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Ortho Clinical Diagnostics (OCDX) reported a 9.1% revenue increase to $516.6 million for Q4 2020, exceeding expectations. Core revenue also rose 9.1% to $501.0 million. Operating income surged 33.3% to $40.4 million, though a net loss of $40.9 million was reported. Adjusted EBITDA increased 3.5% to $133.6 million, with adjusted free cash flow soaring 185.1% to $101.5 million. For 2021, the company projects a 7% to 9% growth in Core revenue, demonstrating strong market momentum.
Ortho Clinical Diagnostics (Nasdaq: OCDX) announced its VITROS® Anti-SARS-CoV-2 Total 2 and IgG 2 Antibody assays have received CE Mark for detecting COVID-19 antibodies. Both assays deliver qualitative and semi-quantitative results, enhancing lab workflow by eliminating the need for repeat tests. The assays demonstrate 100% specificity and provide insight into patient's immune responses to SARS-CoV-2. With millions of tests planned for monthly manufacturing, these systems are already deployed in over 5,600 labs globally, improving testing capacity and efficiency.
Ortho Clinical Diagnostics (Nasdaq: OCDX) will report its fourth quarter and full year 2020 results on March 18, 2021, after market close. A conference call is scheduled for the same day at 5:00 PM ET to discuss these results. Interested parties can access the call via the company's website, and a replay will be available shortly after the event. As a leading company in in vitro diagnostics, Ortho is dedicated to improving patient care with innovative testing solutions that impact over 800,000 patients daily worldwide.
Ortho Clinical Diagnostics announced the appointment of Evelyn Dilsaver to its board of directors and as audit committee chair. Dilsaver, who previously served as CEO of Charles Schwab Investment Management, brings extensive financial experience, having grown the firm's assets significantly. She holds multiple board positions and has received various prestigious awards for her leadership. Dilsaver expressed enthusiasm about contributing to Ortho during its growth phase as a public company, emphasizing the company’s pivotal role in clinical diagnostics.
Ortho Clinical Diagnostics announced upgrades to its credit ratings following its initial public offering. S&P Global upgraded the issuer credit rating to B from B-, while Moody's raised the Corporate Family Rating to B1 from B3. Both agencies cited improved credit measures and debt repayment from IPO proceeds as key factors. CEO Chris Smith emphasized the company's commitment to driving growth and reducing debt, aiming for a stronger balance sheet.
Ortho Clinical Diagnostics Holdings plc (Nasdaq: OCDX) announced on February 5, 2021, the amendment of its credit agreement, increasing its revolving credit facility by $150 million to a total of $500 million. The maturity date has been extended to February 26, 2026. This move is expected to enhance the company's liquidity, aiding in its operational capabilities. Detailed information can be found in an 8-K filing with the SEC.
Ortho Clinical Diagnostics (Nasdaq: OCDX) announced the closing of an additional 11.4 million ordinary shares from its IPO over-allotment option, raising approximately $193.8 million. Shares were sold at $17.00 each. Proceeds will be used to redeem $160 million of 7.375% senior notes due 2025, $270 million of 7.250% senior notes due 2028, repay term loan borrowings, and for general corporate purposes. The offering was managed by leading firms including J.P. Morgan, BofA Securities, and Goldman Sachs.
Ortho Clinical Diagnostics announced the pricing of its initial public offering (IPO) of 76 million ordinary shares at $17.00 per share, expected to raise $1,292 million in gross proceeds. Trading on Nasdaq under the symbol OCDX is set to begin on January 28, 2021, with the offering concluding on February 1, 2021. Proceeds will be used to redeem $160 million and $270 million in senior notes, repay borrowings, and support working capital. The underwriters have a 30-day option to buy up to 11.4 million additional shares.