Skip to main content
Premium Trial:

Request an Annual Quote

Quidel Q1 Revenues Fall 13 Percent on Tough Flu Comp, Currency Headwind

NEW YORK (GenomeWeb) – 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 fell to $148.0 million from $169.1 million in Q1 2018, below analysts' average estimate of $155.2 million.

Foreign exchange had a negative impact of $2.2 million in the quarter, Quidel said in a statement, with the majority of the foreign currency headwind impacting the firm's cardiac immunoassay business.

Cardiac immunoassay revenues were $65.9 million in the first quarter of 2019, declining 4 percent from $68.4 in the first quarter of 2018. Excluding the foreign exchange impact, Quidel said the cardiac revenue was $68.0 million, comparable to last year.

Rapid immunoassay product revenues fell 23 percent year over year to $62.5 million from $80.7 million, primarily due to a $17.4 million decrease in influenza revenue.

Molecular diagnostic solutions revenues increased 12 percent to $5.7 million from $5.1 million in the prior-year quarter. This was led by 24 percent growth in Solana sales, San Diego-based Quidel said.  Meanwhile, specialized diagnostic solutions revenues decreased 7 percent year over year to $13.9 million from $14.9 million.

Although the firm's flu sales were lower, they were still high enough to make it "the second-largest quarter for influenza revenue in the company's history after Q1 of 2018," Quidel President and CEO Douglas Bryant said in a statement.

Quidel's Q1 net income fell to $24.8 million, or $.60 per share, from $34 million, or $.86 per share, in Q1 2018. On an adjusted basis, the company posted earnings of $.91 per share, below the average Wall Street estimate for earnings of $1.01 per share.

The firm's Q1 R&D expenses rose 10 percent to $13.9 million from $12.6 million year over year, due to incremental expense for the Savanna molecular diagnostic platform and Sofia assays that was partially offset by decreased spend in the Triage business. Its SG&A expenses also rose 10 percent to $43.0 million from $39.1 million in the prior-year period, due to higher marketing expenses and other consultative costs, as well as additional facility expenses and professional service fees in the period. 

Quidel finished the first quarter with $56.9 million in cash and cash equivalents.

"With Q1 now behind us, we believe that a 2019 revenue target of $535 million on a constant currency basis seems appropriate," Bryant said.

In Thursday morning trading on Nasdaq, Quidel shares were down 7 percent to $60.22.

The Scan

Renewed Gain-of-Function Worries

The New York Times writes that the pandemic is renewing concerns about gain-of-function research.

Who's Getting the Patents?

A trio of researchers has analyzed gender trends in biomedical patents issued between 1976 and 2010 in the US, New Scientist reports.

Other Uses

CBS Sunday Morning looks at how mRNA vaccine technology could be applied beyond SARS-CoV-2.

PLOS Papers Present Analysis of Cervicovaginal Microbiome, Glycosylation in Model Archaea, More

In PLOS this week: functional potential of the cervicovaginal microbiome, glycosylation patterns in model archaea, and more.