The rapid molecular test showed 98 percent sensitivity and 97 percent specificity on more than 1,000 throat swabs prospectively collected at four US sites.
New products and a more normal 2016-17 flu season could accelerate revenues for Quidel, the investment bank said.
Infectious disease product revenues fell 25 percent year over year, while women's health and gastrointestinal sales were flat.
The firm also reported a 7 percent increase in full-year revenues, slightly ahead of the consensus analysts' estimate.
The firm's preliminary revenues were lower than expected and led to analyst downgrades and a drop in early trade.
The bank downgraded Quidel's shares to market perform and trimmed its Q4 revenue forecast due to a mild flu season.
The increased revenues were driven in part by increased sales of Sofia immunoassay products and new products.
A number of firms now have FDA-approved Group A Strep assays, but end users may be hesitant to adopt them until Infectious Disease Society of America guidelines are updated.
The investment firm has added the three companies to its US Life Science Tools & Diagnostics coverage while upping Hologic to an Equal Weight rating.
Sales of Sofia rapid immunoassay platforms and diagnostic kits led the increase in revenues.
The Washington Post reports that a Russian Academy of Sciences commission has led to the retraction of hundreds of scientific papers.
The Los Angeles Times' Daily Pilot reports the chief executive of Vantari Genetics has pleaded guilty in a kickback scheme.
News 4 Jax reports that a Florida bill to prevent life and long-term care insurers from using genetic information in their coverage decisions has easily passed one committee.
In Science this week: potentially pathogenic mutations found in hematopoietic stem cells from young healthy donors, and more.