Quidel Corp (QDEL) Misses Q1 EPS by 10c, Revenues Miss

Quidel Corp (NASDAQ: QDEL) reported Q1 EPS of $0.91, $0.10 worse than the analyst estimate of $1.01. Revenue for the quarter came in at $148 million versus the consensus estimate of $155.19 million.

• Total revenue was $148.0 million as compared to $169.1 million in the first quarter of 2018.
• Total revenue on a constant currency basis was $150.2 million in the first quarter of 2018.
• Influenza revenue was $47.2 million as compared to $64.6 million in the first quarter of 2018.
• Cardiac Immunoassay revenue was $65.9 million on a reported basis, or $68.0 million on a constant currency basis.
• Molecular Diagnostic Solutions revenue was $5.7 million, 12% growth from the first quarter of 2018.
• Reported GAAP EPS of $0.60 per diluted share in the first quarter of 2019, as compared to $0.86 per diluted share in the first quarter of 2018. Reported non-GAAP EPS of $0.91 per diluted share in the first quarter of 2019, as compared to $1.29 per diluted share in the first quarter of 2018.
• Paid down $20.0 million on the Revolving Credit Facility.

“In Q1 of this year, we benefited significantly from the respiratory disease season, delivering the second-largest quarter for influenza revenue in the company\'s history after Q1 of 2018. Cardiovascular revenue, at $68 million on a constant currency basis, was well within the $64 million to $69 million that we suggested for the early quarters of 2019,” said Douglas Bryant, president and CEO of Quidel Corporation. “With Q1 now behind us, we believe that a 2019 revenue target of $535 million on a constant currency basis seems appropriate.”

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

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