QuidelOrtho Corp

For the period ended Dec 29, 2024. Filed Feb 27, 2025.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

QDEL$11.52-4.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Year Ended
	2024	2023	2022
OPERATING ACTIVITIES:
Net (loss) income	$(2,052.0)	$(10.1)	$548.7
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	453.4	457.2	283.6
Goodwill impairment charge	1,822.6	—	—
Asset impairment charge	56.9	4.5	2.8
Stock-based compensation expense	42.1	51.6	48.4
Change in deferred tax assets and liabilities	(99.3)	(11.6)	(44.0)
Net change in operating lease right-of-use assets and liabilities	(0.2)	—	18.4
Payment of accreted interest on contingent and deferred consideration	—	(9.7)	(10.4)
Loss on extinguishment of debt	—	—	24.0
Unwind inventory fair value adjustment	—	—	60.6
Asset write off	20.0	—	—
Other non-cash, net	(1.8)	(6.8)	6.4
Changes in assets and liabilities:
Accounts receivable	5.4	160.0	150.2
Inventories	(134.1)	(211.6)	(116.9)
Prepaid expenses and other current and non-current assets	(9.5)	(26.9)	(26.2)
Accounts payable	(23.4)	3.0	23.5
Accrued payroll and related expenses	35.0	(53.9)	18.2
Income taxes payable	(9.5)	(59.6)	(26.8)
Other current and non-current liabilities	(22.6)	(5.9)	(75.2)
Net cash provided by operating activities	83.0	280.2	885.3
INVESTING ACTIVITIES
Acquisitions of property, plant, equipment, investments and intangibles	(195.1)	(209.3)	(140.9)
Proceeds from held for sale asset, net of costs to sell	9.3	—	—
Acquisition of businesses, net of cash and restricted cash acquired	—	—	(1,511.4)
Proceeds from government assistance allocated to fixed assets	—	13.5	18.4
Purchases of marketable securities	(7.2)	(60.1)	(63.7)
Proceeds from sale of marketable securities	63.1	78.3	53.4
Other payments	(20.0)	(10.0)	—
Net cash used for investing activities	(149.9)	(187.6)	(1,644.2)
FINANCING ACTIVITIES
Proceeds from issuance of common stock	5.0	11.6	26.4
Short-term borrowings, net	(1.6)	1.6	—
Revolving credit facility, net	198.0	—	—
Proceeds from long-term borrowings, net of debt issuance costs	—	—	2,734.5
Payments on long-term borrowings and extinguishment costs	(143.0)	(228.0)	(2,388.3)
Payments of tax withholdings related to vesting of stock-based awards	(9.6)	(13.5)	(8.6)
Repurchases of common stock	—	(7.2)	(74.3)
Principal payments of acquisition contingent consideration	—	—	(4.2)
Principal payments of deferred consideration	—	(30.3)	(33.5)
Net cash provided by (used for) financing activities	48.8	(265.8)	252.0
Effect of exchange rates on cash	(2.9)	(1.2)	(2.0)
Net decrease in cash, cash equivalents and restricted cash	(21.0)	(174.4)	(508.9)
Cash, cash equivalents and restricted cash at beginning of period	119.5	293.9	802.8
Cash, cash equivalents and restricted cash at end of period	$98.5	$119.5	$293.9

	Fiscal Year Ended
	2024	2023	2022
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$177.5	$150.0	$95.1
Cash paid during the period for income taxes	$41.6	$86.6	$264.8
Purchase of property, equipment and intangibles by incurring current liabilities	$25.9	$40.6	$40.4
Transfer of instrument inventories to fixed assets	$148.9	$154.6	$73.7
Reduction of other current liabilities upon issuance of restricted share units	$0.3	$1.9	$4.6
Initial recognition of finance lease right-of-use asset and liability	$12.5	$—	$—

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