Ortho Medical Diagnostics experiences fourth quarter and monetary 2020 outcomes Nasdaq: OCDX

RARITAN, NJ, March 18, 2021 (GLOBE NEWSWIRE) – In a publication released today under the same heading by Ortho Clinical Diagnostics Holdings plc (Nasdaq: OCDX), note that in the last sentence of the first paragraph under "The COVID Section 19 test is an antigen test and not an antibody test. The corrected version follows:

Ortho Clinical Diagnostics Holdings plc (Nasdaq: OCDX), one of the world's largest pure in vitro diagnostics (IVD) companies, today announced financial results for the fourth quarter and fiscal year ended January 3, 2021.

Highlights

  • Fourth quarter revenue increased 9.1% to $ 516.6 million, or 8.2% on constant currency
  • Core revenue increased 9.1% on constant currency to $ 501.0 million for the quarter
  • Operating income increased 33.3% to $ 40.4 million.
  • Net loss was $ 40.9 million, or ($ 0.28) per diluted share, while adjusted net income was $ 29.1 million, or $ 0.19 per diluted share, for the fourth quarter of 2020.
  • Adjusted EBITDA for the fourth quarter of $ 133.6 million represents an increase of 3.5 percent. Adjusted free cash flow increased 185.1% year over year to $ 101.5
  • The company predicts core revenue growth of 7% to 9% in constant currency in 2021

Operational highlights of the fourth quarter of 2020

"We continue to see strong momentum in our core business, which is reflected in our core revenue growth of 9% in the fourth quarter of 2020," said Chris Smith, chairman and CEO of Ortho Clinical Diagnostics. “This was mainly due to continued double-digit growth in our installed base for integrated instruments as well as higher volumes in both clinical laboratories and transfusion medicine product portfolios. Additionally, the company showed great agility when it developed and launched the first high-throughput COVID-19 antigen test in the fourth quarter of 2020. "

"The past 12 months have been fundamental to Ortho as we have strengthened our leadership position as an infectious disease innovator and donor testing," said Smith. "In addition, we have further improved our long-term growth profile, completed our IPO in February, strengthened our balance sheet and established our position as one of the largest purely listed companies in the growing IVD market."

$ in millions, except per
Share amounts
Quarter ended change
January 3, 2021 29th December 2019 as reported constant
currency
revenue $ 516.6 $ 473.7 9.1% 8.2%
Core sales $ 501.0 $ 455.1 10.1% 9.1%
Gross income 50.1% 49.7% 0.8% – –
Income from operations $ 40.4 $ 30.3 33.3% – –
EPS (GAAP) $ (0.28) $ 0.01 n / A – –
Adjusted Diluted EPS $ 0.19 $ 0.13 46.2 – –
Adjusted free cash flow $ 101.5 $ 35.6 185.1% – –
Adjusted EBITDA $ 133.6 $ 129.1 3.5% – –
  • Core salesExcluding contract manufacturing and other royalty income, fourth quarter 2020 revenue increased to $ 501.0 million compared to $ 455.1 million for the same period last year, an increase of 9.1% in constant currencies
  • Annual deficit The fourth quarter was $ 40.9 million, or $ 0.28 per share, compared to net income of $ 1.6 million, or $ 0.01 per share, for the fourth quarter of 2019
  • Adjusted EBITDA The fourth quarter was $ 133.6 million, up 3.5% from $ 129.1 million for the same period last year
  • Adjusted free cash flow The fourth quarter was $ 101.5 million, up 185.1% from $ 35.6 million for the same period last year

Results by segment

“Based on core geographic revenue for the quarter, America posted consistent currency growth of 15.5% driven by strategic commercial investments in the region over the past 12 to 18 months. Western Europe and many emerging markets, including India, Brazil and Mexico, showed signs of a recovery from the pandemic, particularly late in the quarter. Greater China saw limited growth due to trader decisions to reduce inventory levels in response to the pandemic. Said Smith.

Our sales by segment were as follows:

Million dollars Quarter ended change
January 3, 2021 29th December 2019 as reported constant
currency
America $ 311.6 $ 273.4 14.0% 15.5%
EMEA $ 72.3 $ 72.8 (0.7%) (5.1%)
Greater China $ 67.2 $ 62.7 7.2% 1.0%
Other $ 65.5 $ 64.8 1.1% (1.1%)
Total sales $516.6 $473.7 9.1%. 8.2%.

