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- **Revenue Resilience**: 5% core growth (ex-COVID/donor) driven by Labs (+4%), immunohematology (+5%), and international expansion (Latin America +21%).
- **Margin Expansion**: 25% EBITDA margin (up 180bps YoY), with $140M+ cost savings and 320bps year-to-date margin improvement.
- **New Product Impact**: VITROS high-sensitivity troponin assay launched, targeting earlier heart attack detection and $8M cardiac revenue growth.
- **China Strategy**: Mid-single-digit growth sustained despite VBP/DRG, with 80% instruments in stat labs reducing debundling risk.
- **Guidance Clarity**: Narrowed FY25 EBITDA to $585-605M, with $2-2.15 EPS reflecting higher interest/tax costs.
- **LEX Diagnostics**: FDA clearance expected late 2025/early 2026, with limited rollout in H1 2026 and potential margin dilution.

**【CEO Summary Section】**
- Organic sales growth of 5% (excluding COVID and U.S. donor screening), driven by Labs (4%), immunohematology (5%), and point-of-care (7%).
- Adjusted EBITDA margin expanded to 25% (up 180bps YoY), with $140M+ cost savings and mid- to high-20s EBITDA margin target.
- North America revenue down 12% (excluding respiratory, up 5%), with Latin America (+21%), Japan/Asia Pacific (+5%), and EMEA (+3%) leading international growth.
- New VITROS high-sensitivity troponin assay launched, targeting earlier heart attack detection and cost savings.
- Global R&D pipeline expansion and supply chain optimization to offset tariffs, with LEX Diagnostics FDA clearance expected late 2025/early 2026.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $700M (-4% YoY), with $60M COVID sales YTD and $70-100M expected for FY25.
- Adjusted EBITDA: $177M (25% margin), up 13% YoY with 320bps margin improvement.
- Operating expenses down 7% YoY ($217M), offsetting $40M restructuring/other charges.
- Full-year 2025 guidance: $2.68-2.74B revenue, $585-605M EBITDA, $2-2.15 EPS (higher interest/tax impact).
- Free cash flow expected at 25-30% of EBITDA, targeting 50% by mid-2027.
- U.S. donor screening exit to reduce top-line headwinds by H2 2026, with 50bps margin accretion potential.

**【Q&A Highlights】**
- **Competitive Wins**: Mid-single-digit growth in Labs, immunohematology, and EMEA, with focus on profitable wins.
- **China Dynamics**: Mid-single-digit growth despite VBP/DRG impacts, with 80% instruments in stat labs mitigating debundling.
- **LEX Diagnostics**: Limited rollout in H1 2026, potential dilution to margins until scale in 2027+.
- **Instrument Mix**: Q4 typically sees higher instrument sales (lower margin) and incentive comp expenses.
- **Sofia Franchise**: Stable installed base, 50%+ flu combo tests expected in FY26.
- **Triage POCT**: High-sensitivity troponin assay in Europe, U.S. launch pending technical hurdles.
- **Cash Flow**: Q3 ERP conversion delays ($50M negative adj. FCF), timing impacts to resolve in Q4.

QuidelOrtho Corporation (QDEL) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: 1% growth (ex-COVID/Donor) despite seasonal lows, driven by Labs and OUS markets.
- **China Growth**: Mid-single-digit 2025 guidance (narrowed) reflects stable clinical chemistry and low immunoassay penetration.
- **Margin Expansion**: 330 bps EBITDA margin improvement to 17%, fueled by cost controls and restructuring.
- **Molecular Opportunity**: LEX platform on track for 2026 placements, targeting respiratory and women's health.
- **COVID Adjustment**: Full year COVID revenue narrowed to $70-100 million due to lower testing volumes.

