

 

January 2, 2022

Cash and cash equivalents

$

212.2

 

$

802.8

Marketable securities

 

51.8

 

 

25.7

Accounts receivable, net

 

416.6

 

 

378.0

Inventories

 

536.2

 

 

198.8

Prepaid expenses and other current assets

 

228.4

 

 

35.0

Property, plant and equipment, net

 

1,261.6

 

 

349.2

Marketable securities

 

20.3

 

 

37.9

Right-of-use assets

 

163.7

 

 

127.6

Goodwill

 

2,357.7

 

 

337.0

Intangible assets, net

 

3,223.9

 

 

98.7

Deferred tax asset

 

18.7

 

 

20.1

Other assets

 

164.4

 

 

19.6

Total assets

$

8,655.5

 

$

2,430.4

 

 

 

 

Accounts payable

$

241.8

 

$

101.5

Accrued payroll and related expenses

 

115.5

 

 

40.4

Income tax payable

 

67.3

 

 

66.9

Current portion of borrowings

 

207.6

 

 

0.3

Other current liabilities

 

240.5

 

 

114.4

Operating lease liabilities

 

162.5

 

 

128.6

Long-term borrowings

 

2,482.0

 

 

0.4

Deferred tax liability

 

256.4

 

 

Other liabilities

 

86.6

 

 

48.5

Total liabilities

 

3,860.2

 

 

501.0

Total stockholders’ equity

 

4,795.3

 

 

1,929.4

Total liabilities and stockholders’ equity

$

8,655.5

 

$

2,430.4

 

QuidelOrtho

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In millions)

 

 

Nine Months Ended

 

October 2, 2022 (a)

 

October 3, 2021

Cash provided by operating activities

$

715.9

 

 

$

484.5

 

Cash used for investing activities

 

(1,584.9

)

 

 

(223.5

)

Cash provided by (used for) financing activities

 

283.7

 

 

 

(172.2

)

Effect of exchange rates changes on cash

 

(4.3

)

 

 

(0.3

)

(Decrease) increase in cash, cash equivalents and restricted cash

 

(589.6

)

 

 

88.5

 

Cash, cash equivalents and restricted cash at beginning of period

 

802.8

 

 

 

489.9

 

Cash, cash equivalents and restricted cash at end of period

$

213.2

 

 

$

578.4

 

 

 

 

 

Reconciliation to amounts within the consolidated balance sheets:

 

 

 

Cash and cash equivalents

$

212.2

 

 

$

578.4

 

Restricted cash in Other assets

 

1.0

 

 

 

 

Cash, cash equivalents and restricted cash

$

213.2

 

 

$

578.4

 

 

(a) Includes Ortho activities from May 27, 2022 through October 2, 2022.

 

QuidelOrtho

Reconciliation of Non-GAAP Financial Information - Adjusted Net Income

(In millions, except per share data; unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

October 2, 2022

 

Diluted EPS

 

October 3, 2021

 

Diluted EPS

 

October 2, 2022 (a)

 

Diluted EPS

 

October 3, 2021

 

Diluted EPS

Net income

$

19.2

 

 

$

0.28

 

$

215.7

 

 

$

5.08

 

$

518.4

 

 

$

9.56

 

$

412.9

 

 

$

9.72

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangibles

 

50.5

 

 

 

 

 

6.9

 

 

 

 

 

78.6

 

 

 

 

 

20.5

 

 

 

Acquisition and integration costs

 

26.4

 

 

 

 

 

 

 

 

 

 

109.6

 

 

 

 

 

1.8

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

24.0

 

 

 

 

 

 

 

 

Unwind inventory fair value adjustment

 

35.4

 

 

 

 

 

 

 

 

 

 

46.6

 

 

 

 

 

 

 

 

Incremental depreciation on PP&E fair value adjustment

 

1.3

 

 

 

 

 

 

 

 

 

 

1.3

 

 

 

 

 

 

 

 

Noncash interest expense for deferred consideration

 

0.6

 

 

 

 

 

1.0

 

 

 

 

 

2.3

 

 

 

 

 

3.6

 

 

 

Amortization of deferred cloud computing implementation costs

 

1.6

 

 

 

 

 

1.0

 

 

