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NEW YORK – Quidel reported after the close of the market on Wednesday that its first quarter revenues declined 13 percent year over year, primarily driven by difficult year-over year comparable flu test sales and foreign currency headwind.

For the three months ended March 31, revenues rose to $174.7 million from $148 million in Q1 2019, beating analysts' average estimate of $158.1 million.

The San Diego-based firm attributed the revenue increase to growth in the rapid immunoassay business as well as molecular diagnostic and specialized diagnostic solutions.

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