**【CEO Summary Section】**
- **Revenue Performance**: Total revenue of $614 million grew 1% year-over-year (excluding COVID and Donor Screening). Labs and Immunohematology businesses showed strong growth at 5% and 3%, respectively. North America revenue declined 12% due to seasonal lows, while OUS regions (Latin America, Japan, EMEA) saw growth.
- **China Market**: 2% Q2 growth despite tariff-related delays, driven by clinical chemistry and waterless technology. China remains a long-term growth opportunity with low penetration in immunoassays.
- **Profitability**: Adjusted EBITDA margin improved by 330 basis points to 17%, and adjusted EPS rose 271% year-over-year. Cost-saving initiatives and operational efficiency drove margin expansion.
- **Strategic Initiatives**: 
  - **Tariffs**: Estimated 2025 headwinds reduced to $20-25 million (from $30-40 million), fully mitigated through inventory management and cost controls.
  - **LEX Diagnostics Acquisition**: Pending FDA clearance for Velo platform, targeting respiratory, women's health, and STI tests. Expected limited placements in early 2026, scaling in 2026-2027.
  - **Customer Satisfaction**: Ranked #1 in clinical chemistry and service by ServiceTrak, with highest Net Promoter Score.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Labs: 5% growth (clin chemistry and immunoassays).
  - Immunohematology: 3% growth (Latin America, EMEA).
  - Respiratory: $47 million (down $2 million, excluding COVID).
  - Molecular: 24% growth (Savanna transition support).
- **Financial Highlights**: 
  - Adjusted EBITDA: $107 million (19% year-over-year increase).
  - Adjusted EPS: $0.12 (vs. loss of $0.07 prior year).
  - Restructuring Charges: $179 million (including $150 million noncash Savanna platform discontinuation).
  - Free Cash Flow: Negative $32 million (seasonal low), expected 25-30% of EBITDA for full year.
- **Guidance**: 
  - Full year revenue: $2.6-2.81 billion (neutral FX impact).
  - Adjusted EBITDA: $575-615 million (22% margin).
  - COVID Revenue: Narrowed to $70-100 million (from $110-140 million) due to lower disease severity.
  - China Growth: Mid-single-digit for 2025 (narrowed from prior range).

**【Q&A Key Highlights】**
- **Respiratory Outlook**: 
  - Flu guidance unchanged; COVID revenue reduced due to lower testing despite rising positivity.
  - Q3 COVID revenue expected lower than prior expectations.
- **China Dynamics**: 
  - Unbundling and reimbursement impacts minimal; stat labs less affected by panel debundling.
  - Long-term growth driven by immunoassay expansion.
- **Molecular Strategy**: 
  - LEX platform targeting greenfield and Sofia customers; FDA review progressing.
  - Savanna and Lyra to remain in portfolio but not core growth drivers.
- **Cash Flow & Savings**: 
  - Second-half free cash flow expected to meet 25-30% of EBITDA target.
  - $30-50 million incremental savings from indirect procurement in 2025 (back-half weighted).

QuidelOrtho Corporation (QDEL) Q2 2025 Earnings Call Transcript

- **Core Growth Strong**: Labs (+7%), immunohematology (+4%), and flu (+18%) drive 6% core revenue growth.
- **Profitability Soars**: 450bps EBITDA margin expansion to 23%, with $50M+ cost savings realized.
- **Tariff Resilience**: $30-40M impact fully offset via supply chain shifts and pricing; full-year guidance maintained.
- **China Momentum**: Mid-single-digit growth expected, supported by labs and immunohematology despite near-term shipment delays.
- **Savanna On Track**: FDA submission planned for summer; molecular diagnostics pipeline remains intact.

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 6% (excluding COVID/donor screening), driven by labs (7%), immunohematology (4%), and strong flu sales (+18%).
- Adjusted EBITDA margin improved 450bps to 23%, with $50M+ cost savings realized year-to-date.
- Tariff mitigation plans ($30-40M impact) include supplier shifts, pricing actions, and inventory repositioning; full-year guidance maintained.
- $100M+ annualized cost savings target on track, with additional $30-50M procurement-driven savings expected in 2025.

