- 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.