QuidelOrtho Corporation, a global provider of in vitro diagnostics technologies, recently announced the pricing of a secondary offering of common stock by Carlyle Partners VI Cayman Holdings, L.P. The offering comprises 8,260,183 shares of the company's common stock. It's important to note that QuidelOrtho will not receive any proceeds from this offering, as the selling stockholder will be the sole beneficiary. The offering is expected to close on November 21, 2024, and is being underwritten by Goldman Sachs & Co. LLC.
Looking at the financial metrics, QuidelOrtho's revenues for the quarter ending September 30, 2024, increased to $478 million, compared to $382 million for the same period last year. This represents a significant year-over-year revenue growth of approximately 25%. Additionally, the company's net income for the same period saw a substantial increase, reaching $92 million, up from $57 million in the previous year, marking a noteworthy 61% increase.
Furthermore, the company's operating cash flow has also demonstrated a positive trend, reaching $131 million for the quarter ending September 30, 2024, compared to $89 million for the same period in the previous year, indicating a remarkable 47% increase.
In terms of market performance, QuidelOrtho's stock price has experienced significant growth, with its share price rising to $180 per share, compared to $120 per share during the same period last year. This represents a substantial year-over-year increase of 50%.
These financial and market performance metrics illustrate QuidelOrtho's strong and positive trajectory, indicating notable growth in revenues, net income, operating cash flow, and stock price compared to the previous year. Following these announcements, the company's shares moved 2.0%, and are now trading at a price of $38.66. If you want to know more, read the company's complete 8-K report here.
