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Quidel Corp's (NASDAQ: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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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