Balance sheet and liquidity

As of January 3, 2021, the company had cash and cash equivalents of $ 132.8 million compared to
Cash on December 29, 2019 was $ 72.0 million. Total debt was $ 3.7 billion on January 3, 2021, up 3.3% from $ 3.6 billion on December 29, 2019.

After the end of the quarter:

  • The company completed its IPO in early February 2021, including the full exercise of the over-allotment option by subscribers, and generated approximately $ 1.4 billion in net proceeds that was used to reduce debt
  • Pro forma balances on January 3, 2021 after the IPO would have been $ 203 million in cash and cash equivalents and total net debt would have been $ 2.3 billion
  • Ortho created additional financial flexibility by changing its revolving credit facility in February 2021 to increase it from $ 350 million to $ 500 million and extending the due date to 2026
  • The company received credit enhancements from both Moody & # 39; s and S&P Global after using the IPO proceeds to reduce debt

Outlook for the 2021 financial year

Ortho today presented the financial guidelines for fiscal year 2021 as follows:

Fiscal year 2021
Core sales $ 1.86 to $ 1.9 billion
Core sales growth at constant currency 7% – 9%
Adjusted EBITDA $ 504 to $ 517 million
Adjusted EBITDA growth 10% -13%
Adjusted Diluted EPS $ 0.57 – $ 0.63

“We are starting 2021 from a position of financial strength with solid economic momentum, which means that core sales growth of 7% to 9% at local currency is expected for the 2021 financial year. The first quarter got off to a good start and we expect the year under review to see core sales growth of 15 to 18% year-on-year at constant exchange rates, "said Joseph Busky, CFO of Ortho Clinical Diagnostics. "Our focus as a publicly traded company is to continue to invest strategically in the business to accelerate growth and shareholder value."

“After receiving our IPO proceeds and using the middle of our forecast Adjusted EBITDA margin for fiscal 2021, our forward looking net leverage ratio has improved 4.5x and we expect our leverage in the next few years, ”said Busky.

Conference call information

Ortho Clinical Diagnostics will host a conference call today at 5:00 p.m. ET to discuss fourth quarter and full year 2020 results.

Interested parties can access the invitation and the accompanying presentation in the “Investors” section of the company's website at https://ir.orthoclinicaldiagnostics.com. Presentation materials will also be posted in the Investors section of the website at the time of the call. Those who cannot access the webcast can join the call by telephone by dialing (833) 362-0203 (Domestic) or (914) 987-7672 (International) and entering the conference ID 2363936.

A replay of the conference call will be available in the Investor Relations section of the Company’s website in the Events section a few hours after the event.

About Ortho Clinical Diagnostics

Ortho Clinical Diagnostics (Nasdaq: OCDX) is one of the world's largest in vitro diagnostic (IVD) companies dedicated to transforming patient care.

Orthos tests affect more than 800,000 patients worldwide every day. Because every test is a life, Ortho provides hospitals, hospital networks, clinical laboratories and blood banks around the world with innovative technology and tools to ensure test results are quick, accurate and reliable. Ortho's bespoke solutions improve clinical outcomes, improve efficiency, overcome laboratory staff challenges and reduce costs.

From the introduction of the first product to determine the Rh + or Rh blood group to the development of the world's first tests for the detection of antibodies against HIV and hepatitis C to the introduction of the patented dry slide technology and the commercialization of the first of the US Food and Drug Administration Approved Large Volume Ortho has been a pioneer in IVD for over 80 years.

The company is backed by Ortho Care ™, an award-winning, end-to-end service and support program that delivers world-class technical, field and remote service to laboratories in more than 130 countries and territories around the world.

