Quidel Corp (QDEL) Tops Q4 EPS by 20c, Revenues Beat

Quidel Corp (NASDAQ: QDEL) reported Q4 EPS of $0.80, $0.20 better than the analyst estimate of $0.60. Revenue for the quarter came in at $132.6 million versus the consensus estimate of $132.11 million.

• Total revenue grew 15% to $132.6 million as compared to $114.9 million in the fourth quarter of 2017.
• Quidel’s legacy revenue grew 3% from the fourth quarter of 2017 to $69.6 million.
• Total influenza revenue increased 4% from the fourth quarter of 2017 to $34.9 million.
• Cardiac Immunoassay revenue grew 34% from the fourth quarter of 2017 to $62.9 million.
• Molecular Diagnostic Solutions revenue grew 30% to $5.8 million.
• Reported GAAP EPS of $0.78 per diluted share and non-GAAP EPS of $0.80 per diluted share.
• Received CE Mark for Sofia® Quantitative Vitamin D Assay, Sofia® 2 Lyme+ Fluorescent Immunoassay and TriageTrue™ High Sensitivity Troponin I Test.
• Paid down $30.0 million on the Revolving Credit Facility.

“In every respect, 2018 was an exceptional year for Quidel, as we met or exceeded nearly all of our expectations laid out at our Analyst Day in April last year. We expanded internationally, integrated a high percentage of the Alere assets acquired in October 2017, and delivered over $13.0 million in synergies. Commercial execution throughout the year was outstanding, as well. Revenues for the Cardiac business were 7% better than we had anticipated, and legacy revenues were up 11% over the prior year. Placements of our flagship platform, Sofia, were nearly 10,000, far greater than in any prior year. And, we grew our molecular business by 42%. We beat our EBITDA target, and generated significant cash that was used in part to reduce our debt by $310.6 million,” said Douglas Bryant, president and CEO of Quidel Corporation. “I’m proud of the progress we’ve made, and of the ‘can-do’ culture that pervades our company globally.”

For earnings history and earnings-related data on Quidel Corp (QDEL) click here.

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