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- Quidel Corp's (NASDAQ: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.
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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