For more information, please visit the Ortho website or social media: LinkedIn, Twitter, Facebook and YouTube.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements reflect, among other things, our current expectations and expected results of operations, which are subject to all known and unknown risks, uncertainties and other factors that could affect our actual results, performance or success, market trends, or industry results differ materially from those set forth in Such forward-looking statements may be expressed or implied. Therefore, all statements contained herein that are not historical facts may and should be interpreted as forward-looking statements. Without limiting the foregoing, the words "anticipate", "expect", "propose", "plan", "believe", "intend", "project", "forecast", "estimate", "aim", "project." "," Should, "" could, "" would, "" may, "" could, "" will "and the negative thereof and similar words and expressions are used to identify forward-looking statements. Factors that could materially affect such forward-looking statements include: the ongoing global coronavirus pandemic (COVID-19); increased competition; Manufacturing problems or delays, or failure to develop and commercialize new or improved products or services; adverse developments on the world market as well as economic and political conditions; Our ability to obtain additional capital on economically reasonable terms may be limited or nonexistent. our inability to implement our growth-enhancing strategies or to realize the anticipated benefits of acquisitions and divestments, including due to difficulties in integrating acquired businesses into our current operations or in disposing of divested businesses; The need to record impairment losses related to goodwill, identified intangible assets and property, plant and equipment; our ability to operate in accordance with our business strategy in the event that our collaborators fail to meet their obligations; Risk that the insurance we maintain may not fully cover all potential risks; Product recalls or negative advertising can affect our reputation or the market acceptance of our products. Decrease in the number of surgical interventions performed and the resulting decrease in the need for blood; Fluctuations in our cash flows due to our reagent rental model; Acts of terrorism, conflicts, wars and natural disasters that can have a significant impact on our business, financial and earnings position; the outcome of legal proceedings against us and / or others; Risks associated with our activities outside the United States, including currency conversion risks, the effects of potential new tariffs and compliance with applicable trade embargoes; the impact of the UK's withdrawal from the European Union; our inability to deliver products and services that meet customers' needs and expectations; lack of trust in our products; significant changes in the healthcare and related industries in which we operate to reduce costs; Reduction of government funding and reimbursement to our customers; Price increases or interruptions in the supply of raw materials, components for our products, and products and services made available to us by certain major suppliers and manufacturers; our ability to recruit and retain the experienced and skilled staff we need to compete; Work stoppages, union negotiations, industrial disputes and other matters relating to our workforce; Consolidation of our customer base and formation of group purchasing organizations; unexpected payments to retirement plans for our employees; our inability to obtain the necessary permits or approvals for our products; Failure to comply with applicable regulations that could result in significant costs or the suspension or withdrawal of previously obtained permits or permits; the inability of government agencies to recruit, retain, deploy, or otherwise prevent new or modified products from being timely developed, approved or approved, or commercialized; Disruptions resulting from former President Trump's appeal to the Defense Production Act; our inability to maintain our data management and information technology systems; Data corruption, cyber-based attacks, security breaches and data breaches; our inability to protect and enforce our intellectual property rights or to defend ourselves against intellectual property violations by third parties; Risks associated with changes in income tax laws and regulations; Risks related to our substantial debt; our ability to generate cash flow to service our significant debt obligations; and risks associated with owning our common stock, including being a “controlled company” within the meaning of Nasdaq's corporate governance standards. Except as required by law, we undertake no obligation to update such forward-looking information to reflect actual results or changes in factors that will affect such forward-looking information.

Non-GAAP Financial Measures

This press release contains financial measures such as currency-neutral growth rate, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Adjusted Free Cash Flow, which are considered non-GAAP financial measures under applicable rules and regulations of the United States Securities and Exchange Commission. These non-GAAP financial measures should be viewed as a supplement to, and not a substitute for, financial information prepared in accordance with generally accepted United States accounting standards (GAAP). Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Free Cash Flow eliminate the impact of certain non-cash, unusual, or other items that we do not consider to be an indicator of our ongoing operating performance. Company definitions of these non-GAAP measures may differ from measures with similar titles used by others. The company generally uses these non-GAAP financial measures to facilitate management's financial and operational decisions, including assessing the company's historical operating results, comparing it to competitive operating results, and determining compensation for management incentives. These non-GAAP financial measures reflect an additional view of aspects of the company's business that, when viewed in relation to GAAP results and reconciled with corresponding GAAP financial measures, can provide a fuller understanding of the factors and trends that affect the company's business impact. Because non-GAAP financial measures exclude the effect of items that increase or decrease the company's reported results of operations, management strongly recommends that investors review the company's consolidated financial statements and publicly filed reports in full. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the tables accompanying this press release. These reconciliations include, for example, the impact of unrealized exchange rate gains or losses, unusual or non-recurring gains or losses, and discrete chargeable events. We cannot estimate or project these items and they can have a material and unpredictable impact on our results, which are presented in accordance with GAAP.