 

 

 

3.9

 

 

 

 

 

2.9

 

 

 

Derivative mark-to-market gain

 

(3.4

)

 

 

 

 

 

 

 

 

 

(4.4

)

 

 

 

 

 

 

 

Loss (gain) on investments

 

 

 

 

 

 

(1.2

)

 

 

 

 

0.8

 

 

 

 

 

(1.2

)

 

 

Employee compensation charges and other costs

 

1.3

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

EU medical device regulation transition costs

 

0.6

 

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

 

 

 

 

Change in fair value of acquisition contingencies

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

 

 

 

0.1

 

 

 

Income tax impact of adjustments

 

(9.0

)

 

 

 

 

(1.6

)

 

 

 

 

(46.5

)

 

 

 

 

(5.9

)

 

 

Discrete tax items

 

0.6

 

 

 

 

 

 

 

 

 

 

0.6

 

 

 

 

 

 

 

 

Adjusted net income

$

125.1

 

 

$

1.85

 

$

221.8

 

 

$

5.22

 

$

738.1

 

 

$

13.62

 

$

434.7

 

 

$

10.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ortho pre-combination adjusted net income

 

 

 

 

 

 

51.2

 

 

 

 

 

77.2

 

 

 

 

 

145.5

 

 

 

Supplemental combined adjusted net income

$

125.1

 

 

$

1.85

 

$

273.0

 

 

$

4.01

 

$

815.3

 

 

$

11.99

 

$

580.2

 

 

$

8.53

 

(a) Adjusted net income includes Ortho activities from May 27, 2022 through October 2, 2022.

QuidelOrtho

Reconciliation of Non-GAAP Financial Information - Adjusted EBITDA

(In millions, unaudited)

 

 

Three Months Ended

 

Nine Months Ended

 

October 2, 2022

 

October 3, 2021

 

October 2, 2022 (a)

 

October 3, 2021

Net income

$

19.2

 

 

$

215.7

 

 

$

518.4

 

 

$

412.9

 

Depreciation and amortization

 

104.2

 

 

 

12.7

 

 

 

167.0

 

 

 

37.3

 

Interest expense, net

 

29.7

 

 

 

1.3

 

 

 

41.0

 

 

 

4.7

 

Provision for income taxes

 

12.1

 

 

 

65.8

 

 

 

176.4

 

 

 

112.1

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

24.0

 

 

 

 

Employee compensation charges and other costs

 

1.3

 

 

 

 

 

 

1.8

 

 

 

 

Acquisition and integration costs

 

26.4

 

 

 

 

 

 

109.6

 

 

 

1.8

 

Unwind inventory fair value adjustment

 

35.4

 

 

 

 

 

 

46.6

 

 

 

 

Derivative mark-to-market gain

 

(3.4

)

 

 

 

 

 

(4.4

)

 

 

 

EU medical device regulation transition costs

 

0.6

 

 

 

 

 

 

1.0

 

 

 

 

Loss (gain) on investments

 

 

 

 

(1.2

)

 

 

0.8

 

 

 

(1.2

)

Amortization of deferred cloud computing implementation costs

 

1.6

 

 

 

1.0

 

 

 

3.9

 

 

 

2.9

 

Tax indemnification income

 

(0.3

)

 

 

 

 

 

(0.3

)

 

 

 

Change in fair value of acquisition contingencies

 

 

 

 

 

 

 

0.1

 

 

 

0.1

 

Adjusted EBITDA

$

226.8

 

 

$

295.3

 

 

$

1,085.9

 

 

$

570.6

 

Ortho pre-combination Adjusted EBITDA

 

 

 

 

139.9

 

 

 

212.5

 

 

 

420.5

 

Supplemental combined Adjusted EBITDA

$

226.8

 

 

$

435.2

 

 

$

1,298.4

 

 

$

991.1

 

 

(a) Adjusted EBITDA includes Ortho activities from May 27, 2022 through October 2, 2022.

