Beamr video compression achieves up to 50% improvement for AVs
SAN DIEGO - QuidelOrtho Corporation (NASDAQ:QDEL), currently trading near its 52-week low and identified as undervalued by InvestingPro analysis, has completed a series of transactions to refinance its debt structure, the diagnostic technology provider announced Thursday.
The refinancing package totals approximately $3.4 billion and includes a $1.15 billion five-year senior secured Term Loan A, a $100 million delayed draw Term Loan A that remains undrawn, a $1.45 billion seven-year senior secured Term Loan B, and a $700 million revolving credit facility. The company’s total debt stood at $2.8 billion as of the most recent quarter, with a current ratio of 1.12.
The new debt arrangement replaces the company’s previous Term Loan A entered into in 2022 and pays in full its previous credit facility, while extending debt maturities and reducing required amortization payments.
"We are pleased to successfully complete our debt refinancing, which allows us to strengthen our capital structure while maintaining financial flexibility," said Joseph Busky, Chief Financial Officer at QuidelOrtho. "Our highest capital allocation priority remains reducing our total debt and net debt leverage."
Busky noted that the improved debt covenant terms and reduced required amortization over the life of the loan will provide greater financial flexibility to fund business growth while improving cash flow.
QuidelOrtho, formed through the merger of Quidel Corporation and Ortho Clinical Diagnostics Holdings, develops and manufactures in-vitro diagnostic technologies for point-of-care settings, clinical laboratories, and transfusion medicine.
Additional details regarding the terms and conditions of the refinancing are available in the company’s Form 8-K filed with the Securities and Exchange Commission today, according to the press release statement.
In other recent news, QuidelOrtho Corporation reported a significant earnings surprise for the second quarter of 2025, with earnings per share reaching $0.12, which was a 7900% increase over the forecast of $0.0015. The company’s revenue for the quarter stood at $614 million, slightly surpassing expectations. Despite this strong performance, Raymond James adjusted its price target for QuidelOrtho to $55 from $60, citing prudent guidance, while maintaining an Outperform rating. Additionally, QuidelOrtho launched a Certified Analyzer Program aimed at enhancing diagnostic testing in underserved rural communities across the United States. This initiative provides certified VITROS analyzers at reduced costs to facilities such as rural hospitals and clinics. In corporate developments, the company appointed Erich Wolff as Executive Vice President of Strategy & Corporate Development. Wolff will oversee enterprise strategy, business development, government affairs, and portfolio management. These recent developments highlight QuidelOrtho’s focus on strategic growth and expanding healthcare access.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.