Boom in COVID testing drives Quidel's Q1 financials

By staff writers

April 23, 2021 -- Quidel on April 22 announced preliminary numbers for the first quarter of 2021 that saw revenue from the company's line of COVID-19 tests boom to $280 million compared to just $1 million in the second quarter of 2020.

The company expects revenues in the first quarter of 2021 to be in the range of $374 million to $376 million, up approximately 114% from $174.7 million in the prior year's first quarter.

By product line, Quidel said it expects revenues from COVID-19 tests for the first quarter of 2021 to be over $280 million, compared to $1 million for the first quarter of 2020. However, revenues from influenza tests are expected to decrease for the first quarter of 2021 to just $5 million, compared with $79.6 million in the first quarter of 2020, due to the lack of a severe flu season.

Quidel shipped nearly 15 million severe acute respiratory syndrome (SARS) tests, which compares favorably to the performance of its competitors, the company said.

Additionally, Quidel's gross margins are expected to be approximately 80% for the period, with earnings growth over the prior year quarter in excess of 300%.

Quidel provides rapid diagnostic testing solutions, cellular-based virology assays, and molecular diagnostic systems.

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