NEW YORK ─ Ortho Clinical Diagnostics announced preliminary financial results for the fourth quarter after the close of the market on Thursday, saying it expects total revenues of between $520 million and $522 million, up approximately 1 percent year over year from $517 million.
For the quarter ended Jan. 2, the Raritan, New Jersey-based company's core revenue, excluding SARS-CoV-2 sales, is expected to increase to between $508 million and $510 million, up approximately 7 percent from $475 million in the prior-year quarter, and Q4 core revenue is expected to increase to between $518 million and $520 million, an increase of 3 percent to 4 percent year over year from $501 million.
Chris Smith, chairman and CEO of Ortho, said in a statement that the firm saw "profitable growth across all major geographic regions, and in both our Clinical Laboratories and Transfusion Medicine businesses, demonstrating the strength and stability of our recurring revenue business model."
Ortho announced in December that it is being acquired by Quidel for $6 billion.
"By joining Quidel’s point-of-care and molecular diagnostics with Ortho’s global sales force of more than 2,300 people in 130 countries, we believe there is a substantial opportunity to capitalize on the cross-sale opportunities and move into attractive adjacent markets," Smith said.
For full-year 2021, Ortho expects total revenue of approximately $2.04 billion, up 15 percent year over year from $1.77 billion.
Core revenue, excluding SARS-CoV-2 sales, for 2021 is expected to increase to approximately $1.95 billion, up approximately 17 percent from $1.66 billion in the prior-year quarter, and 2021 core revenue is expected to increase to between $2.01 billion and $2.02 billion, up approximately 16 percent year over year from $1.74 billion.
Ortho expects to report its full fourth quarter and fiscal year 2021 financial results after the market close on Feb. 16.