Quidel reports full-year gains as Q4 sales slip

2021 09 15 20 34 5746 Business Intelligence 400

Diagnostic testing firm Quidel reported overall revenue growth for the company's full 2021 fiscal year (end-December 31), despite a decline in sales in the fourth quarter. The company said that demand for COVID-19 testing remains high, despite "ebbs and flows."

For the year, the company's total revenue increased to $1.699 billion, a 2% increase from $1.662 billion in 2020. Revenue for COVID-19 products in 2021 saw a 42% increase to $1.267 billion, up from $891 million in 2020.

The company's fourth-quarter revenue, meanwhile, came in at $637 million, down 21% from $809 million in the fourth quarter of 2020. Revenue for COVID-19 products was reported to be $512 million, up 26% from $405 million in the fourth quarter of 2020.

Quidel said the fourth-quarter dip was driven by a $249 million decline in revenues for its Sofia 2 Flu + SARS antigen fluorescent immunoassay. The company also reported that a shift in product mix for the company's rapid immunoassay COVID-19 products affected sales. Quidel shifted from higher-priced Sofia products sold in the professional market to lower-priced QuickVue products sold in the retail, pharmacy, and employer testing markets.

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