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Quidel Reports $50M in Preliminary Revenues for Q4, Topping Analyst Estimates

NEW YORK (GenomeWeb News) – Quidel said after the close of the market on Wednesday that revenues for the fourth quarter of 2013 are expected to total about $50 million.

The figure would represent a 7 percent drop from Q4 2012 revenues of $53.9 million, but it beats the consensus Wall Street estimate of $48.5 million.

"Despite [the] low prevalence of influenza throughout most of the fourth quarter, we exceeded our forecast for our flu tests, driven by strong demand for Sofia Influenza A+B and lower than expected cannibalization of our QuickVue business," Quidel President and CEO Douglas Bryant said in a statement. "We are now more than half-way toward our goal of placing 10,000 Sofia analyzers by the end of this year, and remain very confident in our ability to reach that milestone."

The San Diego-based company expects to report Q4 and full-year 2013 financial results in February. It last week reported that the US Food and Drug Administration cleared its AmpliVue Group B Strep Assay.