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Ortho Clinical Diagnostics Holdings plc (formerly known as Ortho-Clinical Diagnostics Bermuda Co. Ltd.)
Consolidated income statement
(Unchecked)
Fiscal quarter ended Fiscal year ended
(in millions of dollars, excluding data per share) January 3rd
2021
December 29th
2019
January 3rd
2021
December 29th
2019
Net sales $ 516.6 $ 473.7 $ 1,766.2 $ 1,801.5
Cost of sales excluding amortization of intangible assets 258.0 238.4 908.2 922.4
Gross income 258.6 235.3 858.0 879.1
Selling, marketing and administration costs 141.7 135.6 489.6 515.1
Research and development costs 30.8 24.3 112.9 98.0
Amortization of intangible assets 33.2 33.0 131.9 131.7
Other operating expenses, net 12.5 12.1 35.3 48.8
Income from operations 40.4 30.3 88.3 85.5
Net interest expense 49.6 53.7 198.2 231.4
Tax compensation expense (income) 19.6 (2.2 ) 31.2 29.2
Other expenses, net 23.1 (28.8 ) 84.2 5.7
Loss before (benefit from) provision for income taxes (51.9 ) 7.6 (225.3 ) (180.8 )
Provision for income taxes (11.0 ) 6.0 (13.4 ) (23.9 )
Net profit (loss) $ (40.9 ) $ 1.6 $ (211.9 ) $ (156.9 )
Basic and diluted earnings per ordinary share $ (0.28 ) $ 0.01 $ (1.45 ) $ (1.08 )
Fundamental and diluted weighted average common stocks outstanding 146.6 146.0 146.3 145.5
Ortho Clinical Diagnostics Holdings plc (formerly known as Ortho-Clinical Diagnostics Bermuda Co. Ltd.)
Consolidated balance sheets
(Unchecked)
(in millions of dollars, excluding stocks and stocks per share data) January 3rd
2021
December 29th
2019
financial assets
Current assets:
Cash and cash equivalents $ 132.8 $ 72.0
Receivables (less bad debt allowances of $ 9.8 and $ 7.5)
respectively)
318.7 348.5
Stocks 278.7 253.9
Other current assets 127.0 147.0
Total current assets 857.2 821.4
Property, plant and equipment, net 832.0 848.2
Goodwill 580.1 567.3
Intangible assets, net 1,016.7 1,134.5
Deferred income taxes 8.0 6.1
Other assets 107.5 211.7
Total assets $ 3,401.5 $ 3,589.2
Liabilities and Shareholder Deficit
Short-term liabilities:
Settlement liabilities $ 146.2 $ 198.4
accruals 284.7 291.3
Prepaid expenses 35.5 36.3
Current part of the loans 160.0 156.7
Total short-term liabilities 626.4 682.7
Long term loans 3,558.5 3,442.4
Employee-related obligations 39.3 36.9
Other liabilities 120.8 175.0
Deferred income taxes 67.3 65.0
Total liabilities 4,412.3 4,402.0
Commitments and Contingent Liabilities
Shareholder deficit:
Common stock, face value $ 0.00001, 1,000,000,000 authorized shares, 147,295,511
and 146,437,574 shares issued and outstanding as of January 3, 2021
and December 29, 2019
– – – –
Additional paid-in capital 975.1 964.7
Cumulative deficit (1,917.5 ) (1,705.6 )
Cumulative other comprehensive loss (68.4 ) (71.9 )
Total deficit of shareholders (1,010.8 ) (812.8 )
Total debt and shareholder deficit $ 3,401.5 $ 3,589.2
Ortho Clinical Diagnostics Holdings plc (formerly known as Ortho-Clinical Diagnostics Bermuda Co. Ltd.)
Consolidated cash flow statement
(Unchecked)
Fiscal quarter ended Fiscal year ended
(in million US dollars) January 3rd
2021
December 29th
2019
January 3rd
2021
December 29th
2019
The cash flow from operating activities:
Net profit (loss) $ (40.9 ) $ 1.6 $ (211.9 ) $ (156.9 )
Adjustments to reconcile the net loss to the cash flow from operating activities:
Depreciation 86.3 82.3 325.9 327.5
Unrealized and non-cash exchange rate losses (profits), net 17.1 (35.0 ) 68.2 (18.1 )
Amortization of the deferred financing costs and the original issue discount 2.9 3.2 10.9 12.4
Deferred tax benefits (6.8 ) (3.8 ) (2.5 ) (4.4 )
Share-based payment 2.5 2.4 8.6 18.6
Provision for doubtful accounts 2.2 1.6 3.6 4.5
Loss in extinguishing debt – – 0.0 12.6 – –
Other non-cash, net (1.9 ) 3.5 (0.5 ) 15.9
Changes in operating assets and liabilities less the effects of acquisitions:
