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Quidel Rallies On Earnings Beat Despite Sales Decline -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Quidel Corporation (NASDAQ:)The manufacturer of diagnostic healthcare products,, released its fourth quarter results after the bell on Thursday. Analysts had expected it to beat.

As a consequence, shares in the company have risen by over 15%.

Quidel reported earnings per share at $7.29 for revenue of $636.9 millions. The analysts polled by Investing.comOn revenue of $540.9million, the anticipated EPS is $5.61.

Revenue fell to $809.2million in 2020’s fourth quarter.

Quidel explained that this decline was primarily due to a $249 million decrease in revenue for the Sofia 2 Flu + FIA antigen FIA. There was also a change in product mix to rapid immunoassay COVID-19 products, from more expensive Sofia products in professional markets to cheaper QuickVue products in retail, pharmacy and employer testing markets.

The revenue from COVID-19 products increased to $511.8million from $405.3million in the fourth quarter 2020. Douglas Bryant (President and CEO at Quidel) stated that there is still a high demand for COVID-19 testing.

The Savanna MDx system was launched by the company in selected markets within the current quarter. Bryant commented on the Savanna MDx system and said that it was a key opportunity for the company in the near future.

He said that Savanna is a key growth driver in America, as well as globally, based on European customer feedback.

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