QuidelOrtho Corp
For the period ended Dec 29, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 9B. Other Information
(a) On February 12, 2025, the Company furnished a Current Report on Form 8-K that attached a press release announcing unaudited financial results for its fourth quarter and full year ended December 29, 2024, and posted a supplemental earnings presentation setting forth such results on the investor relations portion of the Company’s website (collectively, the “Earnings Materials”). Subsequent to the date of furnishing the Earnings Materials, in connection with the audit of our Consolidated Financial Statements by our independent registered public accounting firm and the assessment of realizability of deferred tax assets, we identified certain tax adjustments impacting the fourth quarter and full year of 2024, resulting in an increase in Provision for income taxes and a decrease in deferred tax assets, as well as conforming changes to other measures related to these adjustments (the “Adjustments”). This Annual Report updates the following for the fourth quarter and full year ended December 29, 2024:
Consolidated Statements of Operations
| (in millions, except per share data) | Previously Reported in Earnings Release | Adjustments | Fourth Quarter Financial Results | Previously Reported in Earnings Release | Adjustments | Full Year Financial Results |
|---|---|---|---|---|---|---|
| Provision for (benefit from) income taxes | $12.5 | $25.0 | $37.5 | $(104.5) | $25.0 | $(79.5) |
| Net (loss) income | $(153.4) | $(25.0) | $(178.4) | $(2,027.0) | $(25.0) | $(2,052.0) |
| Basic (loss) earnings per share | $(2.28) | $(0.37) | $(2.65) | $(30.16) | $(0.38) | $(30.54) |
| Diluted (loss) earnings per share | $(2.28) | $(0.37) | $(2.65) | $(30.16) | $(0.38) | $(30.54) |
Condensed Consolidated Balance Sheets
| (in millions) | Previously Reported in Earnings Release | Adjustments | As of December 29, 2024 |
|---|---|---|---|
| Deferred tax assets | $25.0 | $(25.0) | $— |
| Total assets | $6,448.6 | $(25.0) | $6,423.6 |
| Total stockholders’ equity | $3,009.5 | $(25.0) | $2,984.5 |
| Total liabilities and stockholders’ equity | $6,448.6 | $(25.0) | $6,423.6 |
We have also updated the corresponding earnings release and earnings presentation on the investor relations portion of our website at https://ir.quidelortho.com to reflect these Adjustments, including related updates to the (i) Reconciliation of Non-GAAP Financial Information – Adjusted Net Income table and (ii) Reconciliation of Non-GAAP Financial Information – Adjusted EBITDA table. The Adjustments have no impact on the Condensed Consolidated Statements of Cash Flows, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS for the fourth quarter and full year ended December 29, 2024 that were initially set forth in the earnings release and earnings presentation on February 12, 2025.
(b) During the last fiscal quarter, no director or officer (as defined in Exchange Act Rule 16a-1(f))adopted orterminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
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