Financial Information of Registrant (Parent Company Only)

12 Months Ended

Jan. 02, 2022

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Financial Information of Registrant (Parent Company Only)

(25) Financial Information of Registrant (Parent Company Only)

Ortho Clinical Diagnostics Holdings plc

(Parent Company Only)

Statements of operations and comprehensive loss

(In millions)

	Fiscal Year Ended
	January 2, 2022			January 3, 2021			December 29, 2019
Selling, marketing and administrative expenses	$	3.5		$	—		$	—
Equity in loss of subsidiaries		(50.8	)		(211.9	)		(156.9	)
Net loss		(54.3	)		(211.9	)		(156.9	)
Equity in other comprehensive income (loss) of subsidiaries		24.7			4.2			(19.7	)
Total comprehensive loss	$	(29.6	)	$	(207.7	)	$	(176.6	)

Ortho Clinical Diagnostics Holdings plc

(Parent Company Only)

Balance sheets

(In millions, except share and per share data)

	January 2, 2022			January 3, 2021
Assets
Current assets:
Cash and cash equivalents	$	17.0		$	1.8
Receivables from subsidiaries		—			0.2
Investments in subsidiaries		400.9			—
Loans receivable from subsidiaries		—			3.2
Total assets	$	417.9		$	5.2
Liabilities and Shareholders’ Equity (Deficit)
Payables to subsidiaries	$	6.9		$	0.8
Accrued expenses		0.5			—
Investments in subsidiaries		—			1,015.2
Total liabilities		7.4			1,016.0
Preferred Redeemable shares, $1.39 nominal value per share, 50,000 and no shares    issued and outstanding as of January 2, 2022 and January 3, 2021		0.1			—
Ordinary shares, $0.00001 par value, 1,000,000,000 shares authorized, 237,203,879     and 147,295,511 shares issued and outstanding as of January 2, 2022 and    January 3, 2021, respectively		—			—
Additional paid-in capital		2,425.9			975.1
Accumulated deficit		(1,971.8	)		(1,917.5	)
Accumulated other comprehensive loss		(43.7	)		(68.4	)
Total shareholders’ equity (deficit)		410.5			(1,010.8	)
Total liabilities and shareholders’ equity (deficit)	$	417.9		$	5.2

Ortho Clinical Diagnostics Holdings plc

(Parent Company Only)

Statements of cash flows

(In millions)

	Fiscal Year Ended
	January 2, 2022			January 3, 2021			December 29, 2019
Cash Flows from Operating Activities:
Net loss	$	(54.3	)	$	(211.9	)	$	(156.9	)
Adjustments to reconcile net loss to cash used in operating activities:
Equity loss in subsidiaries		50.8			211.9			156.9
Changes in operating assets and liabilities		4.5			—			—
Cash provided by operating activities		1.0			—			—
Cash Flows from Investing Activities:
Increase in investment in subsidiaries		(1,416.1	)		—			—
Net increase in intercompany loans		—			—			(3.3	)
Cash used in investing activities		(1,416.1	)		—			(3.3	)
Cash Flows from Financing Activities:
Proceeds from initial public offering		1,426.4			—			—
Payment of initial public offering costs		(9.2	)		—			—
Proceeds from exercise of stock options		13.1			1.8			—
Repurchase of common stock		—			—			(0.3	)
Cash provided (used in) by financing activities		1,430.3			1.8			(0.3	)
Effect of exchange rate changes on cash		—			—			—
Increase (decrease) in cash, cash equivalents and restricted cash		15.2			1.8			(3.6	)
Cash, cash equivalents and restricted cash at beginning of year		1.8			—			3.6
Cash, cash equivalents and restricted cash at end of year	$	17.0		$	1.8		$	—

Note to Registrant’s Condensed Financial Statements (Parent Company Only)

Basis of Presentation

These condensed Ortho Clinical Diagnostics Holdings plc (“Ortho” or “Parent Company”) only financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of the subsidiaries of the Parent Company exceed 25% of the consolidated net assets of the Parent Company as stipulated by Rule 5-04, Section I from Regulation S-X. The ability of the Parent Company’s operating subsidiaries to pay dividends is restricted due to the terms of the subsidiaries’ Credit Agreement and indentures as defined in Note 9–Borrowings, to the consolidated financial statements.

The Parent Company is a public limited company incorporated under the laws of England and Wales. On December 16, 2020, upon incorporation, Parent Company had an initial share capital of one ordinary share and 50,000 preferred redeemable shares. On January 25, 2021, Parent Company became the new holding company of Bermuda Holdco and its subsidiaries and Carlyle, and all other shareholders of Bermuda Holdco contributed all of their outstanding equity interests in Bermuda Holdco to the Parent Company in exchange for ordinary shares of Parent Company on a 1-for-1 basis.

The Parent Company is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed Parent Company only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the Parent Company accounts for investments in its subsidiaries using the equity method. These condensed financial statements should be read in conjunction with the consolidated financial statements and related notes thereto.