Quidel Stock Falls As Q2 Earnings Miss Street Estimates On Lower COVID-19, Influenza Product Sales

Quidel Corporation QDEL reported after the close of the market Thursday that its second-quarter revenues fell 12% Y/Y to $176.6 million, below the consensus of $194.5 million.
The decline is attributable to decreased demand for Sofia and PCR COVID-19 assays and lower demand for influenza products.
Excluding COVID-19 and influenza products, revenue for the core business grew 24% to $91.5 million.
Sales of rapid immunoassay products decreased 25% to $60.1 million due to lower revenue for Sofia SARS Antigen and influenza products partially offset by $28.6 million in incremental QuickVue SARS Antigen product sales.
Cardiometabolic immunoassay revenue totaled $71.7 million, up 32%. Quidel's specialized diagnostic solutions revenue decreased 12% to $10.4 million.
Molecular diagnostic product sales fell 38% to $34.5 million, which Quidel attributed to a $25.5 million decline in sales of Lyra PCR assays for COVID-19 diagnosis partially offset by incremental revenue from its Solana SARS-CoV-2 assay.
Total sales of COVID-19 products were $83.4 million compared to $109.0 million a year ago, while the firm's total sales of Influenza products were $1.6 million compared to $18.7 million a year ago.
In Q2, Quidel settled a legal dispute with Beckman Coulter over its BNP cardiometabolic immunoassay business. Beckman assumed ownership of the business and provided Quidel with yearly cash payments of between $70 million - $75 million through 2029.
The gross margin declined from 73.7% to 60.1%, driven by lower selling prices for SARS products and unfavorable product mix.
Quidel's Q2 adjusted EPS of $0.75, down from $1.86 a year ago, missed the consensus of $1.46.
It finished the quarter with $593.2 million in cash and cash equivalents.
Price Action: QDEL shares traded lower by 7.64% at $133 premarket on the last check Friday.

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