Quidel's Q4 Earnings Beat Street View Despite 21% Decline In Sales

Quidel Corp's QDEL fourth-quarter revenues fell 21.3% Y/Y to $636.87 million, beating the consensus of $567.17 million.

  • The decline was driven mainly by a $249 million revenue decline of the Sofia 2 Flu + SARS antigen FIA. Also impacting revenue was a shift in product mix for Rapid Immunoassay COVID-19 products from higher-priced Sofia products to lower-priced QuickVue products. 
  • Rapid Immunoassay product revenue in Q4 FY21 was $521.0 million. Sofia sales were $92.8 million, compared to $620.4 million a year ago.
  • Revenue for COVID-19 products was $511.8 million, versus $405.3 million in the fourth quarter of 2020. Total Influenza revenue was $40.5 million.
  • The revenue of Molecular Diagnostics Solutions decreased 48% to $50.9 million on lower volumes and selling prices for COVID-19 PCR products.
  • The gross margin compressed from 87% to 77%.
  • Quidel's Q4 adjusted EPS of $7.29, down from $11.07 a year ago, surpassed the consensus of $5.61.
  • It finished the quarter with $802.75 million in cash and equivalents.
  • Price Action: QDEL shares closed 6.85% higher at $94.50 during after-hours trading on Thursday.
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Posted In: EarningsNewsHealth CareGeneralBriefs
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