- Quidel Corporation QDEL announced preliminary estimates for its Q3 revenues are expected to rise between 6% and 7% Y/Y on COVID-19 assay sales.
- Related: Quidel Stock Falls As Q2 Earnings Miss Street Estimates On Lower COVID-19, Influenza Product Sales.
- For Q3, Quidel expects revenues of $505.0 million - $510.0 million, up from $476.1 million in Q3 of 2020. On average, analysts had expected Q3 revenues of $186.3 million.
- Quidel shipped more than 45 million SARS-CoV-2 tests in the quarter, + 135% Y/Y.
- Overall, the Company is expecting approximately $406.0 million in COVID-19 revenues, compared with $375.7 million a year ago.
- Douglas Bryant, Quidel's president & CEO, said that the firm saw a significant uptick in demand across multiple markets for its SARS category products as COVID-19 infections rose due to the spread of the Delta variant.
- Quidel also secured a 12-month contract near the end of the quarter worth an expected $284 million.
- The contract is to supply up to 51.2 million QuickVue At-Home OTC COVID-19 rapid antigen tests to the federal government.
- Bryant noted that in Q3, Quidel manufactured and shipped the largest volume of tests ever produced and shipped in any quarter in the firm's history.
- Quidel is on track to reach its target run-rate capacity of approximately 70 million rapid antigen tests per month — specifically, 50 million QuickVue assays and 20 million Sofia assays, by the end of 2021.
- Price Action: QDEL stock is up 2.36% at $139.42 during the market session on the last check Friday.
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QDELQuidelOrtho Corp
$27.79-2.76%
Edge Rankings
Momentum
21.28
Growth
0.29
Quality
-
Value
31.34
Price Trend
Short
Medium
Long
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