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Quidel Expects up to $1B in Q1 Revenues

NEW YORK — Quidel on Thursday said that it expects its first quarter revenues to nearly triple year over year, primarily on sales of COVID-19 testing products.

For the three-month period ended March 31, the San Diego-based company said revenues will likely arrive at between $990 million and $1.0 billion, representing 164 percent to 166 percent growth over the $375.3 million in first quarter 2021 revenues. Analysts are, on average, expecting revenues of $817.3 million in Q1 2022.

Revenues from COVID-19 testing products are expected to be $836 million in the first quarter, with Quidel's QuickVue COVID-19 test contributing $657 million and the company's Sofia SARS antigen test generating $138 million.

"In the first quarter of 2022, we sold approximately 113 million QuickVue COVID-19 antigen tests and approximately 12 million Sofia SARS antigen tests," Quidel President and CEO Douglas Bryant said in a statement. "We also expanded our installed base of Sofia analyzers to 79,000 instrument placements, which further widens our point-of-care footprint and increases opportunities to introduce our full portfolio of assays to patients and healthcare providers."

Quidel said that it expects to report full financial results for the first quarter of 2022 in May.

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