Quidel's Q4 Earnings Beat Street View Despite 21% Decline In Sales

Quidel Corp's 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.