Quidel Clocks More Than Three-Fold Jump In COVID-19 Products

Quidel Corp's QDEL Q1 sales more than doubled to $1 billion, beating the consensus of $890 million and meeting management expectations.
The company attributed the increase to significantly increased sales of rapid immunoassay products, specifically QuickVue At-Home OTC COVID-19 tests, Sofia Influenza + SARS, and Sofia Influenza tests.
"Our diverse suite of assays, increasing brand strength, and growing installed base of Sofia analyzers continue to propel our market expansion, broadening our post-pandemic opportunities," said CEO Douglas Bryant.
Rapid immunoassay product revenues increased by $655.1 million to $892.8 million from $237.7 million, primarily due to significant QuickVue At-Home OTC COVID-19 test sales.
Cardiometabolic immunoassay revenues declined 25% to $50.2 million due to the impact of the transition agreement with Beckman Coulter for Beckman's B-type Natriuretic Peptide assay business.
Molecular diagnostic solutions revenues declined 23 percent to $46.0 million from $60.3 million, while specialized diagnostics solutions increased 22 percent to $13.3 million from $10.9 million.
Overall, total sales of COVID-19 products more than tripled to $836.1 million, while total sales of Influenza products increased 82% to $89.1 million.
The company posted EPS of $11.66, well above the average Wall Street estimate of $9.89.
Quidel finished the first quarter with $1.28 billion in cash and cash equivalents.
Price Action: QDEL shares traded 2.07% lower at $102.65 on the last check Thursday.

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