Quidel Clocks Interim Q3 Sales Twice Of Wall Street Expected

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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