Quidel announced that revenue in its second quarter (end-June 30) has skyrocketed due to sales of COVID-19 tests.
Q2 revenue increased 86% from $108.3 million in 2019 to $201.8 million with sales of its COVID-19 tests accounting for $109 million of the growth. Specifically, rapid immunoassay product revenue increased 270% in the company's second quarter to $80.6 million, primarily due to $56.3 million in revenue for Quidel's Sofia severe acute respiratory syndrome (SARS) Antigen test.
Similarly, revenue from molecular diagnostic solutions increased $51.0 million to $55.2 million due to the Lyra SARS-CoV-2 assay, which brought in $52.7 million in sales.
However, revenue from cardiometabolic immunoassay products dropped 20% to $54.2 million due to reduced hospital visits by chest pain patients stemming from the COVID-19 pandemic. Also, specialized diagnostic solutions revenue decreased 18% to $11.8 million.
Quidel's net income for the second quarter of 2020 reached $67.7 million, compared with a net income of $1.3 million for the second quarter of 2019.
The firm showed a similar pattern of an increase in sales as well as income for the six months ended June 30.
Total revenue reached $376.4 million versus $256.2 million for the same period in 2019, again driven by COVID-19 products. Net income for the six-month period shot to $107.9 million as compared with net income of $26.1 million for the same period in 2019.