Quidel Corp (QDEL) Tops Q1 EPS by 24c, Revenues Beat

Quidel Corp (NASDAQ: QDEL) reported Q1 EPS of $1.22, $0.24 better than the analyst estimate of $0.98. Revenue for the quarter came in at $174.7 million versus the consensus estimate of $158.08 million.

First Quarter 2020 Highlights

• Total revenue increased 18% to $174.7 million, from $148.0 million in the first quarter of 2019.
• Cardiometabolic Immunoassay revenue decreased 18% to $53.9 million, and decreased 17% on a constant currency basis.
• Molecular Diagnostic Solutions revenue grew 45% from the first quarter of 2019 to $8.4 million.
• Influenza revenue increased 69% to $79.6 million, compared with $47.2 million in the first quarter of 2019.
• Reported GAAP EPS of $0.93 per diluted share in the first quarter of 2020, compared with $0.60 per diluted share in the first quarter of 2019.
• Reported non-GAAP EPS of $1.22 per diluted share in the first quarter of 2020, compared with $0.91 per diluted share in the first quarter of 2019.
• Received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration for Lyra® SARS-CoV-2 Assay.

“We had a strong start to the year, both in terms of financial performance, as well as with product development efforts. Influenza testing revenue, which reached record highs in January and February, continued at a high level throughout the end of the quarter,” said Douglas Bryant, president and CEO of Quidel Corporation. “In the midst of an unusually strong respiratory season that required our operations teams to scale up manufacturing, our R&D organization pivoted quickly to develop a RT-PCR assay for SARS-CoV-2, and both antigen and serology assays for our Sofia analyzers. The first assay has received Emergency Use Authorization from the FDA, and the others are not far behind.”

Mr. Bryant continued, “What we do matters, and it is truly inspiring to see the level of dedication, perseverance, and teamwork that I get to witness every day. Our strong company culture positions us to grow, create value, and meet the challenges ahead to support the well-being of our communities through this difficult time.”

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

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