Skip to main content
Premium Trial:

Request an Annual Quote

Quidel Q4 Revenues Increase Sharply on COVID-19 Sales, Beat EPS Estimates

NEW YORK (GenomeWeb) – Diagnostics manufacturer Quidel reported after the close of the market on Thursday that its fourth quarter revenues increased more than fivefold year over year due primarily to COVID-19 product sales.

For the three months ended Dec. 31, 2020 Quidel reported revenues of $809.2 million, up from $152.2 million in Q4 2019. The revenues were slightly above the analysts' consensus estimate of $809.1 million and consistent with the firm's preliminary earnings estimates.

Revenues for COVID-19 products were $678.7 million in the quarter.

During the quarter, revenues from rapid immunoassays spiked to $631.3 million from $64.9 million, due primarily to $587.6 million in Sofia SARS Antigen and Sofia 2 Flu + SARS Antigen test sales, the firm said.

Cardiac immunoassay revenue increased 6 percent year over year to $70.0 million from $65.8 million, while specialized diagnostic solutions revenue decreased 20 percent to $11.5 million from $14.3.

Molecular diagnostics revenue, meanwhile, increased twelvefold to $89.4 million from $7.1 million, which the firm attributed to Lyra SARS-CoV-2 assay revenue of $87.2 million.

In the quarter, Quidel received three Emergency Use Authorizations from the US Food and Drug Administration. The EUAs were for the Sofia 2 Flu + SARS Antigen FIA rapid test; the QuickVue SARS Antigen test for the professional point-of-care segment; and the Solana SARS-CoV-2 Assay for use with the Solana molecular diagnostic system.

Quidel's Q4 net income was $470.1 million, or $10.78 per share, up from a net income of $30.6 million, or $.71 per share, in Q4 2019. On an adjusted basis, Quidel's Q4 2020 EPS was $11.07, beating the consensus Wall Street estimate of $10.14 per share.

Quidel's Q4 R&D expenses rose approximately 71 percent to $25.5 million from $14.9 million in the year-ago period. Its SG&A costs were up 38 percent year over year to $58.4 million from $42.3 million.

For full-year 2020, Quidel total revenues tripled to $1.67 billion from $534.9 million, just above the analysts' consensus estimate of $1.66 billion. The increase was due to COVID-19 product sales.

Rapid immunoassay revenues jumped to $1.14 billion for the year from $191.7 million in 2019, led by a more-than-eightfold growth in Sofia revenue.

Cardiometabolic immunoassay revenues in 2020 decreased 9 percent to $242.9 million from $266.5 million, while specialized diagnostics dipped 7 percent to $50.9 million from $54.9 million.

Molecular diagnostics revenue increased tenfold to $223.0 million from $21.7 million, led by $203.2 million in revenue growth from Lyra.

In 2020, Quidel obtained EUA for a total of six COVID-19 diagnostics products.

Quidel's net income in 2020 was $810.3 million, or $18.60 per share, compared to a net income of $72.9 million, or $1.73 per share, in 2019. On an adjusted basis, Quidel reported EPS of $19.92, beating analysts' average estimate of $19.01.

In 2020, Quidel's R&D expenses rose 60 percent year over year to $84.3 million from $52.6 million. Meanwhile, its SG&A expenses rose 22 percent to $200.5 million from $163.9 million.  

In a statement, Quidel's CEO Douglas Bryant said the firm will soon be launching its Savanna multiplex molecular analyzer and the Sofia Q analyzer, the latter of which he called "a tiny product with the potential to eventually serve several 'new markets,' including the telemedicine and OTC markets."

Quidel ended the year with $489.9 million in cash and cash equivalents.

The Scan

Genes Linked to White-Tailed Jackrabbits' Winter Coat Color Change

Climate change, the researchers noted in Science, may lead to camouflage mismatch and increase predation of white-tailed jackrabbits.

Adenine Base Editor Targets SCID Mutation in New Study

Researchers from the University of California, Los Angeles, report in Cell that adenine base editing was able to produce functional T lymphocytes in a model of severe combined immune deficiency.

Researchers Find Gene Affecting Alkaline Sensitivity in Plants

Researchers from the Chinese Academy of Science have found a locus affecting alkaline-salinity sensitivity, which could aid in efforts to improve crop productivity, as they report in Science.

International Team Proposes Checklist for Returning Genomic Research Results

Researchers in the European Journal of Human Genetics present a checklist to guide the return of genomic research results to study participants.