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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.
Researchers have developed a robotic lab assistant, the Verge reports.
CBC News reports Canada's Supreme Court is to rule on the constitutionality of the country's genetic non-discrimination law today.
The Associated Press reports the World Health Organization is sending experts to China to investigate the animal source of SARS-CoV-2.
In Science this week: atlas of affected cell populations in idiopathic pulmonary fibrosis, and more.