Quidel Corp (QDEL) Prelim. Q2 Revenue Tops Consensus

Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today that it expects revenues in the second fiscal quarter of 2020 to be in the range of $201 million to $202 million, an increase of approximately 86% - 87% over the prior year quarter.

(*Consensus sees Q2 revenue of $179 million)

“Our second quarter was even stronger than we had expected, driven by demand for our COVID-19 Molecular Diagnostics and Rapid Immunoassay products. With the rapid development, EUA clearance, and production of over 3 million Lyra® SARS-CoV-2 and Lyra® Direct SARS-CoV-2 assays, Quidel played a small, but important role in helping our high complexity lab customers with their SARS-2 PCR testing needs,” said Douglas Bryant, president and chief executive officer of Quidel Corporation. “Later in the quarter, we completed the development of Sofia SARS Antigen, gained EUA clearance, and manufactured almost 4 million Sofia SARS Antigen cassettes in the quarter. In the month of June, we also shipped approximately 1,500 Sofia instruments, bringing the cumulative total to approximately 45,000 Sofia placements globally, 90% of which are in the U.S.”

“We witnessed strong execution on all fronts, with significant contributions from our R&D, Clinical, Regulatory, Supply Chain, Quality, Manufacturing, and Commercial organizations. I am proud to lead an organization that demonstrated extraordinary dedication, selflessness, and sacrifice during these challenging times,” added Mr. Bryant.

These preliminary results are based on management’s initial analysis of operations for the quarter ended June 30, 2020. The company expects to issue full financial results for the second quarter in late July.

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