 

QuidelOrtho

Supplemental Combined Revenues by Business Unit and Region

(In millions, unaudited)

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

October 2, 2022

 

October 3, 2021

 

% Change

 

Currency

Impact

 

Constant

Currency (a)

 

Less: COVID-19

revenue impact

 

Constant Currency,

ex COVID-19 revenue

Labs

$

334.8

 

$

363.3

 

(7.8

) %

 

(3.3

) %

 

(4.5

) %

 

1.8

%

 

(2.7

) %

Transfusion Medicine

 

163.1

 

 

170.7

 

(4.5

) %

 

(5.7

) %

 

1.2

%

 

%

 

1.2

%

Point-of-Care

 

270.5

 

 

443.5

 

(39.0

) %

 

(0.5

) %

 

(38.5

) %

 

67.0

%

 

28.5

%

Molecular Diagnostics

 

15.4

 

 

54.8

 

(71.9

) %

 

(0.3

) %

 

(71.6

) %

 

71.0

%

 

(0.6

) %

Total supplemental combined revenues

$

783.8

 

$

1,032.3

 

(24.1

) %

 

(2.3

) %

 

(21.8

) %

 

24.8

%

 

3.0

%

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

October 2, 2022

 

October 3, 2021

 

% Change

 

Currency

Impact

 

Constant

Currency (a)

 

Less: COVID-19

revenue impact

 

Constant Currency,

ex COVID-19 revenue

North America

$

517.6

 

$

730.3

 

(29.1

) %

 

%

 

(29.1

) %

 

34.8

%

 

5.7

%

EMEA

 

73.7

 

 

81.9

 

(10.0

) %

 

(10.7

) %

 

0.7

%

 

1.3

%

 

2.0

%

China

 

80.8

 

 

97.8

 

(17.4

) %

 

(4.9

) %

 

(12.5

) %

 

%

 

(12.5

) %

Other

 

111.7

 

 

122.3

 

(8.7

) %

 

(8.7

) %

 

%

 

9.4

%

 

9.4

%

Total supplemental combined revenues

$

783.8

 

$

1,032.3

 

(24.1

) %

 

(2.3

) %

 

(21.8

) %

 

24.8

%

 

3.0

%

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

October 2, 2022

 

October 3, 2021

 

% Change

 

Currency

Impact

 

Constant

Currency (a)

 

Less: COVID-19

revenue impact

 

Constant Currency,

ex COVID-19 revenue

Labs

$

1,016.5

 

$

1,060.0

 

(4.1

) %

 

(2.3

) %

 

(1.8

) %

 

3.1

%

 

1.3

%

Transfusion Medicine

 

505.6

 

 

494.5

 

2.2

%

 

(4.6

) %

 

6.8

%

 

%

 

6.8

%

Point-of-Care

 

1,580.5

 

 

879.5

 

79.7

%

 

(0.8

) %

 

80.5

%

 

(42.5

) %

 

38.0

%

Molecular Diagnostics

 

82.1

 

 

149.5

 

(45.1

) %

 

(0.2

) %

 

(44.9

) %

 

63.2

%

 

18.3

%

Total supplemental combined revenues

$

3,184.7

 

$

2,583.5

 

23.3

%

 

(2.2

) %

 

25.5

%

 

(17.1

) %

 

8.4

%

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

 

 

October 2, 2022

 

October 3, 2021

 

% Change

 

Currency

Impact

 

Constant

Currency (a)

 

Less: COVID-19

revenue impact

 

Constant Currency,

ex COVID-19 revenue

North America

$

2,351.1

 

$

1,702.6

 

38.1

%

 

(0.1

) %

 

38.2

%

 

(23.7

) %

 

14.5

%

EMEA

 

240.6

 

 

257.2

 

(6.5

) %

 

(8.5

) %

 

2.0

%

 

3.0

%

 

5.0

%

China

 

240.2

 

 

246.0

 

(2.4

) %

 

(2.6

) %

 

0.2

%

 

(11.2

) %

 

(11.0

) %

Other

 

352.8

 

 

377.7

 

(6.6

) %

 

(6.1

) %

 

(0.5

) %

 

7.7

%

 

7.2

%

Total supplemental combined revenues

$

3,184.7

 

$

2,583.5

 

23.3

%

 

(2.2

) %

 

25.5

%

 

(17.1

) %

 

8.4

%

Tables above include Ortho revenues as if the acquisition had occurred on January 4, 2021.

(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 year. 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.

 

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