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Quidel Gains on Delivering Record Number of Tests, Q3 Sales to Top $500 Million By Investing.com

by Mike Robinson

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© Reuters

By Dhirendra Tripathi

Investing.com – Quidel stock (NASDAQ:) rose 3% on Friday as the company produced and shipped highest ever number of tests in its history during the third quarter.

According to the company, it sold more than 45 million SARS test kits in September quarter. This is an increase of 135%. Covid-19’s revenue will be around $406 million, which is compared with $375.7 millions for the third-quarter 2020.

According to the company, the demand for rapid diagnostic tests in the event of a pandemic will likely have driven the third quarter revenue far beyond estimates.

Releasing its preliminary numbers for the third quarter, Quidel said total revenue will be $507.5 million at midpoint, an increase of around 6.5% from July to September 2020’s $476.1 million.

Douglas Bryant, President and CEO of Delta-variant said that as the Delta variant spread, demand came from both retail and professional channels.

A 12-month contract worth an expected $284 million for supply of up to 51.2 million QuickVue at-home over-the-counter rapid antigen tests from the federal government came the company’s way at the end of the quarter. Bryant stated in a note that the size of this government order is still unknown.

According to him, the company has also been on track to meet its target capacity of 70 million quick antigen test per month by year’s end.

Quidel will release the full fiscal results of the third quarter 2021 in November.

 

 

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