**【CFO Financial Details】**
- Q1 revenue: $693M (down 2.5% YoY), with 6% growth in core businesses (labs, immunohematology).
- Adjusted EBITDA: $160M (vs. $132M YoY), driven by product mix (higher-margin flu tests) and cost reductions.
- Free cash flow: $47M (29% of EBITDA), with net debt leverage improving to 4.2x.
- Full-year 2025 guidance: $2.6-2.8B revenue, $575-615M EBITDA, 22% margin (vs. 19.5% in 2024).

**【Key Q&A Highlights】**
1. **Tariff Mitigation**: 90%+ of products manufactured in U.S.; selective pricing actions and supplier diversification offset $30-40M impact. No change to manufacturing footprint expected.
2. **China Growth**: Mid-single-digit 2025 target driven by labs (2% growth) and immunohematology, despite triage headwinds. Q2 shipment delays expected to resolve in H2.
3. **Savanna Molecular Test**: FDA submission planned for summer; no delays expected despite industry-wide FDA meeting delays.
4. **Respiratory Mix**: COVID flu combo test stable, but COVID revenue down 53% YoY. 2025 COVID guidance ($110-140M) assumes seasonal decline.

QuidelOrtho (QDEL)-7 May 25-2025 Q1 Earnings call transcript

- **2025 Margin Target**: >25% adj. EBITDA margin by 2026, up from 19.5% in 2024.
- **Cost Savings Acceleration**: $50M from 2024 initiatives in H1 2025, +$30-50M from procurement in 2025.
- **China Growth**: Mid-single digits (6-8%) with reduced VBP risk, driven by clinical chemistry.
- **Respiratory Season**: 2025 flu test volume expected 50-55M, 50%+ from high-margin combo test.
- **Savanna Momentum**: Trial data collection underway; potential 2025 launch if seasonality aligns.
- **Free Cash Flow**: Target 50% adj. EBITDA conversion by 2026, up from 20% in 2024.


**【CEO Summary Section】**
- Total 2024 revenue: $2.8 billion, with 4% growth in Labs (excluding COVID/non-core) and 4% growth in Immunohematology.
- Q4 2024 revenue: $708 million, down 4% YoY due to declining COVID/flu testing.
- Adjusted EBITDA margin improved to 21% in Q4, targeting >25% by 2026.
- Key priorities: cost savings ($100M annualized), procurement optimization, and R&D focus on high-margin products.
- China growth expected mid-single digits, with reduced VBP risk in 2025.
- Savanna molecular diagnostic trials underway, targeting 2025 launch.

**【CFO Financial Commentary】**
- Full year 2024: Adjusted EBITDA $543M (19.5% margin), adj. EPS $1.85.
- Q4 2024: Adjusted EBITDA $150M (21% margin), adj. EPS $0.63.
- 2025 guidance: Revenue $2.6-2.81B, adj. EBITDA $575-615M (22% margin), adj. EPS $2.07-2.57.
- Free cash flow: 25-30% of adj. EBITDA in 2025, up from 20% in 2024.
- Cost savings: $50M from 2024 initiatives in H1 2025, +$30-50M from procurement in 2025.
- Respiratory revenue: $50-55M tests in 2025, 50%+ from flu/COVID combo test.
- COVID revenue: $110-140M in 2025, excluding government contracts.

**【Q&A Highlights】**
- **China Strategy**: VBP risk minimal in 2025; focus on clinical chemistry (80% of China revenue) vs. immunoassay (20%).
- **Cash Flow**: Target 50% adj. EBITDA conversion by 2026, up from 20% in 2024.
- **Savanna Launch**: Trial data collection ongoing; potential 2025 launch if seasonality aligns.
- **Tariff Impact**: Minimal exposure beyond Mexico-sourced instruments; monitoring policy changes.
- **Donor Screening Exit**: $40-50M revenue in 2025, winding down to <1% of total revenue by 2026.


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