requirements (1.2 ) (17.4 ) 33.3 (21.4 )
Stocks (25.1 ) (9/22 ) (152.0 ) (108.6 )
Other short-term and long-term assets 8.1 9.7 (19.5 ) (27.2 )
Trade payables and provisions 39.7 6.2 (36.0 ) 83.6
Prepaid expenses 7.4 10.4 (1.9 ) 7.3
Other short-term and long-term liabilities 4.4 4.2 7.3 9.8
Cash generated from operations 94.7 46.0 46.1 143.0
Cash flow from investing activities:
Purchase of property, plant and equipment (15.7 ) (21.0 ) (44.1 ) (66.2 )
Acquisition of ortho-clinical diagnostics (purchase price adjustment) – – – – – – – –
Milestone payments and others (2.2 ) 0.0 (1.3 ) (2.3 )
Cash flow from investing activities (17.9 ) (21.0 ) (45.4 ) (68.5 )
Cash flows from financing activities:
Long-term debt income 0.0 (1.0 ) 1,421.0 2.8
Payments on long-term debt (15.8 ) (12.4 ) (1,363.5 ) (49.7 )
(Payments) Loans on short-term loans, net (1.3 ) 0.8 (3.5 ) (17.2 )
Income from the exercise of stock options 1.6 0.0 1.8 – –
Buyback of common shares – – 0.1 – – (0.3 )
Cash (used in) provided by financing activities (15.5 ) (12.5 ) 55.8 (64.4 )
Effect of exchange rate changes on cash 3.2 0.1 3.7 (0.7 )
Increase (decrease) in cash, cash equivalents and restricted cash 64.5 12.6 60.2 9.4
Cash, cash equivalents and restricted cash at the beginning of the period 79.7 71.4 84.0 74.6
Cash, cash equivalents and restricted cash at the end of the period $ 144.2 $ 84.0 $ 144.2 $ 84.0
Ortho Clinical Diagnostics Holdings plc (formerly known as Ortho-Clinical Diagnostics Bermuda Co. Ltd.)
Reconciliation of GAAP to non-GAAP results
(Unaudited)
Fiscal quarter ended Fiscal year ended
($ in millions) January 3,
2021
December 29,
2019
January 3,
2021
December 29,
2019
Net (loss) income $ (40.9 ) $ 1.6 $ (211.9 ) $ (156.9 )
Interest expense, net 49.6 53.7 198.2 231.4
Depreciation and amortization 86.3 82.3 325.9 327.5
(Benefit from) provision for income taxes (11.0 ) 6.0 (13.4 ) (23.9 )
Unrealized foreign currency exchanges losses (gains) (a) 17.0 (34.9 ) 63.0 (19.6 )
Restructuring and severance-related costs (b) 2.4 12.5 11.7 36.0
Debt refinancing costs and loss on extinguishment of debt – – – – 12.6 – –
Stock-based compensation (c) 2.4 2.4 8.6 18.6
Tax indemnification expense (income), net (d) 19.6 (2.2 ) 31.2 29.2
Quotient upfront payment (e) – – – – 7.5 – –
Other adjustments (f) 8.2 7.7 22.6 35.2
Adjusted EBITDA $ 133.6 $ 129.1 $ 456.0 $ 477.5
Fiscal quarter ended Fiscal year ended
($ in millions) January 3,
2021
December 29,
2019
January 3,
2021
December 29,
2019
Net (loss) income $ (40.9 ) $ 1.6 $ (211.9 ) $ (156.9 )
Intangible amortization 33.2 33.0 131.9 131.7
Unrealized foreign currency exchanges losses (gains) (a) 17.0 (34.9 ) 63.0 (19.6 )
Restructuring and severance-related costs (b) 2.4 12.5 11.7 36.0
Debt refinancing costs and loss on extinguishment of debt – – – – 12.6 – –
Stock-based compensation (c) 2.4 2.4 8.6 18.6
Quotient upfront payment (e) – – – – 7.5 – –
Other adjustments (f) 8.2 7.7 22.6 35.2
Total adjustments 63.2 20.7 257.9 201.9
Tax effect of reconciling items (g) – – (4.0 ) (6.3 ) (10.2 )
Discrete tax items (h) 6.8 1.8 11.5 (2.1 )
Adjusted net income $ 29.1 $ 20.1 $ 51.2 $ 32.7
Adjusted diluted EPS $ 0.19 $ 0.13 $ 0.34 $ 0.22
(a) Represents noncash unrealized gains and losses resulting from the remeasurement of transactions denominated in foreign currencies primarily related to intercompany loans.
(b) Represents restructuring and severance costs related to several discrete initiatives intended to strengthen operational performance and to support building our commercial capabilities including a project announced in fiscal year ended January 3, 2016 to outsource equipment manufacturing operations in Rochester, New York and a project announced in fiscal year ended December 30, 2018 to transfer certain production lines among facilities.
