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Quidel Rallies On Earnings Beat Despite Sales Decline

Stock Markets Feb 18, 2022 10:47AM ET
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© Reuters.

By Sam Boughedda

Investing.com -- Quidel Corporation (NASDAQ:QDEL), the diagnostic healthcare products manufacturer, reported its fourth quarter numbers after the bell Thursday, beating analyst expectations on revenue and earnings.

The company's shares have rallied over 15% as a result.

Quidel posted earnings per share of $7.29 on revenue of $636.9 million. Analysts polled by Investing.com anticipated EPS of $5.61 on revenue of $540.9 million.

However, revenue fell from the $809.2 million reported in the fourth quarter of 2020.

Quidel said the decline was caused mainly by a $249 million revenue decline of the Sofia 2 Flu + SARS antigen FIA. In addition, there was a shift in the product mix for rapid immunoassay COVID-19 products from higher-priced Sofia products sold in the professional market to lower-priced QuickVue products sold in the retail, pharmacy, and employer testing markets.

Revenue from COVID-19 products rose to $511.8 million from $405.3 million in the fourth quarter of 2020, with Douglas Bryant, President and CEO of Quidel, saying demand for COVID-19 testing remains elevated.

The company launched the Savanna MDx instrumented system in select markets during the quarter. Commenting on the system, Bryant said it is a "key near-term opportunity" for the company.

"Based on customer reviews in Europe, we believe Savanna will be a major growth driver, both in the U.S. and globally, for years to come," he added.

Quidel Rallies On Earnings Beat Despite Sales Decline
 

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