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What were the key takeaways from QuidelOrtho’s earnings call?

- **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

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