(c) Represents stock-based compensation expense including the $14.7 million modification impact of a 2019 amendment to our stock option agreement, where performance-based options that did not previously vest based on applicable minimum earnings targets will vest over a specified future period of time.
(d) Represents the reversal of the impact of tax indemnification income with Johnson & Johnson, primarily related to certain state tax matters, for which we recorded a tax reserve and indemnification. These state tax matters primarily include the taxability of the sale of our assets on the Acquisition date from Johnson & Johnson. Additionally, during the second quarter ended June 30, 2019, we recorded indemnification expense related to the release of certain tax reserves upon the settlement of certain state tax matters that were settled for an amount lower than what we had estimated.
(e) Represents an initial, non-refundable upfront payment made to Quotient Ltd. (“Quotient”), one of our partners and suppliers.
(f) Represents miscellaneous other adjustments related to unusual items impacting our results including the elimination of management fees, non-cash derivative mark-to-market (gain) loss and certain asset write-downs. See information below:
Fiscal quarter ended Fiscal year ended
($ in millions) January 3,
2021
December 29,
2019
January 3,
2021
December 29,
2019
EU medical device regulation transition costs $ 1.0 $ 1.1 $ 4.3 $ 3.2
Principal shareholder management fee 0.7 0.8 3.0 3.1
Derivative mark-to-market loss 2.2 1.2 1.5 16.0
Noncash losses on property, plant and equipment disposals 0.1 1.6 0.6 2.5
Andere 4.2 3.0 13.2 10.4
Total other adjustments $ 8.2 $ 7.7 $ 22.6 $ 35.2
(g) Non-GAAP adjustments were tax effected based on the nature of the expense and related jurisdiction, many of which are impacted by valuation allowances resulting in little to no tax impact.
(h) We exclude deferred tax resulting from changes in tax law and expiration of statutes, adjustments for uncertain tax positions, and other unusual items not related to current operating results.
Reconciliation of GAAP Cash Flows from Operating Activities to Free Cash Flow (i)
Fiscal quarter ended Fiscal year ended
($ in millions) January 3,
2021
December 29,
2019
January 3,
2021
December 29,
2019
Net cash provided by operating activities – GAAP $ 94.7 $ 46.0 $ 46.1 $ 143.0
Adjustments:
Net cash used in investing activities – GAAP (17.9 ) (21.0 ) (45.4 ) (68.5 )
Unusual or non-recurring payments 24.7 10.6 69.4 36.8
Adjusted free cash flow $ 101.5 $ 35.6 $ 70.1 $ 111.3
(i) The Company defines free cash flow as net cash flow from operations accounted for under GAAP less net cash used in investing activities accounted for under GAAP plus or minus any unusual or non-recurring payments.
Ortho Clinical Diagnostics Holding plc (formerly known as Ortho-Clinical Diagnostics Bermuda Co. Ltd.)
Reconciliation of GAAP to non-GAAP results
Core and Non-Core Revenue and Revenue by Segment
(Unaudited)
Fiscal quarter ended
($ in millions) January 3,
2021
December 29,
2019
Percent
Change
Currency
Impact
Constant
Currency
Growth
Rate
(a)
Core Revenue 501.0 455.1 10.1 % 4.3 9.1 %
Non-core Revenue 15.6 18.6 -16.1 % -0.1 -15.6 %
Net Revenue 516.6 473.7 9.1 % 4.2 8.2 %
Segment net revenue
Americas 311.6 273.4 14.0 % -4.3 15.5 %
EMEA 72.3 72.8 -0.7 % 3.2 -5.1 %
Greater China 67.2 62.7 7.2 % 3.9 1.0 %
Andere 65.5 64.8 1.1 % 1.4 -1.1 %
Net revenue 516.6 473.7 9.1 % 4.2 8.2 %
(a) The term “constant currency” means we have translated local currency revenues for all reporting periods into U.S. dollars using the same comparable foreign currency exchange rates. This additional non-GAAP financial information is not meant to be considered in isolation from or as substitute for financial information prepared in accordance with GAAP.